[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_99":100},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","jprcbdow33qdohfu56mcpv3jk","revision",2,"title","GSK披露2026年第三季度业绩：营收88.87亿英镑，重申全年CER增长指引","originalTitle","6-K - GSK plc (0001131399) (Filer)","summary","GSK披露截至2026年9月30日的第三季度营收为88.87亿英镑，按固定汇率（CER）增长5%；总营业利润为21.27亿英镑，核心营业利润为30.76亿英镑。公司称总营业利润下降主要受Accelerate Growth计划相关重组费用及其他净营业收入减少影响。GSK重申2026年CER销售额增长3%至5%、核心营业利润和核心每股收益均增长7%至9%的指引，并预计销售额增长处于区间上半部。","reason","材料涵盖GSK第三季度及前九个月业绩、全年指引和产品进展，并说明重组与或有对价等项目对总业绩的影响。","source",{"_12":90,"_91":92,"_9":93,"_94":42,"_95":96,"_97":98},"links",{"_87":88,"_78":89},"publishedAt","2026-10-28T14:45:42.000Z","discoveredAt","2026-10-28T19:42:59.705Z","timelineAt","category","ai-products","tags",[84,85,86],"stockSymbols",[83],"score",70,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fgK-sZgpNVE0",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","1cd5ad07-94b7-45cc-9e9b-a56236e7e8bf","GSK 2026年第三季度业绩及全年指引",{"_73":74,"_16":75},"

\n\n美国

\n\n证券交易委员会

\n\n华盛顿特区 20549

\n\n6-K 表

\n\n根据第 13a-16 条或第 15d-16 条提交的外国私人发行人报告

\n\n根据《1934 年证券交易法》

\n截至\n2026 年 10 月

\n委员会\n档案编号 001-15170

\n\nGSK plc

\n（注册人名称的英文译名）

\n\n79 New Oxford Street, London, WC1A 1DG

\n（主要\n行政办公室地址）

\n请勾选\n标记，说明注册人是否以 20-F 表或 40-F 表提交或将提交年度\n报告。

\n20-F\n表 . . . .X. . . . 40-F 表 . . . . . . . .

\n\nGSK 第三季度业绩强劲，势头持续

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n
\n \n\n专科药物的强劲表现推动销售额和核心营业利润增长 \n
\n\n	\n\n
\n \n● \n	\n \n第三季度\n总销售额 89 亿英镑，按实际汇率计算增长 4%；按固定汇率计算增长 5% \n
\n \n● \n	\n \n专科\n药物销售额 39 亿英镑（增长 15%）；HIV 销售额 21 亿\n英镑（增长 10%），呼吸、免疫与炎症药物销售额 11 亿英镑\n（增长 21%）；肿瘤药物销售额 6 亿英镑\n（增长 23%） \n
\n \n● \n	\n \n疫苗\n销售额 26 亿英镑（下降 2%）；Shingrix 销售额 8 亿英镑（下降 5%）；\n脑膜炎疫苗销售额 6 亿英镑（增长 12%）；Arexvy 销售额 2 亿英镑\n（下降 24%） \n
\n \n● \n	\n \n普通\n药物销售额 24 亿英镑（持平）；Trelegy 销售额 8 亿英镑\n（增长 8%） \n
\n \n● \n	\n \n总\n营业利润下降 16%，总每股收益下降 21%，原因是与 Accelerate Growth 计划相关的 3.28 亿英镑重大重组费用，以及其他净营业收入减少；核心营业利润增长部分抵消了上述影响 \n
\n \n● \n	\n \n核心\n营业利润增长 5%，核心每股收益增长 1%，反映销售额上升、有利的产品和地区组合以及特许权使用费收入增加；研发和新资产上市投入增加、融资成本上升部分抵消了上述影响 \n
\n \n● \n	\n \n经营活动\n产生现金 31 亿英镑，自由现金流为 21 亿英镑 \n\n
\n \n（财务\n表现——除非另有说明，均为 2026 年第三季度业绩；增长百分比及评论采用固定汇率口径，定义见第 43 页。与固定汇率相比，第三季度及年初至今按实际汇率计算受到的不利汇率影响，主要反映英镑兑美元走强。详情见第 8 页。） \n

\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n\n	\n \n\n2026 年第三季度 \n	\n \n\n年初至今 \n	\n\n
\n\n	\n \n百万英镑 \n	\n \n实际汇率\n百分比 \n	\n \n固定汇率\n百分比 \n	\n \n百万英镑 \n	\n \n实际汇率\n百分比 \n	\n \n固定汇率\n百分比 \n	\n\n
\n \n营业额 \n	\n \n8,887 \n	\n \n4 \n	\n \n5 \n	\n \n24,925 \n	\n \n4 \n	\n \n5 \n	\n\n
\n \n总\n营业利润 \n	\n \n2,127 \n	\n \n(18) \n	\n \n(16) \n	\n \n4,901 \n	\n \n(28) \n	\n \n(25) \n	\n\n
\n \n总\n营业利润率 % \n	\n \n23.9% \n	\n \n（6.4 个百分点） \n	\n \n（6.1 个百分点） \n	\n \n19.7% \n	\n \n（8.7 个百分点） \n	\n \n（8.2 个百分点） \n	\n\n
\n \n总\n每股收益 \n	\n \n38.5 便士 \n	\n \n(23) \n	\n \n(21) \n	\n \n92.5 便士 \n	\n \n(26) \n	\n \n(23) \n	\n\n
\n \n核心\n营业利润 \n	\n \n3,076 \n	\n \n3 \n	\n \n5 \n	\n \n8,526 \n	\n \n5 \n	\n \n7 \n	\n\n
\n \n核心\n营业利润率 % \n	\n \n34.6% \n	\n \n（0.3 个百分点） \n	\n \n（0.1 个百分点） \n	\n \n34.2% \n	\n \n0.3 个百分点 \n	\n \n0.7 个百分点 \n	\n\n
\n \n核心\n每股收益 \n	\n \n54.6 便士 \n	\n \n(1) \n	\n \n1 \n	\n \n151.6 便士 \n	\n \n4 \n	\n \n6 \n	\n\n
\n \n经营活动\n产生的现金 \n	\n \n3,122 \n	\n \n24 \n	\n\n	\n \n7,378 \n	\n \n18 \n	\n\n	\n\n
\n\n	\n\n	\n\n
\n \n\n管线持续取得进展： \n	\n\n
\n \n● \n	\n \n\nHibsago 获得美国和日本批准，数据显示其功能性治愈率前所未有，有望重新定义慢性乙型肝炎的治疗 \n	\n\n
\n \n● \n	\n \n\nJemperli 在美国获批，成为首款用于 dMMR/MSI-H 局部晚期直肠癌成人患者的免疫疗法 \n	\n\n
\n \n● \n	\n \nJideytro 在 ROS1 阳性非小细胞肺癌一线治疗中取得积极的注册性数据（已于 7 月在美国获批用于二线治疗） \n	\n\n
\n \n● \n	\n \n\nRis-Rez 在肺癌中取得首批令人鼓舞的全球数据；Mo-Rez 在卵巢癌中取得积极的 I 期数据 \n	\n\n
\n \n● \n	\n \n\nShingrix 预充式注射器获日本批准，简化给药流程 \n	\n\n
\n \n● \n	\n \nmRNA\n季节性流感疫苗启动 III 期试验，此前 II 期数据积极 \n	\n\n
\n \n● \n	\n \n2026 年\n计划启动 22 项 III 期试验，目前已启动 18 项 \n	\n\n
\n\n	\n\n
\n \n\n增长展望： \n
\n \n●\n 重申 2026 年业绩指引，预计营业额增长 3% 至 5%；核心营业利润增长 7%\n至 9%；核心每股收益增长 7% 至 9% \n
\n \n● 按计划实现 2031 年销售额超过 400 亿英镑的展望 \n
\n \n●\n 在多替拉韦于 2028 至 2030 年失去独占权期间，营业利润率将保持稳定或改善 \n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n
\n \n\n股东回报： \n
\n \n● \n	\n \n已宣布派发 2026 年第三季度股息，每股 17 便士；预计 2026 全年股息为每股\n70 便士 \n
\n\n	\n\n
\n \n\nGSK 首席执行官 Luke Miels： \n \n“GSK\n又一个季度表现强劲，主要增长动力和新产品上市均表现良好。我们仍专注于运营交付、执行和加快研发。近几个月来，我们在美国获得了3项新的专科药物批准：Hibsago，有望彻底改变慢性乙型肝炎的治疗；Jideytro，用于非小细胞肺癌；以及Jemperli，用于直肠癌。更广泛地看，在后期研发管线中，我们有望在今年启动22项III期试验。” \n	\n\n

\n\n所有指引均按CER计算。总业绩已在上文摘要及第7页列示，核心业绩调节表见第16页和第18页。核心业绩是一项非IFRS指标，可作为依据IFRS呈列的信息的补充参考，但不能替代该等信息，也不优于该等信息。以下术语的定义见第43–44页：核心业绩、AER%增长、CER%增长及其他非IFRS指标。GSK仅就核心业绩提供指引，原因见第14页。所有关于未来业绩和股息支付的预期、指引及展望，均应结合第45–46页的“指引和展望、假设及警示声明”阅读。缩略语定义见第49页。

\n\n2026年指引

\n\nGSK\n重申其以固定汇率（CER）计算的2026全年指引。

\n\n\n\n\n\n\n\n\n

\n\n

\n\n 营业额预计增长3%至5%，处于区间上半部

\n\n 核心营业利润预计增长7%至9%，处于区间上半部

\n\n 核心每股收益预计增长7%至9%，处于区间下半部

\n本指引基于以下按CER计算的2026全年营业额预期。

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n
\n \n\n 专科药物 \n	\n \n– \n	\n \n预计增长至低双位数百分比 \n
\n \n\n 疫苗 \n	\n \n– \n	\n \n预计大致持平至增长低个位数百分比 \n
\n \n\n 普通药物 \n	\n \n– \n	\n \n预计下降中个位数至低个位数百分比 \n

\n按CER计算，核心营业利润预计增长至7%至9%区间的上半部。GSK继续预计，专科药物增长带来的产品组合改善以及持续提升运营效率，将推动毛利率提升。此外，随着我们加快推进正在进行的生产力提升计划，并以回报为导向进行销售、一般及行政（SG&A）投资，GSK预计营业利润率将进一步提升；SG&A预计同比大致稳定。随着我们推进“加速增长”计划，对研发管线的投资将加快，研发（R&D）支出预计将显著快于销售额增长，同时推动运营效率提升。特许权使用费收入预计约为£900 million。

\n按CER计算，核心每股收益预计增长至7%至9%区间的下半部，反映利息支出增加至约£700-750 million（包括Nuvalent收购的影响），以及税率预计升至约17.5%；股票回购计划预计带来的收益将抵消部分影响。对非控股权益的预期相较于2025年维持不变。

\n与美国政府达成协议，降低美国患者处方药费用

\n如前所述，2025年12月19日，GSK与美国政府达成协议，降低美国患者处方药成本，并使GSK和ViiV Healthcare在三年内免受《232条款》关税影响。2026年4月9日，GSK、ViiV Healthcare与美国政府签署最终协议，明确《232条款》关税减免将持续至2029年1月20日（须落实执行并持续合规）。作为落实工作的一部分，GSK和ViiV Healthcare分别与医疗保险和医疗补助服务中心签署了《GENEROUS 模型制造商参与协议》，该协议自2026年6月15日起生效。根据这些协议，GSK和ViiV Healthcare承诺将部分产品纳入自愿参与的GENEROUS模型。GSK和ViiV还与数个有意参与的州签署了GENEROUS模型补充返利协议，并将与其他州合作，按其要求签署补充返利协议。我们的全年指引已纳入这些协议的预期影响。

\n\n股息政策

\n股息政策及预期派息率保持不变。与此一致，GSK已宣布2026年第三季度股息为每股17便士。GSK未来的股息政策以及有关2026年预期股息派付的指引见第30页。

\nGSK于2026年第二季度完成了在2024财年公布的20亿英镑股票回购计划。

\n\n汇率

\n若汇率在2026年剩余时间维持于2026年9月30日收盘水平（1英镑兑1.33美元、1.17欧元和209日元），预计对GSK 2026年英镑计价营业额增长的影响为-1%；若汇兑收益或损失按与2025年相同的水平确认，预计对GSK 2026年英镑计价核心营业利润增长的影响为-3%。

\n\n业绩演示

\nCEO Luke Miels将于2026年10月28日12:00 GMT（08:00 EDT）主持面向投资者和分析师的季度业绩电话会议及网络直播。演示材料将在网络直播前发布于www.gsk.com，网络直播文字记录随后发布。

\n尽管包含网页链接，但公司网站上或非GSK来源提供的信息，均未通过引用方式纳入本业绩公告。

\n\n业绩表现：营业额

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \n\n营业额 \n	\n \n\n2026年第三季度 \n	\n \n\n年初至今 \n
\n\n	\n \n百万英镑 \n	\n \n按实际汇率计增长率 \n	\n \n按固定汇率计增长率 \n	\n \n百万英镑 \n	\n \n按实际汇率计增长率 \n	\n \n按固定汇率计增长率 \n
\n \nHIV \n	\n \n2,116 \n	\n \n9 \n	\n \n10 \n	\n \n6,018 \n	\n \n9 \n	\n \n10 \n
\n \n呼吸、免疫与炎症（RI&I） \n	\n \n1,139 \n	\n \n19 \n	\n \n21 \n	\n \n3,164 \n	\n \n16 \n	\n \n18 \n
\n \n肿瘤 \n	\n \n622 \n	\n \n22 \n	\n \n23 \n	\n \n1,703 \n	\n \n21 \n	\n \n22 \n
\n \n\n专科药品 \n	\n \n\n3,877 \n	\n \n\n14 \n	\n \n\n15 \n	\n \n\n10,885 \n	\n \n\n13 \n	\n \n\n14 \n
\n \n带状疱疹（Shingrix） \n	\n \n780 \n	\n \n(6) \n	\n \n(5) \n	\n \n2,694 \n	\n \n6 \n	\n \n6 \n
\n \n脑膜炎 \n	\n \n599 \n	\n \n11 \n	\n \n12 \n	\n \n1,396 \n	\n \n10 \n	\n \n11 \n
\n \nRSV（Arexvy） \n	\n \n195 \n	\n \n(22) \n	\n \n(24) \n	\n \n452 \n	\n \n14 \n	\n \n12 \n
\n \n流感 \n	\n \n177 \n	\n \n(18) \n	\n \n(17) \n	\n \n198 \n	\n \n(11) \n	\n \n(9) \n
\n \n其他儿科及成人疫苗 \n	\n \n832 \n	\n \n(1) \n	\n \n– \n	\n \n2,276 \n	\n \n(6) \n	\n \n(5) \n
\n \n\n疫苗 \n	\n \n\n2,583 \n	\n \n\n(4) \n	\n \n\n(2) \n	\n \n\n7,016 \n	\n \n\n2 \n	\n \n\n3 \n
\n \n呼吸系统 \n	\n \n1,708 \n	\n \n– \n	\n \n1 \n	\n \n4,981 \n	\n \n(6) \n	\n \n(4) \n
\n \n其他普通药品 \n	\n \n719 \n	\n \n(5) \n	\n \n(3) \n	\n \n2,043 \n	\n \n(9) \n	\n \n(6) \n
\n \n\n普通药品 \n	\n \n\n2,427 \n	\n \n\n(1) \n	\n \n\n– \n	\n \n\n7,024 \n	\n \n\n(7) \n	\n \n\n(5) \n
\n \n\n总计 \n	\n \n\n8,887 \n	\n \n\n4 \n	\n \n\n5 \n	\n \n\n24,925 \n	\n \n\n4 \n	\n \n\n5 \n
\n \n\n按地区： \n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \n美国 \n	\n \n4,931 \n	\n \n8 \n	\n \n10 \n	\n \n12,976 \n	\n \n5 \n	\n \n7 \n
\n \n欧洲 \n	\n \n1,928 \n	\n \n3 \n	\n \n3 \n	\n \n6,053 \n	\n \n11 \n	\n \n8 \n
\n \n国际市场 \n	\n \n2,028 \n	\n \n(4) \n	\n \n(3) \n	\n \n5,896 \n	\n \n(4) \n	\n \n(2) \n
\n \n\n总计 \n	\n \n8,887 \n	\n \n4 \n	\n \n5 \n	\n \n24,925 \n	\n \n4 \n	\n \n5 \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \n财务表现——除非另有说明，均为2026年第三季度业绩；增长率以固定汇率计。季度及年初至今按实际汇率计相较固定汇率计的不利汇兑影响，主要反映英镑兑美元走强。更多详情见第8页。 \n
\n\n \n产品清单见第50页 \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n\n	\n \n\n2026年第三季度 \n	\n \n\n年初至今 \n	\n \n\n关键驱动因素 \n
\n\n	\n \n百万英镑 \n	\n \n按实际汇率计增长率 \n	\n \n按固定汇率计增长率 \n	\n \n百万英镑 \n	\n \n按实际汇率计增长率 \n	\n \n按固定汇率计增长率 \n	\n\n
\n \n\n专科药品 \n \n\n总计 \n	\n \n\n3,877 \n	\n \n\n14 \n	\n \n\n15 \n	\n \n\n10,885 \n	\n \n\n13 \n	\n \n\n14 \n	\n \n\n各疾病领域持续增长，其中HIV、呼吸、免疫与炎症以及肿瘤领域表现强劲。 \n
\n \nHIV \n	\n \n2,116 \n	\n \n9 \n	\n \n10 \n	\n \n6,018 \n	\n \n9 \n	\n \n10 \n	\n \n第三季度，长效注射剂（LAI）贡献了HIV业务总增长的80%。Cabenuva、Apretude和Dovato的潜在患者需求强劲，增长7个百分点，超过成熟产品组合的下滑；此外，第三季度美国渠道组合也带来有利的价格影响。美国HIV销售额增长14%，长效注射剂占美国HIV营业额的35%。 \n
\n \n\nDovato \n	\n \n754 \n	\n \n8 \n	\n \n9 \n	\n \n2,169 \n	\n \n13 \n	\n \n14 \n	\n \n美国和欧盟的需求强劲，但部分被国际地区抵消；DTG的专利独占权到期（LoE）已开始影响招标销量。 \n
\n \n\nCabenuva \n	\n \n478 \n	\n \n34 \n	\n \n35 \n	\n \n1,299 \n	\n \n31 \n	\n \n33 \n	\n \n第三季度贡献了HIV业务总增长的65%以上，各地区需求均强劲。 \n
\n \n\nApretude \n	\n \n143 \n	\n \n19 \n	\n \n21 \n	\n \n403 \n	\n \n30 \n	\n \n33 \n	\n \n增长得益于美国竞争激烈的长效预防市场中需求持续强劲。 \n
\n \nRI&I \n	\n \n1,139 \n	\n \n19 \n	\n \n21 \n	\n \n3,164 \n	\n \n16 \n	\n \n18 \n	\n \n呼吸领域的Nucala和Exdensur，以及免疫领域的Benlysta推动了增长。 \n
\n \n\nNucala \n	\n \n582 \n	\n \n17 \n	\n \n18 \n	\n \n1,676 \n	\n \n16 \n	\n \n18 \n	\n \n持续实现两位数增长，主要得益于美国和国际地区；各适应症需求均有所增加，并受益于COPD上市。美国销量强劲增长，部分被持续的价格压力抵消。 \n
\n \n\nExdensur \n	\n \n27 \n	\n \n– \n	\n \n– \n	\n \n56 \n	\n \n– \n	\n \n– \n	\n \n美国、日本和德国等关键增长市场的新患者治疗启动人数不断增加，并通过在其他欧洲和国际市场上市拓展地域覆盖。Exdensur现已在全球8个国家上市。 \n
\n \n\nBenlysta \n	\n \n520 \n	\n \n16 \n	\n \n17 \n	\n \n1,402 \n	\n \n12 \n	\n \n14 \n	\n \n第三季度及年初至今销量强劲增长，许多市场的生物制剂渗透率均有所提高。 \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n\n	\n \n\n2026年第三季度 \n	\n \n\n年初至今 \n	\n \n\n关键驱动因素 \n
\n\n	\n \n£m \n	\n \nAER% \n	\n \nCER% \n	\n \n£m \n	\n \nAER% \n	\n \nCER% \n	\n\n
\n \n肿瘤 \n	\n \n622 \n	\n \n22 \n	\n \n23 \n	\n \n1,703 \n	\n \n21 \n	\n \n22 \n	\n \nJemperli、Ojjaara/Omjjara和Blenrep的患者需求增加，部分被Zejula的下降抵消。用于治疗经TKI治疗后病情进展的ROS-1阳性NSCLC的Jideytro于2026年第三季度在美国获批并上市，销售额为300万英镑。 \n
\n \n\nJemperli \n	\n \n273 \n	\n \n19 \n	\n \n19 \n	\n \n753 \n	\n \n25 \n	\n \n27 \n	\n \n第三季度及年初至今各地区均持续强劲增长。美国继续实现两位数增长，但第三季度增速有所放缓，新患者治疗启动人数趋于平稳。欧洲和国际地区在上市及各市场报销范围扩大的推动下持续强劲增长。 \n
\n \n\nOjjaara/Omjjara \n	\n \n195 \n	\n \n34 \n	\n \n35 \n	\n \n526 \n	\n \n33 \n	\n \n35 \n	\n \n各地区患者使用量增加，且随着产品继续在欧洲和国际市场商业化上市，增长持续。第三季度及年初至今美国销量增长部分被持续的价格压力抵消。 \n
\n \n\nZejula \n	\n \n104 \n	\n \n(24) \n	\n \n(23) \n	\n \n319 \n	\n \n(24) \n	\n \n(23) \n	\n \n美国市场持续下滑，销量受到2025年FDA标签更新及2026年新的保险事先授权要求影响，且承受不利的价格影响。欧洲市场因竞争加剧而下滑。 \n
\n \n\nBlenrep \n	\n \n50 \n	\n \n– \n	\n \n– \n	\n \n109 \n	\n \n>100 \n	\n \n>100 \n	\n \n美国销售额得益于社区和学术医疗机构的患者使用量增加。随着产品在欧洲和国际市场上市，地域覆盖持续扩大。Blenrep现已在全球28个国家上市。 \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n\n	\n \n\n2026年第三季度 \n	\n \n\n年初至今 \n	\n \n\n关键驱动因素 \n
\n\n	\n \n£m \n	\n \nAER% \n	\n \nCER% \n	\n \n£m \n	\n \nAER% \n	\n \nCER% \n	\n\n
\n \n\n疫苗总计 \n	\n \n\n2,583 \n	\n \n\n(4) \n	\n \n\n(2) \n	\n \n\n7,016 \n	\n \n\n2 \n	\n \n\n3 \n	\n \n\n第三季度Arexvy、Shingrix和流感疫苗销售额下降，部分被脑膜炎疫苗抵消。年初至今的增长得益于Shingrix和脑膜炎疫苗，部分被其他儿童及成人疫苗抵消。 \n
\n \n\nShingrix \n	\n \n780 \n	\n \n(6) \n	\n \n(5) \n	\n \n2,694 \n	\n \n6 \n	\n \n6 \n	\n \n第三季度下滑源于国际地区销售额下降，主要是中国市场；美国定价和本季度库存增加部分抵消了这一影响。年初至今的增长也得益于欧洲需求增加。 \n\n \n美国累计免疫率达到46%，较12个月前提高3个百分点(1)。 \n
\n \n脑膜炎疫苗 \n	\n \n599 \n	\n \n11 \n	\n \n12 \n	\n \n1,396 \n	\n \n10 \n	\n \n11 \n	\n \n销售额创季度新高，增长来自Penmenvy上市后持续增加的使用量，以及美国Bexsero CDC库存储备增加和订购模式的影响。年初至今的增长还包括国际和欧洲地区与疫情暴发相关的Bexsero需求。 \n
\n \n\nArexvy \n	\n \n195 \n	\n \n(22) \n	\n \n(24) \n	\n \n452 \n	\n \n14 \n	\n \n12 \n	\n \n由于市场需求下降，以及2025年第三季度美国的退货准备金调整，第三季度有所下降；德国市场接受度提升带来的欧洲增长部分抵消了这一影响。年初至今的增长受益于澳大利亚招标交付。 \n
\n \n流感 \n	\n \n177 \n	\n \n(18) \n	\n \n(17) \n	\n \n198 \n	\n \n(11) \n	\n \n(9) \n	\n \n由于美国竞争压力以及交付时间延迟，业绩下滑。 \n
\n \n其他儿科及成人疫苗 \n	\n \n832 \n	\n \n(1) \n	\n \n– \n	\n \n2,276 \n	\n \n(6) \n	\n \n(5) \n	\n \n总体持平：MMR/V疫苗销售额下降，原因是2025年一次性销售散装抗原，以及国际市场需求降低；美国Boostrix有利的CDC库存储备和渠道库存变动抵消了部分影响。年初至今的下滑受到其他疫苗竞争压力影响，尤其是国际市场的Synflorix。 \n

\n(1)\n数据基于IQVIA截至2026年第二季度末的数据

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n\n	\n \n\n2026年第三季度 \n	\n \n\n年初至今 \n	\n \n\n关键驱动因素 \n
\n\n	\n \n£m \n	\n \nAER% \n	\n \nCER% \n	\n \n£m \n	\n \nAER% \n	\n \nCER% \n	\n\n
\n \n\n普药总计 \n	\n \n\n2,427 \n	\n \n\n(1) \n	\n \n\n– \n	\n \n\n7,024 \n	\n \n\n(7) \n	\n \n\n(5) \n	\n \n\n本季度总体稳定，Trelegy增长，其他呼吸系统及其他普药产品则有所下滑。年初至今有所下滑，Trelegy总体稳定，整个产品组合均有下滑。 \n
\n \n呼吸系统 \n	\n \n1,708 \n	\n \n– \n	\n \n1 \n	\n \n4,981 \n	\n \n(6) \n	\n \n(4) \n	\n \n\nTrelegy第三季度在销量和价格调整的推动下增长，年初至今总体稳定。其他呼吸系统产品因持续的竞争压力和仿制药侵蚀而下降。 \n
\n \n\nTrelegy \n	\n \n787 \n	\n \n7 \n	\n \n8 \n	\n \n2,208 \n	\n \n(2) \n	\n \n– \n	\n \n第三季度所有地区的销售额均有所增长。本季度美国销售额实现高个位数增长，得益于销量增加和正向价格调整。年初至今销售额总体稳定，欧洲和国际市场的增长被美国的下滑抵消；美国销量仍受到Medicare福利设计变化和持续价格压力的不利影响。 \n
\n \n其他普药 \n	\n \n719 \n	\n \n(5) \n	\n \n(3) \n	\n \n2,043 \n	\n \n(9) \n	\n \n(6) \n	\n \n由于整个产品组合持续面临竞争压力和仿制药竞争，以及合同生产销售额减少，增长有所下降。 \n

\n\n按地区

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n\n	\n \n\n2026年第三季度 \n	\n \n\n年初至今 \n	\n \n\n关键驱动因素 \n
\n\n	\n \n£m \n	\n \nAER% \n	\n \nCER% \n	\n \n£m \n	\n \nAER% \n	\n \nCER% \n	\n\n
\n \n美国 \n	\n \n4,931 \n	\n \n8 \n	\n \n10 \n	\n \n12,976 \n	\n \n5 \n	\n \n7 \n	\n \n专科药品：第三季度 +17%，年初至今 +16% \n \n增长主要由HIV、肿瘤、Benlysta和Nucala的患者需求推动。 \n\n \n疫苗：第三季度 +2%，年初至今 +2% \n \n增长主要由Shingrix的有利定价和渠道库存变动、Boostrix的CDC库存储备和渠道库存变动，以及Penmenvy上市后持续的市场接纳度推动；Arexvy需求下降部分抵消了这些因素。 \n\n \n普药：第三季度 +3%，年初至今 -7% \n \n\n本季度Trelegy因销售量增长和正向价格调整而增长。年初至今，Trelegy有所下滑，原因是销量受到Medicare福利设计变化和持续价格压力的影响。其他呼吸系统及其他普药产品组合持续下滑，本季度Ventolin和Advair的价格调整部分抵消了这一影响。 \n
\n \n欧洲 \n	\n \n1,928 \n	\n \n3 \n	\n \n3 \n	\n \n6,053 \n	\n \n11 \n	\n \n8 \n	\n \n专科药品：第三季度 +9%，年初至今 +9% \n \n增长由肿瘤、Nucala、Benlysta和HIV推动。 \n\n \n疫苗：第三季度 +2%，年初至今 +15% \n \n第三季度增长由Arexvy在德国的市场接纳度推动；年初至今，Shingrix在欧洲的需求显著增加。 \n\n \n普药：第三季度 -3%，年初至今 -2% \n \n低个位数下滑，Trelegy和Anoro的增长不足以抵消其他呼吸系统产品的下降。 \n
\n \n国际 \n	\n \n2,028 \n	\n \n(4) \n	\n \n(3) \n	\n \n5,896 \n	\n \n(4) \n	\n \n(2) \n	\n \n专科药品：第三季度 +13%，年初至今 +13% \n \n增长由肿瘤、Nucala和Benlysta推动。 \n\n \n疫苗：第三季度 -15%，年初至今 -9% \n \n第三季度下滑主要由于Shingrix销售额降低（主要在中国），以及2025年一次性销售MMR/V散装抗原。年初至今的销售额反映了其他疫苗面临的竞争压力，澳大利亚招标交付带来的Arexvy增长部分抵消了这一影响。 \n\n \n普药：第三季度 -2%，年初至今 -4% \n \nTrelegy 和 Anoro 的增长，更多地抵消了其他呼吸系统产品及其他全科医学产品的下降，其中包括合同制造收入的减少。 \n

\n\n财务表现——核心业绩

\n2026 年第三季度和年初至今核心营业利润增长，主要得益于营业额提高、有利的产品和地区组合、持续推进的生产力举措和供应链优化、特许权使用费收入增加，以及 2026 年第一季度有利的净法律和解及费用；部分被研发投入增加和新资产上市所抵消。

\n2026 年第三季度和年初至今核心每股收益上升，主要反映核心营业利润增长和股份回购；部分被净财务费用增加（主要由于 Nuvalent）、有效税率上升及非控股权益增加所抵消。

\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \n\n核心业绩 \n	\n \n\n2026 年第三季度 \n	\n \n\n年初至今 \n
\n\n	\n \n£m \n	\n \n%\nAER \n	\n \n%\nCER \n	\n \n£m \n	\n \n%\nAER \n	\n \n%\nCER \n
\n \n\n营业额 \n	\n \n8,887 \n	\n \n4 \n	\n \n5 \n	\n \n24,925 \n	\n \n4 \n	\n \n5 \n
\n \n销售成本 \n	\n \n(2,040) \n	\n \n(1) \n	\n \n– \n	\n \n(5,639) \n	\n \n(2) \n	\n \n(2) \n
\n \n\n% of sales \n	\n \n\n23.0% \n	\n \n\n(1.1) \n	\n \n\n(1.2) \n	\n \n\n22.6% \n	\n \n\n(1.4) \n	\n \n\n(1.6) \n
\n \n销售、一般及行政费用 \n	\n \n(2,155) \n	\n \n– \n	\n \n1 \n	\n \n(6,329) \n	\n \n– \n	\n \n1 \n
\n \n\n% of sales \n	\n \n\n24.2% \n	\n \n\n(1.0) \n	\n \n\n(1.1) \n	\n \n\n25.4% \n	\n \n\n(0.9) \n	\n \n\n(1.0) \n
\n \n研发 \n	\n \n(1,874) \n	\n \n21 \n	\n \n22 \n	\n \n(5,088) \n	\n \n14 \n	\n \n16 \n
\n \n\n% of sales \n	\n \n\n21.1% \n	\n \n\n2.9 \n	\n \n\n2.9 \n	\n \n\n20.4% \n	\n \n\n1.9 \n	\n \n\n1.9 \n
\n \n特许权使用费收入 \n	\n \n258 \n	\n \n24 \n	\n \n24 \n	\n \n657 \n	\n \n4 \n	\n \n3 \n
\n \n\n核心营业利润 \n	\n \n3,076 \n	\n \n3 \n	\n \n5 \n	\n \n8,526 \n	\n \n5 \n	\n \n7 \n
\n \n\n% of sales \n	\n \n\n34.6% \n	\n \n\n(0.3) \n	\n \n\n(0.1) \n	\n \n\n34.2% \n	\n \n\n0.3 \n	\n \n\n0.7 \n
\n \n核心净财务费用 \n	\n \n(197) \n	\n \n49 \n	\n \n50 \n	\n \n(461) \n	\n \n29 \n	\n \n30 \n
\n \n联营公司及合资企业税后利润/（亏损）份额 \n	\n \n(2) \n	\n\n	\n\n	\n \n(9) \n	\n\n	\n\n
\n \n\n税前核心利润 \n	\n \n2,877 \n	\n \n1 \n	\n \n3 \n	\n \n8,056 \n	\n \n3 \n	\n \n6 \n
\n \n税项 \n	\n \n(490) \n	\n \n8 \n	\n \n9 \n	\n \n(1,405) \n	\n \n6 \n	\n \n8 \n
\n \n\n税率 % \n	\n \n\n17.0% \n	\n\n	\n\n	\n \n\n17.4% \n	\n\n	\n\n
\n \n\n税后核心利润 \n	\n \n2,387 \n	\n \n– \n	\n \n1 \n	\n \n6,651 \n	\n \n3 \n	\n \n6 \n
\n \n归属于非控股权益的核心利润 \n	\n \n198 \n	\n \n12 \n	\n \n14 \n	\n \n562 \n	\n \n10 \n	\n \n12 \n
\n \n归属于股东的核心利润 \n	\n \n2,189 \n	\n\n	\n\n	\n \n6,089 \n	\n\n	\n\n
\n\n	\n \n2,387 \n	\n \n– \n	\n \n1 \n	\n \n6,651 \n	\n \n3 \n	\n \n6 \n
\n \n核心每股收益 \n	\n \n54.6p \n	\n \n(1) \n	\n \n1 \n	\n \n151.6p \n	\n \n4 \n	\n \n6 \n
\n \n财务表现——除非另有说明，均为 2026 年第三季度业绩；增长百分比及评论按 CER 计算。总业绩财务表现评论见第 7 页。第三季度和年初至今，AER 相较 CER 的不利汇率影响主要反映英镑兑美元走强。详情见第 8 页。2026 年第三季度、2025 年第三季度、2026 年前 9 个月及 2025 年前 9 个月总业绩与核心业绩之间的调节表见第 16 和第 18 页。 \n

\n2026 年第三季度和年初至今，核心销售成本占销售额的比例下降，主要由于特殊药品销售额提高以及年初至今利润率较高的疫苗产品增长带来的有利产品和地区组合；此外，比较基数有利，因 2025 年第二季度发生了供应链优化费用。

\n2026 年第三季度和年初至今，核心销售、一般及行政费用总体稳定。对包括 Blenrep 和 Exdensur 在内的新资产上市提供审慎投入，部分被持续推进的生产力举措所抵消。年初至今还包括法律和解及费用方面的净有利影响，相当于约 1 个百分点的影响。

\n2026 年第三季度和年初至今，核心研发投入增加，反映产品组合不断推进，主要集中在肿瘤领域。这包括加快 ADC Ris-Rez 和 Mo-Rez 的相关工作、推进 velzatinib 用于 GIST 的研发，以及收购 Nuvalent 后推进 Jideytro（zidesamtinib）和 neladalkib；Jideytro（zidesamtinib）于本季度获 FDA 批准。在专科药物领域，投入增加源于 2025 年第三季度收购的 efimosfermin、depemokimab 的 COPD 适应症，以及 felcorekibart（抗 TSLP 单克隆抗体）的所有适应症。增长部分被 bepirovirsen 支出的下降所抵消，该药物已于 2026 年第一季度提交申请。与 mRNA 季节性流感疫苗相关的临床试验项目投入也有所增加。

\n2026 年第三季度和年初至今，核心特许权使用费收入增加，主要由于 Kesimpta(1) 特许权使用费提高；年初至今的增长部分被 2025 年第二季度确认的、与知识产权纠纷和解相关的历史特许权使用费所抵消。

2026 年第三季度和年初至今净融资成本增加，主要是由于利息支出上升（主要与收购 Nuvalent 有关），部分被套期保值活动产生的净有利差异抵消。

核心利润的有效税率总体符合全年预期。

本季度和年初至今核心非控股权益（NCIs）增加，主要是由于 ViiV Healthcare 的核心利润分配增加。

(1) Kesimpta 由 Novartis AG 生产，且为其商标

\n财务表现——总业绩

\n2026 年第三季度营业利润总额下降，主要是由于与 Accelerate Growth 计划相关的 3.28 亿英镑重大重组费用，以及其他营业收入净额减少；核心营业利润增加部分抵消了这一影响。年初至今利润也有所下降，主要是由于减值和 CCL 费用增加；其他营业收入净额和核心营业利润增加部分抵消了这一影响。

\n2026 年第三季度和年初至今总每股收益均下降，主要是由于营业利润总额减少、融资费用增加，以及第三季度非控股权益（NCIs）增加；股票回购和有效税率降低部分抵消了这一影响。

\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \n总业绩 \n	\n \n2026 年第三季度 \n	\n \n年初至今 \n
\n\n	\n 百万英镑 \n	\n \n%AER \n	\n \n%CER \n	\n 百万英镑 \n	\n \n%AER \n	\n \n%CER \n
\n \n营业额 \n	\n \n8,887 \n	\n \n4 \n	\n \n5 \n	\n \n24,925 \n	\n \n4 \n	\n \n5 \n
\n \n销售成本 \n	\n \n(2,390) \n	\n \n6 \n	\n \n7 \n	\n \n(6,531) \n	\n \n3 \n	\n \n3 \n
\n \n\n占销售额的比例 \n	\n \n\n26.9% \n	\n \n\n0.5 \n	\n \n\n0.4 \n	\n \n\n26.2% \n	\n \n\n(0.2) \n	\n \n\n(0.5) \n
\n \n销售、一般及行政费用 \n	\n \n(2,383) \n	\n \n6 \n	\n \n7 \n	\n \n(6,704) \n	\n \n4 \n	\n \n5 \n
\n \n\n占销售额的比例 \n	\n \n\n26.8% \n	\n \n\n0.6 \n	\n \n\n0.5 \n	\n \n\n26.9% \n	\n \n\n0.1 \n	\n \n\n– \n
\n \n研发 \n	\n \n(1,983) \n	\n \n17 \n	\n \n18 \n	\n \n(7,141) \n	\n \n38 \n	\n \n39 \n
\n \n\n占销售额的比例 \n	\n \n\n22.3% \n	\n \n\n2.6 \n	\n \n\n2.5 \n	\n \n\n28.6% \n	\n \n\n7.1 \n	\n \n\n7.0 \n
\n \n特许权使用费收入 \n	\n \n258 \n	\n \n24 \n	\n \n24 \n	\n \n657 \n	\n \n4 \n	\n \n3 \n
\n \n其他营业收入/（费用） \n	\n \n(262) \n	\n \n>100 \n	\n \n>100 \n	\n \n(305) \n	\n \n>100 \n	\n \n>100 \n
\n \n\n营业利润 \n	\n \n2,127 \n	\n \n(18) \n	\n \n(16) \n	\n \n4,901 \n	\n \n(28) \n	\n \n(25) \n
\n \n\n占销售额的比例 \n	\n \n\n23.9% \n	\n \n\n(6.4) \n	\n \n\n(6.1) \n	\n \n\n19.7% \n	\n \n\n(8.7) \n	\n \n\n(8.2) \n
\n \n净融资费用 \n	\n \n(190) \n	\n \n35 \n	\n \n36 \n	\n \n(459) \n	\n \n20 \n	\n \n21 \n
\n \n联营公司和合资企业税后利润/（亏损）份额 \n	\n \n(2) \n	\n\n	\n\n	\n \n(9) \n	\n\n	\n\n
\n \n\n税前利润 \n	\n \n1,935 \n	\n \n(21) \n	\n \n(19) \n	\n \n4,433 \n	\n \n(31) \n	\n \n(28) \n
\n \n税项 \n	\n \n(232) \n	\n \n(26) \n	\n \n(24) \n	\n \n(338) \n	\n \n(62) \n	\n \n(58) \n
\n \n\n税率 % \n	\n \n\n12.0% \n	\n\n	\n\n	\n \n\n7.6% \n	\n\n	\n\n
\n \n\n税后利润 \n	\n \n1,703 \n	\n \n(21) \n	\n \n(19) \n	\n \n4,095 \n	\n \n(26) \n	\n \n(23) \n
\n \n归属于非控股权益的利润 \n	\n \n160 \n	\n \n22 \n	\n \n25 \n	\n \n380 \n	\n \n(21) \n	\n \n(18) \n
\n \n归属于股东的利润 \n	\n \n1,543 \n	\n\n	\n\n	\n \n3,715 \n	\n\n	\n\n
\n\n	\n \n1,703 \n	\n \n(21) \n	\n \n(19) \n	\n \n4,095 \n	\n \n(26) \n	\n \n(23) \n
\n \n每股收益 \n	\n 38.5 便士 \n	\n \n(23) \n	\n \n(21) \n	\n 92.5 便士 \n	\n \n(26) \n	\n \n(23) \n
\n 除非另有说明，财务表现——2026 年第三季度业绩的增长率和评论均按 CER 计算。核心业绩财务表现评论见第 6 页。 \n \n本季度和年初至今，AER 相对于 CER 的不利汇率影响主要反映了英镑兑美元走强。详情见第 8 页。2026 年第三季度、2025 年第三季度、2026 年前 9 个月和 2025 年前 9 个月总业绩与核心业绩之间的对账列于第 16 页和第 18 页。 \n

2026 年第三季度和年初至今销售成本总额增加，原因是第三季度计入与 Accelerate Growth 计划相关的重大重组费用，以及第二季度减值增加；核心销售成本带来的收益部分抵消了这一影响。

本季度和年初至今 SG&A 总额增加，主要是由于第三季度计入与 Accelerate Growth 计划相关的重大重组费用，以及 Nuvalent 交易成本。年初至今还包括在子公司清算时从外币折算储备重分类至损益表的金额，以及与收购和整合 RAPT Therapeutics（“RAPT”）相关的成本。2026 年第三季度和年初至今核心 SG&A 总体稳定。

2026 年第三季度研发总额增长由核心研发投入推动。年初至今增长还包括 2026 年第二季度减值增加的影响，涉及 camlipixant（13.34 亿英镑）以及终止与 Alector 合作相关资产（3.71 亿英镑）。详情见第 19 页。

本季度和年初至今特许权使用费收入总额增加，主要由核心特许权使用费推动。

2026年第三季度其他经营收入/（支出）包括一笔2.89亿英镑的费用（2025年第三季度：2.80亿英镑），源于CCL的重新计量，部分被2,700万英镑的净收入抵消（2025年第三季度：3.04亿英镑）。年初至今包括一笔10.40亿英镑的费用（2025年年初至今：1.93亿英镑），主要源于CCL的重新计量，部分被7.35亿英镑的净收入抵消（2025年年初至今：3.26亿英镑）；该净收入主要与出售Rockville制造工厂及剥离linerixibat有关。详情见第17页和第19页。

2026年第三季度和年初至今的净融资成本均有所增加，主要由于核心净融资费用增加。

总业绩的有效税率反映了计入总业绩的各项调整项目所产生的不同税务影响。有关税务的问题见《2025年年度报告》附注14“税务”。集团仍认为，已为相关税务机关尚未审查且尚未达成一致的期间可能产生的负债作出充分拨备。此类事项的最终负债可能与已计提金额不同，具体取决于与相关税务机关达成协议的结果。

第三季度非控股权益总额增加，原因是ViiV Healthcare分配的核心利润增加。年初至今的下降主要反映了Shionogi-ViiV CCL的重新计量费用增加。

\n\n汇率及其对业绩的影响

\nGSK在多个国家开展业务，以多种货币赚取收入并承担成本。集团以英镑报告的业绩会受到英镑与其他货币之间汇率变动的影响。将海外子公司、联营公司和合资企业的业绩及现金流折算为英镑时，采用期间内的平均汇率，并对大额交易使用特定交易汇率。折算这些实体的净资产时，则采用期末汇率。对这些折算影响最大的货币及相关汇率如下：

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n\n	\n \n\n2026年第三季度 \n	\n \n2025年第三季度 \n	\n \n\n2026年年初至今 \n	\n \n2025年年初至今 \n	\n \n2025 \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \n平均汇率： \n	\n\n	\n\n	\n\n	\n\n	\n\n
\n\n	\n\n	\n \n美元/英镑 \n	\n \n\n1.34 \n	\n \n1.33 \n	\n \n\n1.34 \n	\n \n1.31 \n	\n \n1.31 \n
\n\n	\n\n	\n \n欧元/英镑 \n	\n \n\n1.17 \n	\n \n1.16 \n	\n \n\n1.16 \n	\n \n1.18 \n	\n \n1.17 \n
\n\n	\n\n	\n \n日元/英镑 \n	\n \n\n213 \n	\n \n198 \n	\n \n\n213 \n	\n \n195 \n	\n \n198 \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \n期末汇率： \n	\n\n	\n\n	\n\n	\n\n	\n\n
\n\n	\n\n	\n \n美元/英镑 \n	\n \n\n1.33 \n	\n \n1.34 \n	\n \n\n1.33 \n	\n \n1.34 \n	\n \n1.35 \n
\n\n	\n\n	\n \n欧元/英镑 \n	\n \n\n1.17 \n	\n \n1.14 \n	\n \n\n1.17 \n	\n \n1.14 \n	\n \n1.15 \n
\n\n	\n\n	\n \n日元/英镑 \n	\n \n\n209 \n	\n \n199 \n	\n \n\n209 \n	\n \n199 \n	\n \n211 \n

\n2026年第三季度和年初至今，汇率的不利影响主要反映了英镑兑美元走强（尤其是在2026年第一季度），以及英镑兑日元和新兴市场货币走强；年初至今欧元走强部分抵消了这一影响。结算集团内部交易产生的汇兑变动对本季度和年初至今的总每股收益及核心每股收益影响极小。

\n\n现金创造

\n\n现金流

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n	\n\n	\n\n
\n\n	\n \n\n2026年第三季度 \n \n\n百万英镑 \n	\n \n2025年第三季度 \n \n百万英镑 \n	\n \n\n2026年前9个月 \n \n\n百万英镑 \n	\n \n2025年前9个月 \n \n百万英镑 \n
\n \n经营活动产生的现金（百万英镑） \n	\n \n\n3,122 \n	\n \n2,520 \n	\n \n\n7,378 \n	\n \n6,254 \n
\n \n经营活动产生的现金净流入/（流出）总额（百万英镑） \n	\n \n\n2,809 \n	\n \n2,222 \n	\n \n\n6,640 \n	\n \n5,463 \n
\n \n自由现金流入/（流出）*（百万英镑） \n	\n \n\n2,078 \n	\n \n1,246 \n	\n \n\n4,887 \n	\n \n3,069 \n
\n \n自由现金流增长/（下降）（%） \n	\n \n\n67% \n	\n \n(6%) \n	\n \n\n59% \n	\n \n58% \n
\n \n自由现金流转换率*（%） \n	\n \n\n>100% \n	\n \n62% \n	\n \n\n>100% \n	\n \n60% \n
\n \n净负债总额**（百万英镑） \n	\n \n\n20,739 \n	\n \n14,444 \n	\n \n\n20,739 \n	\n \n14,444 \n
\n \n* 自由现金流和自由现金流转换率的定义见第43页。自由现金流分析见第34页。 \n
\n \n**净负债总额的定义见第44页。净负债分析见第34页。 \n

\n\n2026年第三季度

经营活动产生的现金流为本季度31.22亿英镑（2025年第三季度：25.20亿英镑）。增长主要反映核心经营利润上升，以及贸易应收款、应付款、退货和返利的有利时点因素及变动，部分被不利汇率影响抵销。增长还反映了与2025年第三季度5.65亿英镑Zantac和解付款相比的有利基数，部分被2025年第三季度收到的CureVac 2.68亿英镑现金和解款抵销。

本季度或有对价现金支付总额为4.35亿英镑（2025年第三季度：3.26亿英镑）。其中3.46亿英镑（2025年第三季度：3.21亿英镑）计入经营活动现金流，包括向Shionogi & Co. Ltd（“Shionogi”）支付的3.42亿英镑（2025年第三季度：3.06亿英镑）。

本季度自由现金流入为20.78亿英镑（2025年第三季度：12.46亿英镑）。增长主要由经营活动产生的现金增加以及无形资产资本支出减少所推动。

2026年前9个月

经营活动产生的现金流为73.78亿英镑（2025年前9个月：62.54亿英镑）。增长反映了核心经营利润上升、贸易应收款和应付款时点因素及变动有利，部分被不利汇率影响抵销；退货和返利的时点因素及变动则带来不利影响。增长还反映了与2025年年初至今6.88亿英镑Zantac和解付款相比的有利基数，部分被CureVac现金和解款抵销（其中大部分于2025年收到）。

2026年前9个月或有对价现金支付总额为11.91亿英镑（2025年前9个月：10.00亿英镑）。其中10.95亿英镑（2025年前9个月：9.89亿英镑）计入经营活动现金流，包括向Shionogi支付的10.52亿英镑（2025年前9个月：9.56亿英镑）。

2026年前9个月自由现金流入为48.87亿英镑（2025年前9个月：30.69亿英镑）。增长由经营活动产生的现金增加、无形资产资本支出减少、无形资产出售所得增加（包括剥离linerixibat），以及与ViiV股权重组相关的2.5亿美元（1.87亿英镑）特别股息所推动。

净债务总额

截至2026年9月30日，净债务为207.39亿英镑，而2025年12月31日为144.53亿英镑；其中包括237.01亿英镑总债务，以及29.62亿英镑现金和流动投资。净债务信息见第34页。

净债务增加了62.86亿英镑，主要由于Nuvalent净收购成本71.43亿英镑、RAPT 14.04亿英镑和35Pharma Inc. 7亿英镑，向股东支付股息20.52亿英镑、作为股票回购计划一部分购入股份（该计划于2026年6月完成）6.34亿英镑，以及净债务汇兑损失8500万英镑。部分被主要为自由现金流入48.87亿英镑，以及与Rockville场地处置相关的3.86亿英镑（包括所得款项和租赁负债减少）所抵销。

截至2026年9月30日，GSK有须在12个月内偿还的短期借款（包括透支和租赁负债）20.01亿英镑，另有29.78亿英镑须在随后一年偿还。

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n
\n\n	\n\n
\n 目录 \n	\n 页 \n
\n 2026年第三季度管线亮点 \n	\n \n11 \n
\n 负责任经营 \n	\n \n13 \n
\n 总额和核心业绩 \n	\n \n14 \n
\n 损益表 \n	\n \n20 \n
\n 综合收益表 \n	\n \n21 \n
\n 资产负债表 \n	\n \n22 \n
\n \n权益变动表 \n	\n \n23 \n
\n \n现金流量表 \n	\n \n24 \n
\n \n销售表 \n	\n \n25 \n
\n \n分部信息 \n	\n \n28 \n
\n \n法律事项 \n	\n \n29 \n
\n \n股东回报 \n	\n \n30 \n
\n \n补充信息 \n	\n \n31 \n
\n \n研发评论 \n	\n \n35 \n
\n \n报告定义 \n	\n \n43 \n
\n \n指导与展望、假设及警示声明 \n	\n \n45 \n
\n \n致 GSK plc 的独立审计师审阅报告 \n	\n \n47 \n
\n \n术语表 \n	\n \n49 \n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n	\n\n
\n \n\n联系方式 \n
\n \nGSK plc\n(LSE/NYSE:GSK) 是一家全球生物制药公司，致力于团结科学、技术和人才，共同战胜疾病。访问 www.gsk.com 了解更多信息。 \n
\n\n	\n\n	\n\n	\n\n
\n \n\nGSK 咨询： \n	\n\n	\n\n	\n\n
\n \n媒体 \n	\n \nTim\nFoley \n	\n \n+44 (0)\n7780 494750 \n	\n \n（伦敦） \n
\n\n	\n \nKathleen\nQuinn \n	\n \n+1 202\n603 5003 \n	\n \n（华盛顿） \n
\n\n	\n\n	\n\n	\n\n
\n \n投资者关系 \n	\n \nJames\nDodwell \n	\n \n+44 (0)\n7881 269066 \n	\n \n（伦敦） \n
\n\n	\n \nMick\nReadey \n	\n \n+44 (0)\n7990 339653 \n	\n \n（伦敦） \n
\n\n	\n \nJoanna\nTuplin \n	\n \n+44 (0)\n7788 351650 \n	\n \n（伦敦） \n
\n\n	\n \nSam\nPiper \n	\n \n+44 (0)\n7824 525779 \n	\n \n（伦敦） \n
\n\n	\n \nDan\nSmith \n	\n \n+44 (0)\n7823 523885 \n	\n \n（伦敦） \n
\n\n	\n \nJeff\nMcLaughlin \n	\n \n+1 215\n751 7002 \n	\n \n（费城） \n
\n\n	\n \nFrannie\nDeFranco \n	\n \n+1 215\n751 3126 \n	\n \n（费城） \n
\n\n	\n\n	\n\n	\n\n
\n \n\n注册地：英格兰和威尔士 \n \n编号 3888792 \n
\n\n
\n \n\n注册办公地址： \n \n79 New\nOxford Street \n \n伦敦， \n \nWC1A\n1DG \n

\n\n2026 年第三季度管线亮点（自 28 July 2026 以来）

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n	\n\n
\n\n	\n \n\n药物/疫苗 \n	\n \n\n试验（适应症、剂型） \n	\n \n\n事件 \n
\n \n\n监管批准或其他监管行动 \n	\n \n\nJemperli \n	\n \nII 期和 III 期微卫星不稳定性高（MSI-H）/错配修复缺陷（dMMR）局部晚期直肠癌 \n	\n \n监管批准（美国） \n
\n \n\nHibsago \n	\n \n慢性乙型肝炎（CHB） \n	\n \n监管批准（日本、美国） \n
\n \n\nArexvy \n	\n \n呼吸道合胞病毒（RSV） \n \n18 岁及以上免疫功能低下（IC）成人 \n	\n \n监管批准（美国） \n
\n \n\nShingrix \n	\n \n带状疱疹（预充式注射器剂型） \n	\n \n监管批准（日本） \n
\n \n\n监管申报或受理 \n	\n \n\nVentolin \n	\n \n低碳 MDI（哮喘） \n	\n \n监管申报（欧盟） \n
\n \n\nJemperli \n	\n \nAZUR-1（直肠癌） \n	\n \n监管申报（美国） \n
\n \n\nIII 期数据读出或其他重大事件 \n	\n \n\nJideytro \n	\n \nARROS-1（ROS 1+ 非小细胞肺癌一线治疗） \n	\n \nI/II 期（注册性）数据读出结果积极 \n
\n \n\nCabenuva \n	\n \nCROWN（HIV，病毒未抑制） \n	\n \nIIIb 期顶线数据读出结果积极 \n
\n \n\nZejula \n	\n \nGLIOFOCUS（胶质母细胞瘤） \n	\n \n欧盟孤儿药资格认定 \n
\n \n双靶点 HA-NA 季节性流感 \n	\n \n季节性 mRNA 流感病毒候选疫苗 \n	\n \n美国快速通道资格认定 \n
\n \nRSV/hMPV 研究性联合疫苗 \n	\n \n呼吸道合胞病毒/人偏肺病毒（RSV/hMPV） \n	\n \n美国快速通道资格认定 \n

\n\n预期管线里程碑

\n\n	\n\n	\n\n	\n\n
\n \n\n时间 \n	\n \n\n药物/疫苗 \n	\n \n\n试验（适应症、剂型） \n	\n \n\n事件 \n
\n \n\n2026 年下半年 \n	\n \n\nExdensur \n	\n \nOCEAN（嗜酸性肉芽肿性多血管炎） \n	\n \nIII 期数据读出 \n
\n \nneladalkib \n	\n \n非小细胞肺癌（经治 ALK+） \n	\n \n监管决定（美国） \n
\n \n\nJideytro \n	\n \n非小细胞肺癌（ROS 1+ 初治） \n	\n \n监管申报（美国） \n
\n \ncabotegravir \n	\n \n每年 3 次预防（HIV） \n	\n \nIIb 期（关键性）数据读出 \n
\n \ncabotegravir \n	\n \n每年 3 次预防（HIV） \n	\n \n监管申报（美国） \n
\n \n\n2027 年上半年 \n	\n \n\nExdensur \n	\n \nOCEAN（嗜酸性肉芽肿性多血管炎） \n	\n \n监管申报（美国、欧盟、中国、日本） \n
\n \n\nVentolin \n	\n \n低碳 MDI（哮喘） \n	\n \n监管决定（欧盟） \n
\n \n\nVentolin \n	\n \n低碳 MDI（哮喘） \n	\n \n监管申报（美国） \n
\n \n\nJemperli \n	\n \nAZUR-1（直肠癌） \n	\n \n监管申报（日本） \n
\n \ncabotegravir \n	\n \n每年 3 次预防（HIV） \n	\n \n监管决定（美国） \n
\n \n\nArexvy \n	\n \nRSV，18-59 岁成人 \n	\n \nIII 期数据读出（中国） \n
\n \n\nBexsero \n	\n \nB 型脑膜炎球菌（婴儿） \n	\n \n监管申报（美国） \n
\n \nbepirovirsen \n	\n \nB-WELL 1/2（慢性乙型肝炎） \n	\n \n监管决定（欧盟、中国） \n
\n \nGSK'116（带状疱疹疫苗） \n	\n \n水痘新种子，适用于 12 个月及以上人群 \n	\n \nIII 期数据读出 \n
\n \nneladalkib \n	\n \n非小细胞肺癌（经治 ALK+） \n	\n \n监管申报（欧盟） \n
\n \n\nJideytro \n	\n \n非小细胞肺癌（经治 ROS 1+） \n	\n \n监管申报（欧盟） \n
\n\n
\n\n	\n	\n\n	\n	\n时间	\n \n药物/疫苗 \n	\n \n试验\n（适应症、剂型） \n	\n \n事件 \n
\n\n	\n	\n\n	\n	2027年下半年	\n \nExdensur \n	\n \nOCEAN\n（嗜酸性肉芽肿性多血管炎） \n	\n \n监管决定\n（美国、日本） \n
\n	\n\n	\n		\n\nJemperli	\n \nAZUR-1\n（直肠癌） \n	\n \n监管申报（欧盟、中国） \n
\n	\n\n	\n		\n Jemperli \n	\n \nAZUR-1\n（直肠癌） \n	\n \n监管决定\n（欧盟） \n
\n	\n	\n		\n \nRis-Rez \n	\n \nEMBOLD\nSCLC-301（小细胞肺癌） \n	\n \nIII期数据读出 \n
\n	\n	\n		\n \nvelzatinib \n	\nGIST -\n晚期胃肠道间质瘤的一线或二线治疗	\n \nIII期数据读出 \n
\n	\n	\n		\n \n\nJideytro \n	\n \n非小细胞肺癌\n（初治 ROS1+） \n	\n \n监管决定\n（美国） \n
\n	\n	\n		\n \ncabotegravir +\nrilpivirine \n	\n \nCUATRO，\n每年治疗3次（HIV） \n	\n \nIII期数据读出 \n
\n	\n	\n		\n \ncabotegravir +\nrilpivirine \n	\n \nCUATRO，\n每年治疗3次（HIV） \n	\n \n监管申报\n（美国） \n
\n	\n	\n		\n \n\nArexvy \n	\n \nRSV，\n18-59岁成人 \n	\n \n监管申报\n（中国） \n
\n	\n	\n		\n \n\nArexvy \n	\n \nRSV，\n60岁以上成人 \n	\n \n监管决定\n（中国） \n
\n	\n	\n		\n \n\nBexsero \n	\n \nB群脑膜炎球菌病\n（婴儿） \n	\n监管决定\n（美国）
\n	\n	\n	\n	\n \nGSK'116\n（水痘疫苗） \n	\n \n水痘新种子，\n12个月及以上人群 \n	\n \n监管申报（美国） \n

\n有关若干在研重点药物和疫苗的更多详情，请参阅第35至42页。

\n\n负责任经营领域的进展

\n负责任经营是GSK战略的重要组成部分，有助于实现长期业绩。GSK在负责任经营优先事项方面的年度进展详见《年度报告》(1)和《负责任经营报告》(2)，并在每季度分享增量更新。以下重点内容包括Q2 2026业绩公布以来开展的活动。

\n\n可及性

\n\n\n\n\n\n\n

\n\n	\n\n
\n \n● \n	\n \n10月，ViiV Healthcare宣布(3)与Axmed达成协议，将扩大HIV药物在50多个中等收入国家的可及性。大多数新增HIV病例发生在低收入和中等收入国家，因此扩大HIV护理方案的选择仍是重点优先事项。该协议旨在为当地政府和医疗机构提供更简便的途径，以获得更多HIV护理选择，支持各国应对HIV。 \n

\n\n全球健康与卫生安全

\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n
\n \n● \n	\n \n登革热仍是全球重大未满足的健康需求，每年估计有数亿人感染，且治疗选择有限。8月，中外制药与GSK签署(4)独家许可协议，共同开发一种临床前抗登革病毒抗体；若研发成功，有望帮助管理登革热及其他黄病毒感染。 \n
\n \n● \n	\n \n随着疟疾治疗中耐药性威胁日益加剧，亟需持续创新。通过GSK与疟疾药物研发基金会的合作，一种潜在的新型II期疟疾药物GSK701已显示(5)出作为单纯性疟疾候选药物的良好前景，有望满足对新药的需求。 \n
\n \n● \n	\n \nGavi、联合国儿童基金会和Bharat Biotech（BBIL）于2026年10月宣布(6)一项新的公平可及协议，涉及GSK研发的疟疾疫苗RTS,S/AS01。该协议将使疫苗价格降低40%，为儿童免疫接种项目（2027-29）节省约5000万美元，并支持为估计多出的100万名儿童接种疫苗。该协议是在GSK和BBIL投资建设产能更高的新制造设施、开展产品开发和技术转让之后达成的，旨在以更低成本扩大并加强供应。 \n

\n\n环境

\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n
\n \n● \n	\n \nGSK 在印度、巴基斯坦和阿尔及利亚水资源紧张地区的全部五个生产基地，现已通过严格的独立审计，获得水资源管理联盟（AWS）认证。该认证认可了我们各基地在负责任管理水资源方面所做的工作，涵盖运营中的用水方式，以及我们如何了解并应对运营所在社区的水资源风险。 \n
\n \n● \n	\n \n9月，GSK 宣布(7)在印度北部投资一项为期八年的再生农业碳信用项目。该协议与 Earthly 合作，旨在减少排放并移除碳，同时带来更广泛的健康和当地社区效益。这项投资支持 GSK 实现气候净零影响的路径。到 2030 年，GSK 的目标是将碳排放量减少 80%（以 2020 年为基准），其余 20% 将通过投资高质量的自然保护和修复项目来抵消。 \n

\n\n负责任商业评级表现

\n以下详细列出了 GSK 在关键负责任商业评级*中的表现。

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n	\n\n
\n \n外部基准 \n	\n \n当前 \n \n评分/排名 \n	\n \n此前 \n \n评分/排名 \n	\n \n备注 \n
\n \n药品可及性指数 \n	\n \n3.72 \n	\n \n4.06 \n	\n \n在该指数中排名第二。该指数每两年更新一次，当前结果于 2024年11月发布。评分范围为 1 至 5，5 为最高（最佳）分数 \n
\n \n抗微生物药物耐药性基准 \n	\n \n77% \n	\n \n84% \n	\n \n自 2018 年基准设立以来一直位居领先；当前排名于 2026年3月更新 \n
\n \nCDP 气候变化 \n	\n \nA \n	\n \nA \n	\n \n每年更新，当前评分于 2025年12月更新（供应商参与度评分于 2026年5月更新） \n
\n \nCDP 水安全 \n	\n \nA \n	\n \nA \n
\n \nCDP 供应商参与度评级 \n	\n \n领先者 \n	\n \n领先者 \n
\n \nSustainalytics \n	\n \n低风险 \n	\n \n低风险 \n	\n \n在制药子行业组中位列第 2 百分位。当前评级截至 2026年10月 \n
\n \nISS 企业评级 \n	\n \nB+ \n	\n \nB+ \n	\n \n在我们的同业组中排名第 1。上次资料更新于 2026年7月 \n
\n \nFTSE4Good \n	\n \n成员 \n	\n \n成员 \n	\n \n自 2004 年起成为成员，最近一次评审于 2026年7月 \n

\n*GSK 定期审查负责任商业评级，以确保上表所列外部基准保持高质量、适当且与投资者相关。这些审查的结果可能导致表中纳入的评级有所变化——上次更新于 2026年7月

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n
\n \n(1) \n	\n \nhttps://www.gsk.com/en-gb/investors/financial-reports/annual-report-2025 \n
\n \n(2) \n	\n \nhttps://www.gsk.com/media/di5bk40q/responsible-business-report.pdf \n
\n \n(3) \n	\n \nhttps://viivhealthcare.com/hiv-news-and-media/news/press-releases/2026/october/axmed-partner-to-expand-access-to-hiv-medicines/ \n
\n \n(4) \n	\n \nhttps://www.chugai-pharm.co.jp/english/news/detail/20260818113000_1263.html \n
\n \n(5) \n	\n \nhttps://www.mmv.org/news-resources-search/new-malaria-drug-candidate-shows-early-promise-human-study \n
\n \n(6) \n	\n \nhttps://www.gavi.org/news/media-room/gavi-and-unicef-secure-lower-malaria-vaccine-price-saving-us-50-million-childhood \n
\n \n(7) \n	\n \nhttps://earthly.org/blog/gsk-investment-in-regenerative-agriculture-carbon-credits-reduce-greenhouse-gas-emissions-and-air-pollution-supporting-human-health \n

\n\n总额和核心业绩

\n总额报告业绩反映集团的整体表现。

\nGSK 使用多项非 IFRS 指标来报告其业务表现。核心业绩和其他非 IFRS 指标可作为补充参考，但不能替代或优于按照 IFRS 列报的信息。核心业绩定义如下，其他非 IFRS 指标见第 43 和 44 页。

\nGSK认为，核心业绩与总业绩结合考量，能够为投资者、分析师及其他利益相关方提供有益的补充信息，帮助他们更好地了解集团各期的财务表现和状况，并更便于将集团业绩与大多数同业公司进行比较。管理层也将这些指标用于规划和报告目的。这些指标可能无法与其他公司使用的类似名称指标直接比较。

\nGSK鼓励投资者和分析师不要依赖任何单一财务指标，而应全面审阅GSK的季度业绩公告，包括财务报表及附注。

\nGSK致力于持续改进财务报告，以符合不断演变的监管要求和最佳实践。按照这一做法，GSK预计将继续审查和完善其报告框架。

\n\n核心业绩从总业绩中剔除以下与运营相关的项目，以及所有这些项目的税务影响：

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n
\n \n● \n	\n \n无形资产摊销（不包括计算机软件和资本化开发成本），以反映剔除收购影响后的集团业绩 \n
\n \n● \n	\n \n无形资产（不包括计算机软件）和商誉减值，以反映剔除收购影响后的集团业绩 \n
\n \n● \n	\n \n重大重组和整合成本，包括： \n
\n \n– \n	\n \n与重大重组计划相关的现金及非现金成本，例如有形资产和计算机软件减值。这些计划是经董事会批准、具有结构性且规模重大的特定计划，其中单项或相关项目的成本超过£25 million；或 \n
\n \n– \n	\n \n重大收购后重组和整合所产生的成本。 \n
\n \n其他日常经营过程中发生的较小规模重组和整合成本，仍计入总业绩和核心业绩 \n
\n \n● \n	\n \n与重大收购相关的交易会计或其他调整 \n
\n \n● \n	\n \n处置联营公司、产品和业务的收益及成本；重大和解收入；重大法律费用（扣除保险赔偿）以及诉讼和政府调查和解费用；特许权使用费收入以外的其他营业收入；以及其他项目，包括子公司清算时从外币折算储备重分类至损益表的金额超过£25 million的项目 \n

\n由于核心业绩计入重大重组计划的收益，却剔除重大成本（例如重大法律费用及支出、重大重组成本和交易项目），因此不应将其视为集团财务表现的完整反映；集团财务表现由总业绩呈现。剔除其他调整项目可能导致核心收益显著高于或低于总收益。尤其是在剔除重大减值、重组费用和法律成本时，核心收益将高于总收益。

\nGSK 因集团经营环境或整体战略发生重大变化，或在完成重大收购后，实施了多个重大重组计划。在制药行业，高度监管的生产运营和供应链以及较长的业务生命周期意味着，重组计划，尤其是涉及精简或关闭生产或研发场所的计划，可能需要数年才能完成。这些计划的成本，无论是现金还是非现金，均在各项措施获批并符合会计确认标准时计提。因此，重大重组计划启动后数年内都可能产生相关费用。

\n重大法律费用是指因诉讼或政府调查和解而产生、并非日常经营过程中发生且金额显著高于较常发生的个别事项的费用。还包括某些重大历史遗留事项。

\n第16页和第18页列出了总业绩与核心业绩之间的调节，以及有关主要调整项目的更多信息。

\nGSK 根据核心业绩向投资者提供盈利指引。这与同行公司的做法及投资者群体的预期一致，有助于更轻松地将集团业绩与同行进行比较。GSK 无法提供总业绩指引，因为无法可靠预测总业绩中的某些重大项目，尤其是或有对价和看跌期权未来公允价值的变动；这些变动曾导致并可能继续导致重大调整，且受货币及资本市场其他变动等外部因素驱动。

\n\nViiV Healthcare

\nViiV Healthcare 是集团的子公司，其100%的经营业绩（营业额、经营利润、税后利润）均计入集团损益表。

\n2026年1月19日，GSK 与 Pfizer 和 Shionogi 达成协议，将 Pfizer 持有的 ViiV Healthcare 11.7%经济权益替换为 Shionogi 的投资。2026年3月31日，该交易完成，Shionogi 的经济权益增至21.7%，GSK 维持78.3%的经济权益。ViiV Healthcare 向 Shionogi 发行新股，作为对价收取21.25亿美元，并注销 Pfizer 持有的 ViiV Healthcare 股份，向 Pfizer 返还18.75亿美元。GSK 收到2.50亿美元（1.87亿英镑）的特别股息。此外，交易完成时，GSK 通过留存收益解除 Pfizer 看跌期权负债。截至2025年12月31日，该看跌期权负债为8.22亿英镑；在交易完成前立即按照与2025年12月31日相同的方法重新计量，负债变动3300万英镑作为调整项目计入其他经营收入/（费用）。

\n年度收益根据 ViiV Healthcare 两位股东各自的股权比例（GSK 78.3%，Shionogi 21.7%）及其优先股息权益分配，优先股息取决于归属于各股东的某些产品的业绩。随着这些产品的相对表现随时间变化，分配给各股东的整体收益比例也会相应变化。尤其是，含多替拉韦和卡博特韦产品的销售占比不断提高，对分配给 GSK 的优先股息比例产生有利影响。调整项目根据股东的股权比例分配。2025 年，GSK 有权获得 ViiV Healthcare 总收益和核心收益的约 83%。

\n作为对价，Shionogi 于 2012 年出售其在原 Shionogi-ViiV Healthcare 合资企业中的权益后，获得了 ViiV Healthcare 10% 的股权；ViiV Healthcare 还同意向 Shionogi 支付额外的未来现金对价，具体取决于该合资企业开发的产品——多替拉韦和卡博特韦——未来的销售业绩。根据 IFRS 3《企业合并》，GSK 必须在收购时按该或有对价的估计公允价值确认负债，并在此后各期末将该负债更新为最新的公允价值估计。收购日资产负债表中确认的或有对价负债为 6.59 亿英镑。后续重新计量反映在各期损益表的其他经营收入/（费用）和调整项目中。

\nViiV Healthcare 每季度向 Shionogi 支付现金，以结算或有对价，金额依据相关产品上一季度的实际销售业绩和其他收入确定。这些付款会减少资产负债表中的负债余额，因此不会计入损益表。截至 2026 年 9 月 30 日的九个月内，ViiV Healthcare 向 Shionogi 支付的现金为 10.52 亿英镑。

\n由于该负债须按预计未来付款的公允价值入账，因此，总损益表中为反映负债公允价值变动而记录的费用，与为结清该负债而实际支付的现金之间存在显著的时间差异。

\n关于与 ViiV Healthcare 相关的收购安排的进一步说明，见《2025 年年度报告》第 86 和 87 页。

\n2026 年第三季度和 2025 年第三季度总业绩与核心业绩之间的调节如下。

\n\n截至 2026 年 9 月 30 日的三个月

\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n\n	\n \n总 \n \n业绩 \n \n百万英镑 \n	\n \n无形 \n \n资产 \n \n摊销 \n \n百万英镑 \n	\n \n无形 \n \n资产 \n \n减值 \n \n百万英镑 \n	\n \n重大 \n \n重组 \n \n及 \n \n整合 \n	\n \n百万英镑 \n \n交易 \n \n相关 \n \n百万英镑 \n	\n \n资产剥离、重大 \n \n法律及 \n \n其他 \n \n项目 \n \n£m \n	\n \n核心 \n \n业绩 \n \n£m \n
\n \n\n营业额 \n	\n \n\n8,887 \n	\n\n	\n\n	\n\n	\n\n	\n\n	\n \n\n8,887 \n
\n \n销售成本 \n	\n \n(2,390) \n	\n \n190 \n	\n\n	\n \n150 \n	\n\n	\n \n10 \n	\n \n(2,040) \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \n毛利 \n	\n \n6,497 \n	\n \n190 \n	\n\n	\n \n150 \n	\n\n	\n \n10 \n	\n \n6,847 \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \n销售、一般及行政费用 \n	\n \n(2,383) \n	\n\n	\n\n	\n \n149 \n	\n \n60 \n	\n \n19 \n	\n \n(2,155) \n
\n \n研发费用 \n	\n \n(1,983) \n	\n \n30 \n	\n \n33 \n	\n \n46 \n	\n\n	\n\n	\n \n(1,874) \n
\n \n特许权使用费收入 \n	\n \n258 \n	\n\n	\n\n	\n\n	\n\n	\n\n	\n \n258 \n
\n \n其他营业收入/（费用） \n	\n \n(262) \n	\n\n	\n\n	\n\n	\n \n289 \n	\n \n(27) \n	\n \n– \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \n\n营业利润 \n	\n \n\n2,127 \n	\n \n\n220 \n	\n \n\n33 \n	\n \n\n345 \n	\n \n\n349 \n	\n \n\n2 \n	\n \n\n3,076 \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \n净财务费用 \n	\n \n(190) \n	\n\n	\n\n	\n\n	\n\n	\n \n(7) \n	\n \n(197) \n
\n \n联营公司及合资企业税后利润/（亏损）份额 \n	\n \n(2) \n	\n\n	\n\n	\n\n	\n\n	\n\n	\n \n(2) \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \n\n税前利润 \n	\n \n\n1,935 \n	\n \n\n220 \n	\n \n\n33 \n	\n \n\n345 \n	\n \n\n349 \n	\n \n\n(5) \n	\n \n\n2,877 \n
\n \n税项 \n	\n \n(232) \n	\n \n(48) \n	\n \n(7) \n	\n \n(56) \n	\n \n(89) \n	\n \n(58) \n	\n \n(490) \n
\n \n\n税率 % \n	\n \n\n12.0% \n	\n\n	\n\n	\n\n	\n\n	\n\n	\n \n\n17.0% \n
\n \n\n税后利润 \n	\n \n\n1,703 \n	\n \n\n172 \n	\n \n\n26 \n	\n \n\n289 \n	\n \n\n260 \n	\n \n\n(63) \n	\n \n\n2,387 \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \n归属于非控股权益的利润 \n	\n \n\n160 \n	\n\n	\n\n	\n\n	\n \n\n38 \n	\n\n	\n \n\n198 \n
\n \n归属于股东的利润/（亏损） \n	\n \n\n1,543 \n	\n \n\n172 \n	\n \n\n26 \n	\n \n\n289 \n	\n \n\n222 \n	\n \n\n(63) \n	\n \n\n2,189 \n
\n\n	\n \n\n1,703 \n	\n \n\n172 \n	\n \n\n26 \n	\n \n\n289 \n	\n \n\n260 \n	\n \n\n(63) \n	\n \n\n2,387 \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \n\n每股收益 \n	\n \n\n38.5p \n	\n \n\n4.3p \n	\n \n\n0.7p \n	\n \n\n7.2p \n	\n \n\n5.5p \n	\n \n\n(1.6p) \n	\n \n\n54.6p \n
\n \nWeighted average\nnumber of shares (millions) \n	\n \n4,009 \n	\n\n	\n\n	\n\n	\n\n	\n\n	\n \n4,009 \n

\n\nThree months ended 30 September 2025

\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n\n	\n \nTotal \n \nresults \n \n£m \n	\n \nIntangible\nasset \n \namort- \n \nisation \n \n£m \n	\n \nIntangible\nasset \n \nimpair- \n \nment \n \n£m \n	\n \nMajor\nrestruc- \n \nturing \n \nand\nintegration \n \n£m \n	\n \nTrans- \n \naction- \n \nrelated \n \n£m \n	\n \nDivest-ments,\nSignificant \n \nlegal\nand \n \nother \n \nitems \n \n£m \n	\n \nCore \n \nresults \n \n£m \n
\n \n\nTurnover \n	\n \n\n8,547 \n	\n\n	\n\n	\n\n	\n\n	\n\n	\n \n\n8,547 \n
\n \nCost of\nsales \n	\n \n(2,258) \n	\n \n175 \n	\n\n	\n \n19 \n	\n\n	\n \n5 \n	\n \n(2,059) \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \nGross\nprofit \n	\n \n6,289 \n	\n \n175 \n	\n\n	\n \n19 \n	\n\n	\n \n5 \n	\n \n6,488 \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \nSelling,\ngeneral and administration \n	\n \n(2,239) \n	\n\n	\n\n	\n \n38 \n	\n \n39 \n	\n \n3 \n	\n \n(2,159) \n
\n \nResearch\nand development \n	\n \n(1,689) \n	\n \n23 \n	\n \n112 \n	\n \n2 \n	\n\n	\n\n	\n \n(1,552) \n
\n \nRoyalty\nincome \n	\n \n208 \n	\n\n	\n\n	\n\n	\n\n	\n\n	\n \n208 \n
\n \nOther\noperating income/(expense) \n	\n \n24 \n	\n\n	\n\n	\n \n(1) \n	\n \n280 \n	\n \n(303) \n	\n \n– \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \n\nOperating profit \n	\n \n\n2,593 \n	\n \n\n198 \n	\n \n\n112 \n	\n \n\n58 \n	\n \n\n319 \n	\n \n\n(295) \n	\n \n\n2,985 \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \nNet\nfinance expense \n	\n \n(141) \n	\n\n	\n\n	\n\n	\n\n	\n \n9 \n	\n \n(132) \n
\n \nShare\nof after tax profit/(loss) of associates and joint\nventures \n	\n \n4 \n	\n\n	\n\n	\n\n	\n\n	\n \n(9) \n	\n \n(5) \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \n\nProfit before taxation \n	\n \n\n2,456 \n	\n \n\n198 \n	\n \n\n112 \n	\n \n\n58 \n	\n \n\n319 \n	\n \n\n(295) \n	\n \n\n2,848 \n
\n \nTaxation \n	\n \n(312) \n	\n \n(29) \n	\n \n(28) \n	\n \n(14) \n	\n \n(76) \n	\n \n4 \n	\n \n(455) \n
\n \n\nTax rate % \n	\n \n\n12.7% \n	\n\n	\n\n	\n\n	\n\n	\n\n	\n \n\n16.0% \n
\n \n\nProfit after taxation \n	\n \n\n2,144 \n	\n \n\n169 \n	\n \n\n84 \n	\n \n\n44 \n	\n \n\n243 \n	\n \n\n(291) \n	\n \n\n2,393 \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \nProfit\nattributable to non-controlling interests \n	\n \n\n131 \n	\n\n	\n\n	\n\n	\n \n\n45 \n	\n\n	\n \n\n176 \n
\n \nProfit/(loss)\nattributable to shareholders \n	\n \n\n2,013 \n	\n \n\n169 \n	\n \n\n84 \n	\n \n\n44 \n	\n \n\n198 \n	\n \n\n(291) \n	\n \n\n2,217 \n
\n\n	\n \n\n2,144 \n	\n \n\n169 \n	\n \n\n84 \n	\n \n\n44 \n	\n \n\n243 \n	\n \n\n(291) \n	\n \n\n2,393 \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \n\nEarnings per share \n	\n \n\n49.9p \n	\n \n\n4.2p \n	\n \n\n2.1p \n	\n \n\n1.1p \n	\n \n\n4.9p \n	\n \n\n(7.2p) \n	\n \n\n55.0p \n
\n \nWeighted average\nnumber of shares (millions) \n	\n \n4,034 \n	\n\n	\n\n	\n\n	\n\n	\n\n	\n \n4,034 \n

\n\nAdjusting items Q3 2026

\n\nIntangible asset impairments

\nThere\nwere no significant intangible asset impairments in the\nquarter.

\n\nMajor restructuring and integration

\nCharges\nof £345 million (Q3 2025: £58 million) were incurred\nrelating to ongoing projects categorised as Major restructuring\nprogrammes and integration costs, analysed as follows:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n\n	\n \n\nQ3 2026 \n	\n \nQ3\n2025 \n
\n\n	\n \n\nCash \n \n\n£m \n	\n \n\nNon- \n \n\ncash \n \n\n£m \n	\n \n\nTotal \n \n\n£m \n	\n \nCash \n \n£m \n	\n \nNon- \n \ncash \n \n£m \n	\n \nTotal \n \n£m \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \nAccelerate\nGrowth programme \n	\n \n\n318 \n	\n \n\n10 \n	\n \n\n328 \n	\n \n– \n	\n \n– \n	\n \n– \n
\n \nSignificant\nacquisitions \n	\n \n\n15 \n	\n \n\n– \n	\n \n\n15 \n	\n \n4 \n	\n \n– \n	\n \n4 \n
\n \nLegacy\nprogrammes \n	\n \n\n1 \n	\n \n\n1 \n	\n \n\n2 \n	\n \n50 \n	\n \n4 \n	\n \n54 \n
\n\n	\n \n\n334 \n	\n \n\n11 \n	\n \n\n345 \n	\n \n54 \n	\n \n4 \n	\n \n58 \n

\n\nAccelerate Growth programme

\nTo\naccelerate R&D and capture the growth and value the late-stage\nportfolio offers, in Q3 2026 GSK initiated a new “Accelerate\nGrowth” programme. This 3-year programme has two\nobjectives:

\n\n\n\n\n\n\n

\n \n(1) \n	\n \nSimplify,\nand match GSK’s organisation and cost base to its evolving\nproduct portfolio, notably in Specialty Medicines \n
\n \n(2) \n	\n \nEnable\nthe reallocation of GSK’s capital and resources to the\nlate-stage pipeline and to R&D. \n

\nThe\nAccelerate Growth programme is targeting £1.9 billion of\nannual savings, to be fully realised by 2029, for expected total\ncosts of £2.4 billion, of which £2.1 billion is expected\nto be cash costs. Savings will be primarily reinvested in R&D,\nincluding business development activity, with a portion also used\nto strengthen operating margin in the period related to LoE for\ndolutegravir (2028-2030). The majority of the cost charges will be\nin 2026 and 2027.

\nIntegration\ncosts of significant acquisitions relate predominantly to\nintegration activities for Nuvalent Inc. acquired in Q3 2026 and\nRAPT acquired in Q1 2026, with smaller incremental costs attributed\nto earlier acquisitions.

\n\nTransaction-related adjustments

\nTransaction-related\nadjustments resulted in a net charge of £349 million (Q3 2025:\n£319 million), the majority of which related to\ncharges/(credits) for the remeasurement of contingent consideration\nliabilities.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n
\n \nCharge/(credit) \n	\n \n\nQ3 2026 \n \n\n£m \n	\n \nQ3\n2025 \n \n£m \n
\n \nContingent\nconsideration on former Shionogi-ViiV Healthcare joint\nventure \n \n \n(including Shionogi preferential dividends) \n	\n \n\n240 \n	\n \n249 \n
\n \nViiV\nHealthcare put options and Pfizer preferential\ndividends \n	\n \n\n– \n	\n \n(7) \n
\n \nContingent\nconsideration on former Novartis Vaccines business \n	\n \n\n28 \n	\n \n25 \n
\n \nContingent\nconsideration on acquisition of Affinivax \n	\n \n\n5 \n	\n \n10 \n
\n \nOther\ncontingent consideration \n	\n \n\n16 \n	\n \n3 \n
\n \nOther\nadjustments \n	\n \n\n60 \n	\n \n39 \n
\n \nTotal\ntransaction-related charges/(credits) \n	\n \n\n349 \n	\n \n319 \n

\nThe\n£240 million charge relating to the contingent consideration\nfor the former Shionogi-ViiV Healthcare joint venture represented\nan increase in the valuation of the contingent consideration due to\nShionogi driven by updated sales forecasts and net other\nremeasurements of £144 million and the unwind of the discount\nfor £96 million.

\nOther\nadjustments of £60 million primarily related to Nuvalent\ntransaction costs.

\n\nDivestments, Significant legal charges, and other\nitems

\nDivestments,\nSignificant legal charges, and other items included net other\noperating income of £27 million (Q3 2025: £303 million).\nQ3 2025 included the £268 million ($370 million) settlement\nfrom CureVac.

\nLegal\ncharges provide for all significant legal matters and are not\nbroken out separately by litigation or investigation.

\nThe\nreconciliations between Total results and Core results for 9 months\n2026 and 9 months 2025 are set out below.

\n\nNine months ended 30 September 2026

\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n\n	\n \nTotal \n \nresults \n \n£m \n	\n \nIntangible\nasset \n \namort- \n \nisation \n \n£m \n	\n \nIntangible\nasset \n \nimpair- \n \nment \n \n£m \n	\n \nMajor\nrestruc- \n \nturing \n \nand\nintegration \n \n£m \n	\n \nTrans- \n \naction- \n \nrelated \n \n£m \n	\n \nDivest-ments,\nSignificant \n \nlegal\nand \n \nother \n \nitems \n \n£m \n	\n \nCore \n \nresults \n \n£m \n
\n \n\nTurnover \n	\n \n\n24,925 \n	\n\n	\n\n	\n\n	\n\n	\n\n	\n \n\n24,925 \n
\n \nCost of\nsales \n	\n \n(6,531) \n	\n \n524 \n	\n \n190 \n	\n \n156 \n	\n\n	\n \n22 \n	\n \n(5,639) \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \nGross\nprofit \n	\n \n18,394 \n	\n \n524 \n	\n \n190 \n	\n \n156 \n	\n\n	\n \n22 \n	\n \n19,286 \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \nSelling,\ngeneral and administration \n	\n \n(6,704) \n	\n\n	\n\n	\n \n174 \n	\n \n79 \n	\n \n122 \n	\n \n(6,329) \n
\n \nResearch\nand development \n	\n \n(7,141) \n	\n \n81 \n	\n \n1,910 \n	\n \n62 \n	\n\n	\n\n	\n \n(5,088) \n
\n \nRoyalty\nincome \n	\n \n657 \n	\n\n	\n\n	\n\n	\n\n	\n\n	\n \n657 \n
\n \nOther\noperating income/(expense) \n	\n \n(305) \n	\n\n	\n\n	\n\n	\n \n1,040 \n	\n \n(735) \n	\n \n– \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \n\nOperating profit \n	\n \n\n4,901 \n	\n \n\n605 \n	\n \n\n2,100 \n	\n \n\n392 \n	\n \n\n1,119 \n	\n \n\n(591) \n	\n \n\n8,526 \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \nNet\nfinance expense \n	\n \n(459) \n	\n\n	\n\n	\n\n	\n\n	\n \n(2) \n	\n \n(461) \n
\n \nShare\nof after tax profit/(loss) of associates and joint\nventures \n	\n \n(9) \n	\n\n	\n\n	\n\n	\n\n	\n\n	\n \n(9) \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \n\nProfit before taxation \n	\n \n\n4,433 \n	\n \n\n605 \n	\n \n\n2,100 \n	\n \n\n392 \n	\n \n\n1,119 \n	\n \n\n(593) \n	\n \n\n8,056 \n
\n \nTaxation \n	\n \npecialty \n\nMedicines Total \n(338) \n	\n \n(131) \n	\n \n(502) \n	\n \n(66) \n	\n \n(290) \n	\n \n(78) \n	\n \n(1,405) \n
\n \n\nTax rate % \n	\n \n\n7.6% \n	\n\n	\n\n	\n\n	\n\n	\n\n	\n \n\n17.4% \n
\n \n\nProfit after taxation \n	\n \n\n4,095 \n	\n \n\n474 \n	\n \n\n1,598 \n	\n \n\n326 \n	\n \n\n829 \n	\n \n\n(671) \n	\n \n\n6,651 \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \nProfit\nattributable to non-controlling interests \n	\n \n\n380 \n	\n\n	\n\n	\n\n	\n \n\n182 \n	\n\n	\n \n\n562 \n
\n \nProfit/(loss)\nattributable to shareholders \n	\n \n\n3,715 \n	\n \n\n474 \n	\n \n\n1,598 \n	\n \n\n326 \n	\n \n\n647 \n	\n \n\n(671) \n	\n \n\n6,089 \n
\n\n	\n \n\n4,095 \n	\n \n\n474 \n	\n \n\n1,598 \n	\n \n\n326 \n	\n \n\n829 \n	\n \n\n(671) \n	\n \n\n6,651 \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \n\nEarnings per share \n	\n \n\n92.5p \n	\n \n\n11.8p \n	\n \n\n39.8p \n	\n \n\n8.1p \n	\n \n\n16.1p \n	\n \n\n(16.7p) \n	\n \n\n151.6p \n
\n \nWeighted average\nnumber of shares (millions) \n	\n \n4,015 \n	\n\n	\n\n	\n\n	\n\n	\n\n	\n \n4,015 \n

\n\nNine months ended 30 September 2025

\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n\n	\n \nTotal \n \nresults \n \n£m \n	\n \nIntangible\nasset \n \namort- \n \nisation \n \n£m \n	\n \nIntangible\nasset \n \nimpair- \n \nment \n \n£m \n	\n \nMajor\nrestruc- \n \nturing \n \nand\nintegration \n \n£m \n	\n \nTrans- \n \naction- \n \nrelated \n \n£m \n	\n \nDivest-ments,\nSignificant \n \nlegal\nand \n \nother \n \nitems \n \n£m \n	\n \nCore \n \nresults \n \n£m \n
\n \n\nTurnover \n	\n \n\n24,049 \n	\n\n	\n\n	\n\n	\n\n	\n\n	\n \n\n24,049 \n
\n \nCost of\nsales \n	\n \n(6,360) \n	\n \n546 \n	\n\n	\n \n30 \n	\n\n	\n \n13 \n	\n \n(5,771) \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \nGross\nprofit \n	\n \n17,689 \n	\n \n546 \n	\n\n	\n \n30 \n	\n\n	\n \n13 \n	\n \n18,278 \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \nSelling,\ngeneral and administration \n	\n \n(6,449) \n	\n\n	\n\n	\n \n54 \n	\n \n48 \n	\n \n35 \n	\n \n(6,312) \n
\n \nResearch\nand development \n	\n \n(5,175) \n	\n \n65 \n	\n \n652 \n	\n \n7 \n	\n\n	\n\n	\n \n(4,451) \n
\n \nRoyalty\nincome \n	\n \n634 \n	\n\n	\n\n	\n\n	\n\n	\n\n	\n \n634 \n
\n \nOther\noperating income/(expense) \n	\n \n133 \n	\n\n	\n\n	\n\n	\n \n193 \n	\n \n(326) \n	\n \n– \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \n\nOperating profit \n	\n \n\n6,832 \n	\n \n\n611 \n	\n \n\n652 \n	\n \n\n91 \n	\n \n\n241 \n	\n \n\n(278) \n	\n \n\n8,149 \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \nNet\nfinance expense \n	\n \n(383) \n	\n\n	\n\n	\n\n	\n\n	\n \n25 \n	\n \n(358) \n
\n \nShare\nof after tax profit/(loss) of associates and joint\nventures \n	\n \n2 \n	\n\n	\n\n	\n\n	\n\n	\n \n(9) \n	\n \n(7) \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \n\nProfit before taxation \n	\n \n\n6,451 \n	\n \n\n611 \n	\n \n\n652 \n	\n \n\n91 \n	\n \n\n241 \n	\n \n\n(262) \n	\n \n\n7,784 \n
\n \nTaxation \n	\n \n(889) \n	\n \n(134) \n	\n \n(163) \n	\n \n(22) \n	\n \n(134) \n	\n \n14 \n	\n \n(1,328) \n
\n \n\nTax rate % \n	\n \n\n13.8% \n	\n\n	\n\n	\n\n	\n\n	\n\n	\n \n\n17.1% \n
\n \n\nProfit after taxation \n	\n \n\n5,562 \n	\n \n\n477 \n	\n \n\n489 \n	\n \n\n69 \n	\n \n\n107 \n	\n \n\n(248) \n	\n \n\n6,456 \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \nProfit\nattributable to non-controlling interests \n	\n \n\n482 \n	\n\n	\n\n	\n\n	\n \n\n31 \n	\n\n	\n \n\n513 \n
\n \nProfit/(loss)\nattributable to shareholders \n	\n \n\n5,080 \n	\n \n\n477 \n	\n \n\n489 \n	\n \n\n69 \n	\n \n\n76 \n	\n \n\n(248) \n	\n \n\n5,943 \n
\n\n	\n \n\n5,562 \n	\n \n\n477 \n	\n \n\n489 \n	\n \n\n69 \n	\n \n\n107 \n	\n \n\n(248) \n	\n \n\n6,456 \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \n\nEarnings per share \n	\n \n\n125.1p \n	\n \n\n11.7p \n	\n \n\n12.0p \n	\n \n\n1.7p \n	\n \n\n1.9p \n	\n \n\n(6.1p) \n	\n \n\n146.3p \n
\n \nWeighted average\nnumber of shares (millions) \n	\n \n4,062 \n	\n\n	\n\n	\n\n	\n\n	\n\n	\n \n4,062 \n

\n\nAdjusting items 9 months 2026

\n\nIntangible asset impairments

\nYTD\n2026 impairments of £2,100 million (YTD 2025: £652\nmillion) primarily related to camlipixant £1,334 million in Q2\n2026 following GSK's decision not to progress further development\nof camlipixant in RCC, based on the aggregate data from the CALM-1\nand CALM-2 phase III trials. In addition, a full impairment of\n£371 million was recognised in Q2 2026 following the\ntermination of assets under the Alector collaboration, driven by\nthe outcome of clinical trials.

\n\nMajor restructuring and integration

\nCharges\nof £392 million (YTD 2025: £91 million) were incurred\nrelating to ongoing projects categorised as Major restructuring\nprogrammes, analysed as follows:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n\n	\n \n\n9 months 2026 \n	\n \n9\nmonths 2025 \n
\n\n	\n \n\nCash \n \n\n£m \n	\n \n\nNon- \n \n\ncash \n \n\n£m \n	\n \n\nTotal \n \n\n£m \n	\n \nCash \n \n£m \n	\n \nNon- \n \ncash \n \n£m \n	\n \nTotal \n \n£m \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \nAccelerate\nGrowth programme \n	\n \n\n318 \n	\n \n\n10 \n	\n \n\n328 \n	\n \n– \n	\n \n– \n	\n \n– \n
\n \nSignificant\nacquisitions \n	\n \n\n59 \n	\n \n\n– \n	\n \n\n59 \n	\n \n12 \n	\n \n– \n	\n \n12 \n
\n \nLegacy\nprogrammes \n	\n \n\n3 \n	\n \n\n2 \n	\n \n\n5 \n	\n \n60 \n	\n \n19 \n	\n \n79 \n
\n\n	\n \n\n380 \n	\n \n\n12 \n	\n \n\n392 \n	\n \n72 \n	\n \n19 \n	\n \n91 \n

\nDetails\nof the Accelerate Growth programme are provided on page\n17.

\nThe\nSignificant acquisitions programme incurred cash charges of\n£59 million primarily from integration activities for Nuvalent\nInc. acquired in Q3 2026 and RAPT acquired in Q1 2026, with smaller\nincremental costs attributed to earlier acquisitions.

\n\nTransaction-related adjustments

与交易相关的调整导致净费用为£1,119 million（2025年前9个月：£241 million），其中大部分与或有对价负债重新计量产生的费用/（抵免）有关。

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n
\n 费用/（抵免） \n	\n 9个月 2026 \n £m \n	\n 9个月 2025 \n £m \n
\n 前Shionogi-ViiV Healthcare合资企业的或有对价 \n （包括Shionogi优先股息） \n	\n \n\n920 \n	\n \n161 \n
\n ViiV Healthcare回售期权及Pfizer优先股息 \n	\n \n\n(33) \n	\n \n(96) \n
\n 前Novartis Vaccines业务的或有对价 \n	\n \n\n28 \n	\n \n134 \n
\n 收购Affinivax产生的或有对价 \n	\n \n\n12 \n	\n \n(16) \n
\n 其他或有对价 \n	\n \n\n113 \n	\n \n10 \n
\n 其他调整 \n	\n \n\n79 \n	\n \n48 \n
\n 交易相关费用总额 \n	\n \n\n1,119 \n	\n \n241 \n

与前Shionogi-ViiV Healthcare合资企业或有对价相关的£920 million费用，反映了应付Shionogi或有对价估值的增加，原因是销售预测更新及其他重新计量净额£631 million，以及折扣摊销£289 million。

£79 million的其他调整主要与2026年第三季度Nuvalent交易成本有关。

资产剥离、重大法律费用及其他项目

资产剥离、重大法律费用及其他项目包括净其他营业收入£735 million（2025年年初至今：£326 million），主要与出售Rockville生产设施的收益有关，其中包括处置相关子公司时从外币折算储备重分类至损益表的£375m，以及linerixibat资产剥离所得款项。此项收益部分被子公司清算时从外币折算储备重分类至损益表的金额抵销。2025年年初至今包括来自CureVac的£268 million（$370 million）和解款。

法律费用涵盖所有重大法律事项，不按诉讼或调查单独列示。

财务信息

损益表

\n\n	\n\n	\n\n	\n\n	\n\n
\n\n	\n 2026年第三季度 \n £m \n	\n 2025年第三季度 \n £m \n	\n 2026年前9个月 \n £m \n	\n 2025年前9个月 \n £m \n
\n\n	\n\n	\n\n	\n\n	\n\n
\n 营业额 \n	\n \n\n8,887 \n	\n \n8,547 \n	\n \n\n24,925 \n	\n \n24,049 \n
\n 销售成本 \n	\n \n\n(2,390) \n	\n \n(2,258) \n	\n \n\n(6,531) \n	\n \n(6,360) \n
\n 毛利 \n	\n \n\n6,497 \n	\n \n6,289 \n	\n \n\n18,394 \n	\n \n17,689 \n
\n\n	\n\n	\n\n	\n\n	\n\n
\n 销售、一般及行政费用 \n	\n \n\n(2,383) \n	\n \n(2,239) \n	\n \n\n(6,704) \n	\n \n(6,449) \n
\n 研发 \n	\n \n\n(1,983) \n	\n \n(1,689) \n	\n \n\n(7,141) \n	\n \n(5,175) \n
\n 特许权使用费收入 \n	\n \n\n258 \n	\n \n208 \n	\n \n\n657 \n	\n \n634 \n
\n 其他营业收入/（费用） \n	\n \n\n(262) \n	\n \n24 \n	\n \n\n(305) \n	\n \n133 \n
\n\n	\n\n	\n\n	\n\n	\n\n
\n 营业利润 \n	\n \n\n2,127 \n	\n \n2,593 \n	\n \n\n4,901 \n	\n \n6,832 \n
\n\n	\n\n	\n\n	\n\n	\n\n
\n 财务收入 \n	\n \n\n29 \n	\n \n26 \n	\n \n\n109 \n	\n \n130 \n
\n 财务费用 \n	\n \n\n(219) \n	\n \n(167) \n	\n \n\n(568) \n	\n \n(513) \n
\n \n税后应占联营公司及合营企业利润/（亏损）份额 \n	\n \n\n(2) \n	\n \n4 \n	\n \n\n(9) \n	\n \n2 \n
\n\n	\n\n	\n\n	\n\n	\n\n
\n \n\n税前利润 \n	\n \n\n1,935 \n	\n \n2,456 \n	\n \n\n4,433 \n	\n \n6,451 \n
\n \n税项 \n	\n \n\n(232) \n	\n \n(312) \n	\n \n\n(338) \n	\n \n(889) \n
\n \n\n税率 % \n	\n \n\n12.0% \n	\n \n\n12.7% \n	\n \n\n7.6% \n	\n \n\n13.8% \n
\n \n\n税后利润 \n	\n \n\n1,703 \n	\n \n2,144 \n	\n \n\n4,095 \n	\n \n5,562 \n
\n\n	\n\n	\n\n	\n\n	\n\n
\n \n非控股权益应占利润 \n	\n \n\n160 \n	\n \n131 \n	\n \n\n380 \n	\n \n482 \n
\n \n股东应占利润 \n	\n \n\n1,543 \n	\n \n2,013 \n	\n \n\n3,715 \n	\n \n5,080 \n
\n\n	\n \n\n1,703 \n	\n \n2,144 \n	\n \n\n4,095 \n	\n \n5,562 \n
\n\n	\n\n	\n\n	\n\n	\n\n
\n \n\n每股收益 \n	\n \n\n38.5便士 \n	\n \n49.9便士 \n	\n \n\n92.5便士 \n	\n \n125.1便士 \n
\n \n摊薄后每股收益 \n	\n \n\n37.9便士 \n	\n \n49.1便士 \n	\n \n\n91.1便士 \n	\n \n123.0便士 \n

\n\n综合收益表

\n\n	\n\n	\n\n	\n\n	\n\n
\n\n	\n \n\n2026年第三季度 \n \n\n£m \n	\n \n2025年第三季度 \n \n£m \n	\n \n\n2026年前9个月 \n \n\n£m \n	\n \n2025年前9个月 \n \n£m \n
\n\n	\n\n	\n\n	\n\n	\n\n
\n \n本期利润总额 \n	\n \n\n1,703 \n	\n \n2,144 \n	\n \n\n4,095 \n	\n \n5,562 \n
\n\n	\n\n	\n\n	\n\n	\n\n
\n \n以后可能重新分类至损益表的项目： \n	\n\n	\n\n	\n\n	\n\n
\n \n海外净资产及净投资套期保值的汇兑变动 \n	\n \n\n(21) \n	\n \n25 \n	\n \n\n(103) \n	\n \n292 \n
\n \n海外子公司及联营公司清算或处置时汇兑变动的重新分类 \n	\n \n\n– \n	\n \n(1) \n	\n \n\n(266) \n	\n \n(9) \n
\n \n现金流量套期保值的公允价值变动 \n	\n \n\n135 \n	\n \n23 \n	\n \n\n173 \n	\n \n(33) \n
\n \n套期成本 \n	\n \n\n3 \n	\n \n3 \n	\n \n\n– \n	\n \n12 \n
\n \n现金流量套期保值重新分类至损益表 \n	\n \n\n12 \n	\n \n(19) \n	\n \n\n(3) \n	\n \n29 \n
\n \n现金流量套期保值公允价值变动的递延税项 \n	\n \n\n(7) \n	\n \n(1) \n	\n \n\n(8) \n	\n \n(1) \n
\n\n	\n \n\n122 \n	\n \n30 \n	\n \n\n(207) \n	\n \n290 \n
\n \n\n不会重新分类至损益表的项目： \n	\n\n	\n\n	\n\n	\n\n
\n \n非控股权益海外净资产的汇兑变动 \n	\n \n\n(2) \n	\n \n9 \n	\n \n\n1 \n	\n \n(14) \n
\n \n联营公司及合营企业其他综合收益份额 \n	\n \n\n4 \n	\n \n– \n	\n \n\n48 \n	\n \n– \n
\n \n股权投资的公允价值变动 \n	\n \n\n2 \n	\n \n115 \n	\n \n\n(54) \n	\n \n81 \n
\n \nTax on\nfair value movements on equity investments \n	\n \n\n1 \n	\n \n(10) \n	\n \n\n(1) \n	\n \n(14) \n
\n \nFair\nvalue movements on cash flow hedges \n	\n \n\n4 \n	\n \n– \n	\n \n\n8 \n	\n \n– \n
\n \nRemeasurement\ngains/(losses) on defined benefit plans \n	\n \n\n40 \n	\n \n58 \n	\n \n\n407 \n	\n \n132 \n
\n \nTax\n(charge)/credit on remeasurement of defined benefit\nplans \n	\n \n\n(8) \n	\n \n(15) \n	\n \n\n(97) \n	\n \n(31) \n
\n\n	\n \n\n41 \n	\n \n157 \n	\n \n\n312 \n	\n \n154 \n
\n \nOther\ncomprehensive income/(expense) for the period \n	\n \n\n163 \n	\n \n187 \n	\n \n\n105 \n	\n \n444 \n
\n \nTotal\ncomprehensive income for the period \n	\n \n\n1,866 \n	\n \n2,331 \n	\n \n\n4,200 \n	\n \n6,006 \n
\n\n	\n\n	\n\n	\n\n	\n\n
\n \nTotal\ncomprehensive income for the period attributable to: \n	\n\n	\n\n	\n\n	\n\n
\n \n \nShareholders \n	\n \n\n1,708 \n	\n \n2,191 \n	\n \n\n3,819 \n	\n \n5,538 \n
\n \n \nNon-controlling interests \n	\n \n\n158 \n	\n \n140 \n	\n \n\n381 \n	\n \n468 \n
\n\n	\n \n\n1,866 \n	\n \n2,331 \n	\n \n\n4,200 \n	\n \n6,006 \n

\n\nBalance sheet

\n\n	\n\n	\n\n
\n\n	\n \n\n30 September 2026 \n \n\n£m \n	\n \n31\nDecember 2025 \n \n£m \n
\n \n\nASSETS \n	\n\n	\n\n
\n \n\nNon-current assets \n	\n\n	\n\n
\n \nProperty,\nplant and equipment \n	\n \n\n9,431 \n	\n \n9,322 \n
\n \nRight\nof use assets \n	\n \n\n691 \n	\n \n726 \n
\n \nGoodwill \n	\n \n\n8,216 \n	\n \n7,018 \n
\n \nOther\nintangible assets \n	\n \n\n25,172 \n	\n \n16,748 \n
\n \nInvestments\nin associates and joint ventures \n	\n \n\n49 \n	\n \n89 \n
\n \nOther\ninvestments \n	\n \n\n814 \n	\n \n1,037 \n
\n \nDeferred\ntax assets \n	\n \n\n6,735 \n	\n \n6,520 \n
\n \nDerivative\nfinancial instruments \n	\n \n\n54 \n	\n \n– \n
\n \nOther\nnon-current assets \n	\n \n\n2,642 \n	\n \n2,148 \n
\n \n\nTotal non-current assets \n	\n \n\n53,804 \n	\n \n43,608 \n
\n \n\nCurrent assets \n	\n\n	\n\n
\n \nInventories \n	\n \n\n6,300 \n	\n \n5,924 \n
\n \nCurrent\ntax recoverable \n	\n \n\n302 \n	\n \n288 \n
\n \nTrade\nand other receivables \n	\n \n\n8,223 \n	\n \n7,471 \n
\n \nDerivative\nfinancial instruments \n	\n \n\n103 \n	\n \n121 \n
\n \nLiquid\ninvestments \n	\n \n\n28 \n	\n \n9 \n
\n \nCash\nand cash equivalents \n	\n \n\n2,934 \n	\n \n3,397 \n
\n \nAssets\nheld for sale \n	\n \n\n5 \n	\n \n300 \n
\n \n\nTotal current assets \n	\n \n\n17,895 \n	\n \n17,510 \n
\n \n\nTOTAL ASSETS \n	\n \n\n71,699 \n	\n \n61,118 \n
\n\n	\n\n	\n\n
\n \n\nLIABILITIES \n	\n\n	\n\n
\n \n\nCurrent liabilities \n	\n\n	\n\n
\n \nShort-term\nborrowings \n	\n \n\n(2,001) \n	\n \n(3,012) \n
\n \nContingent\nconsideration liabilities \n	\n \n\n(1,318) \n	\n \n(1,348) \n
\n \nTrade\nand other payables \n	\n \n\n(15,633) \n	\n \n(15,381) \n
\n \nDerivative\nfinancial instruments \n	\n \n\n(164) \n	\n \n(75) \n
\n \nCurrent\ntax payable \n	\n \n\n(678) \n	\n \n(498) \n
\n \nShort-term\nprovisions \n	\n \n\n(926) \n	\n \n(938) \n
\n \nLiabilities\nrelating to assets held for sale \n	\n \n\n– \n	\n \n(139) \n
\n \n\nTotal current liabilities \n	\n \n\n(20,720) \n	\n \n(21,391) \n
\n \n\nNon-current liabilities \n	\n\n	\n\n
\n \nLong-term\nborrowings \n	\n \n\n(21,700) \n	\n \n(14,708) \n
\n \nDeferred\ntax liabilities \n	\n \n\n(1,670) \n	\n \n(291) \n
\n \nPensions\nand other post-employment benefits \n	\n \n\n(1,552) \n	\n \n(1,687) \n
\n \nDerivative\nfinancial instruments \n	\n \n\n(101) \n	\n \n(67) \n
\n \nOther\nprovisions \n	\n \n\n(751) \n	\n \n(610) \n
\n \nContingent\nconsideration liabilities \n	\n \n\n(5,311) \n	\n \n(5,385) \n
\n \nOther\nnon-current liabilities \n	\n \n\n(1,532) \n	\n \n(1,023) \n
\n \n\nTotal non-current liabilities \n	\n \n\n(32,617) \n	\n \n(23,771) \n
\n \n\nTOTAL LIABILITIES \n	\n \n\n(53,337) \n	\n \n(45,162) \n
\n\n	\n\n	\n\n
\n \n\nNET ASSETS \n	\n \n\n18,362 \n	\n \n15,956 \n
\n\n	\n\n	\n\n
\n \n\nEQUITY \n	\n\n	\n\n
\n \nShare\ncapital \n	\n \n\n1,349 \n	\n \n1,349 \n
\n \nShare\npremium account \n	\n \n\n3,507 \n	\n \n3,498 \n
\n \nRetained\nearnings \n	\n \n\n12,458 \n	\n \n10,209 \n
\n \nOther\nreserves \n	\n \n\n1,440 \n	\n \n1,321 \n
\n \n\nShareholders’ equity \n	\n \n\n18,754 \n	\n \n16,377 \n
\n \nNon-controlling\ninterests \n	\n \n\n(392) \n	\n \n(421) \n
\n \n\nTOTAL EQUITY \n	\n \n\n18,362 \n	\n \n15,956 \n

\n\nStatement of changes in equity

\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n\n	\n \nShare \n \ncapital \n \n£m \n	\n \nShare \n \npremium \n \n£m \n	\n \nRetained \n \nearnings \n \n£m \n	\n \nOther \n \nreserves \n \n£m \n	\n \nShare- \n \nholder’s \n \nequity \n \n£m \n	\n \nNon- \n \ncontrolling \n \ninterests \n \n£m \n	\n \nTotal \n \nequity \n \n£m \n
\n \nAt 1\nJanuary 2026 \n	\n \n1,349 \n	\n \n3,498 \n	\n \n10,209 \n	\n \n1,321 \n	\n \n16,377 \n	\n \n(421) \n	\n \n15,956 \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \nProfit\nfor the period \n	\n\n	\n\n	\n \n3,715 \n	\n\n	\n \n3,715 \n	\n \n380 \n	\n \n4,095 \n
\n \n \nOther comprehensive income/(expense) for the period \n	\n\n	\n\n	\n \n(55) \n	\n \n159 \n	\n \n104 \n	\n \n1 \n	\n \n105 \n
\n \nTotal\ncomprehensive income/(expense) for the period \n	\n\n	\n\n	\n \n3,660 \n	\n \n159 \n	\n \n3,819 \n	\n \n381 \n	\n \n4,200 \n
\n \nDividend\ndistributions to non-controlling interests \n	\n\n	\n\n	\n\n	\n\n	\n\n	\n \n(354) \n	\n \n(354) \n
\n \nDerecognition of\nliabilities with non-controlling interests \n	\n\n	\n\n	\n \n789 \n	\n\n	\n \n789 \n	\n\n	\n \n789 \n
\n \nContributions\nfrom non-controlling interests \n	\n\n	\n\n	\n \n187 \n	\n\n	\n \n187 \n	\n \n1,399 \n	\n \n1,586 \n
\n \nOther\ndistributions to non-controlling interests \n	\n\n	\n\n	\n\n	\n\n	\n\n	\n \n(1,399) \n	\n \n(1,399) \n
\n \nDividends\nto shareholders \n	\n\n	\n\n	\n \n(2,052) \n	\n\n	\n \n(2,052) \n	\n\n	\n \n(2,052) \n
\n \nRealised after tax\nprofit/(losses) on disposal or liquidation of equity\ninvestments \n	\n\n	\n\n	\n \n140 \n	\n \n(140) \n	\n\n	\n\n	\n \n– \n
\n \nShare\nof associates and joint ventures realised profit/(loss) on disposal\nof equity investments \n	\n\n	\n\n	\n \n63 \n	\n \n(63) \n	\n\n	\n\n	\n \n– \n
\n \nShares\nissued \n	\n\n	\n \n9 \n	\n\n	\n\n	\n \n9 \n	\n\n	\n \n9 \n
\n \nPurchase\nof treasury shares \n	\n\n	\n\n	\n \n(634) \n	\n\n	\n \n(634) \n	\n\n	\n \n(634) \n
\n \nWrite-down\nof shares held by ESOP Trusts \n	\n\n	\n\n	\n \n(171) \n	\n \n171 \n	\n\n	\n\n	\n \n– \n
\n \nShare-based\nincentive plans \n	\n\n	\n\n	\n \n267 \n	\n\n	\n \n267 \n	\n\n	\n \n267 \n
\n \nChanges\nto non-controlling interests \n	\n\n	\n\n	\n\n	\n\n	\n\n	\n \n2 \n	\n \n2 \n
\n \nHedging\ngain/loss after taxation transferred to non-financial\nassets \n	\n\n	\n\n	\n\n	\n \n(8) \n	\n \n(8) \n	\n\n	\n \n(8) \n
\n \n\nAt 30 September 2026 \n	\n \n\n1,349 \n	\n \n\n3,507 \n	\n \n\n12,458 \n	\n \n\n1,440 \n	\n \n\n18,754 \n	\n \n\n(392) \n	\n \n\n18,362 \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n\n	\n \nShare \n \ncapital \n \n£m \n	\n \nShare \n \npremium \n \n£m \n	\n \nRetained \n \nearnings \n \n£m \n	\n \nOther \n \nreserves \n \n£m \n	\n \nShare- \n \nholder’s \n \nequity \n \n£m \n	\n \nNon- \n \ncontrolling \n \ninterests \n \n£m \n	\n \nTotal \n \nequity \n \n£m \n
\n \nAt 1\nJanuary 2025 \n	\n \n1,348 \n	\n \n3,473 \n	\n \n7,796 \n	\n \n1,054 \n	\n \n13,671 \n	\n \n(585) \n	\n \n13,086 \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \nProfit\nfor the period \n	\n\n	\n\n	\n \n5,080 \n	\n\n	\n \n5,080 \n	\n \n482 \n	\n \n5,562 \n
\n \n \nOther comprehensive income/(expense) for the period \n	\n\n	\n\n	\n \n371 \n	\n \n87 \n	\n \n458 \n	\n \n(14) \n	\n \n444 \n
\n \nTotal\ncomprehensive income/(expense) for the period \n	\n\n	\n\n	\n \n5,451 \n	\n \n87 \n	\n \n5,538 \n	\n \n468 \n	\n \n6,006 \n
\n \nDividend\ndistributions to non-controlling interests \n	\n\n	\n\n	\n\n	\n\n	\n\n	\n \n(279) \n	\n \n(279) \n
\n \nDividends\nto shareholders \n	\n\n	\n\n	\n \n(1,918) \n	\n\n	\n \n(1,918) \n	\n\n	\n \n(1,918) \n
\n \nRealised after tax\nprofit/(losses) on disposal or liquidation of equity\ninvestments \n	\n\n	\n\n	\n \n26 \n	\n \n(26) \n	\n\n	\n\n	\n \n– \n
\n \nShare\nof associates and joint ventures realised profit/(loss) on disposal\nof equity investments \n	\n\n	\n\n	\n \n(1) \n	\n \n1 \n	\n\n	\n\n	\n \n– \n
\n \nShares\nissued \n	\n \n1 \n	\n \n13 \n	\n\n	\n\n	\n \n14 \n	\n\n	\n \n14 \n
\n \nPurchase\nof treasury shares(*) \n	\n\n	\n\n	\n \n(1,425) \n	\n\n	\n \n(1,425) \n	\n\n	\n \n(1,425) \n
\n \nWrite-down\nof shares held by ESOP Trusts \n	\n\n	\n\n	\n \n(181) \n	\n \n181 \n	\n\n	\n\n	\n \n– \n
\n \nShare-based\nincentive plans \n	\n\n	\n\n	\n \n268 \n	\n\n	\n \n268 \n	\n\n	\n \n268 \n
\n \nAt 30\nSeptember 2025 \n	\n \n1,349 \n	\n \n3,486 \n	\n \n10,016 \n	\n \n1,297 \n	\n \n16,148 \n	\n \n(396) \n	\n \n15,752 \n

\n(*)\nIncluded shares committed to repurchase under irrevocable contracts\nand repurchases subject to settlement at the end of the\nperiod.

\n\nCash flow statement nine months ended 30 September\n2026

\n\n	\n\n	\n\n
\n\n	\n \n\n9 months 2026 \n \n\n£m \n	\n \n9\nmonths 2025 \n \n£m \n
\n\n	\n\n	\n\n
\n \n\nProfit after tax \n	\n \n\n4,095 \n	\n \n5,562 \n
\n \nTax on\nprofits \n	\n \n\n338 \n	\n \n889 \n
\n \nShare\nof after tax loss/(profit) of associates and joint\nventures \n	\n \n\n9 \n	\n \n(2) \n
\n \nNet\nfinance expense \n	\n \n\n459 \n	\n \n383 \n
\n \nDepreciation,\namortisation, impairments and other adjusting items \n	\n \n\n3,527 \n	\n \n2,720 \n
\n \n(Increase)/decrease\nin working capital \n	\n \n\n(1,521) \n	\n \n(2,025) \n
\n \nContingent\nconsideration paid \n	\n \n\n(1,095) \n	\n \n(989) \n
\n \nIncrease/(decrease)\nin other net liabilities (excluding contingent consideration\npaid) \n	\n \n\n1,566 \n	\n \n(284) \n
\n \n\nCash generated from operations \n	\n \n\n7,378 \n	\n \n6,254 \n
\n \nTaxation\npaid \n	\n \n\n(738) \n	\n \n(791) \n
\n \n\nTotal net cash inflow/(outflow) from operating\nactivities \n	\n \n\n6,640 \n	\n \n5,463 \n
\n\n	\n\n	\n\n
\n \n\nCash flow from investing activities \n	\n\n	\n\n
\n \nPurchase\nof property, plant and equipment \n	\n \n\n(923) \n	\n \n(775) \n
\n \nProceeds\nfrom sale of property, plant and equipment \n	\n \n\n33 \n	\n \n11 \n
\n \nPurchase\nof intangible assets \n	\n \n\n(706) \n	\n \n(1,185) \n
\n \nProceeds\nfrom sale of intangible assets \n	\n \n\n356 \n	\n \n112 \n
\n \nPurchase\nof equity investments \n	\n \n\n(43) \n	\n \n(52) \n
\n \nProceeds\nfrom sale of equity investments \n	\n \n\n219 \n	\n \n138 \n
\n \nPurchase\nof businesses, net of cash acquired \n	\n \n\n(9,247) \n	\n \n(1,655) \n
\n \nContingent\nconsideration paid \n	\n \n\n(96) \n	\n \n(11) \n
\n \nDisposal\nof businesses \n	\n \n\n247 \n	\n \n(28) \n
\n \nInterest\nreceived \n	\n \n\n100 \n	\n \n117 \n
\n \n(Increase)/decrease\nin liquid investments \n	\n \n\n(20) \n	\n \n11 \n
\n \nDividends\nand distributions from joint ventures and associates \n	\n \n\n79 \n	\n \n– \n
\n \nDividend\nand distributions from investments \n	\n \n\n38 \n	\n \n17 \n
\n \n\nTotal net cash inflow/(outflow) from investing\nactivities \n	\n \n\n(9,963) \n	\n \n(3,300) \n
\n\n	\n\n	\n\n
\n \n\nCash flow from financing activities \n	\n\n	\n\n
\n \nIssue\nof share capital \n	\n \n\n9 \n	\n \n14 \n
\n \nRepayment\nof long-term loans \n	\n \n\n(1,466) \n	\n \n(1,402) \n
\n \nIssue\nof long-term notes \n	\n \n\n7,779 \n	\n \n1,979 \n
\n \nNet\nincrease/(decrease) in short-term loans \n	\n \n\n(246) \n	\n \n551 \n
\n \nIncrease\nin other short-term loans \n	\n \n\n11 \n	\n \n112 \n
\n \nRepayment\nof other short-term loans \n	\n \n\n(106) \n	\n \n(282) \n
\n \nRepayment\nof lease liabilities \n	\n \n\n(152) \n	\n \n(166) \n
\n \nInterest\npaid \n	\n \n\n(431) \n	\n \n(384) \n
\n \nDividends\npaid to shareholders \n	\n \n\n(2,052) \n	\n \n(1,918) \n
\n \nPurchase\nof treasury shares \n	\n \n\n(634) \n	\n \n(1,125) \n
\n \nDividend\ndistributions to non-controlling interests \n	\n \n\n(354) \n	\n \n(279) \n
\n \nOther\ndistributions to non-controlling interests \n	\n \n\n(1,399) \n	\n \n– \n
\n \nContributions\nfrom non-controlling interests \n	\n \n\n1,588 \n	\n \n– \n
\n \nOther\nfinancing items \n	\n \n\n246 \n	\n \n71 \n
\n \n\nTotal net cash inflow/(outflow) from financing\nactivities \n	\n \n\n2,793 \n	\n \n(2,829) \n
\n\n	\n\n	\n\n
\n \n\nIncrease/(decrease) in cash and bank overdrafts in the\nperiod \n	\n \n\n(530) \n	\n \n(666) \n
\n\n	\n\n	\n\n
\n \nCash\nand bank overdrafts at beginning of the period \n	\n \n\n3,207 \n	\n \n3,403 \n
\n \nAdjustment\non initial application of amendments to IFRS 9 on 1 January\n2026(1) \n	\n \n\n43 \n	\n \n– \n
\n \nCash\nand bank overdrafts at beginning of the period, as\nadjusted \n	\n \n\n3,250 \n	\n \n3,403 \n
\n \nExchange\nadjustments \n	\n \n\n(39) \n	\n \n22 \n
\n \nIncrease/(decrease)\nin cash and bank overdrafts in the period \n	\n \n\n(530) \n	\n \n(666) \n
\n \n\nCash and bank overdrafts at end of the period \n	\n \n\n2,681 \n	\n \n2,759 \n
\n\n	\n\n	\n\n
\n \nCash\nand bank overdrafts at end of period comprise: \n	\n\n	\n\n
\n \n \nCash and cash equivalents \n	\n \n\n2,934 \n	\n \n3,296 \n
\n \n \nOverdrafts \n	\n \n\n(253) \n	\n \n(537) \n
\n\n	\n \n\n2,681 \n	\n \n2,759 \n

\n(1) For\nfurther details see page 31

\n\nSales tables

\n\nSpecialty Medicines turnover – three months ended 30\nSeptember 2026

\n\n

\n\nTotal

\nUS

\nEurope

\nInternational

\n\n

\n\n£m

\n\nAER%

\n\nCER%

\n£m

\nAER%

\nCER%

\n£m

\nAER%

\nCER%

\n£m

\nAER%

\nCER%

\n\nHIV

\n\n2,116

\n\n9

\n\n10

\n\n1,524

\n\n13

\n\n14

\n\n399

\n\n5

\n\n6

\n\n193

\n\n(11)

\nDolutegravir\nproducts

\n1,445

\n2

\n3

\n946

\n6

\n7

\n329

\n1

\n2

\n170

\n(14)

\n(15)

\n\nDovato

\n754

\n8

\n9

\n443

\n12

\n13

\n221

\n8

\n9

\n90

\n(3)

\n(6)

\n\nJuluca

\n171

\n9

\n10

\n140

\n11

\n12

\n28

\n–

\n3

\n–

\n\nTivicay

\n319

\n(3)

\n(2)

\n207

\n6

\n53

\n(9)

\n(7)

\n59

\n(22)

\n(20)

\n\nTriumeq

\n201

\n(15)

\n(14)

\n156

\n(11)

\n(10)

\n27

\n(21)

\n18

\n(31)

\nLong\nActing Injectables

\n621

\n30

\n31

\n538

\n31

\n32

\n63

\n24

\n20

\n33

\n40

\n\nApretude

\n143

\n19

\n21

\n136

\n17

\n18

\n2

\n–

\n5

\n25

\n50

\n\nCabenuva

\n478

\n34

\n35

\n402

\n36

\n38

\n61

\n20

\n15

\n36

\nOther

\n50

\n2

\n–

\n40

\n–

\n7

\n75

\n50

\n3

\n(40)

\nRespiratory,\nImmunology & Inflammation

\n\n1,139

\n\n19

\n\n21

\n\n758

\n\n22

\n\n23

\n\n173

\n\n5

\n\n208

\n\n24

\n\n27

\n\nBenlysta

\n520

\n16

\n17

\n434

\n18

\n19

\n37

\n6

\n49

\n14

\n\nExdensur

\n27

\n–

\n14

\n–

\n2

\n–

\n11

\n–

\n\nNucala

\n582

\n17

\n18

\n310

\n23

\n24

\n136

\n2

\n3

\n136

\n19

\n21

\nOther

\n10

\n25

\n37

\n–

\n(2)

\n33

\n12

\n9

\n27

\nOncology

\n\n622

\n\n22

\n\n23

\n\n392

\n\n12

\n\n13

\n\n154

\n\n26

\n\n76

\n\n90

\n\n93

\n\nBlenrep

\n50

\n–

\n25

\n–

\n15

\n–

\n10

\n–

\n\nJemperli

\n273

\n19

\n191

\n12

\n13

\n57

\n30

\n25

\n67

\n60

\n\nJideytro

\n3

\n–

\n3

\n–

\n\nOjjaara/Omjjara

\n195

\n34

\n35

\n129

\n23

\n25

\n40

\n43

\n26

\n100

\n\nZejula

\n104

\n(24)

\n(23)

\n44

\n(40)

\n(38)

\n44

\n(14)

\n(12)

\n16

\n23

\n15

\nOther

\n(3)

\n(50)

\n–

\n(2)

\n>(100)

\n(1)

\n–

\n\nSpecialty Medicines

\n\n3,877

\n\n14

\n\n15

\n\n2,674

\n\n15

\n\n17

\n\n726

\n\n9

\n\n477

\n\n12

\n\n13

\n\nSpecialty Medicines turnover – nine months ended 30 September\n2026

\n\n

\n\nTotal

\nUS

\nEurope

\nInternational

\n\n

\n\n£m

\n\nAER%

\n\nCER%

\n£m

\nAER%

\nCER%

\n£m

\nAER%

\nCER%

\n£m

\nAER%

\nCER%

\n\nHIV

\n\n6,018

\n\n9

\n\n10

\n\n4,203

\n\n12

\n\n14

\n\n1,205

\n\n6

\n\n4

\n\n610

\n\n(4)

\n\n(5)

\nDolutegravir\nproducts

\n4,181

\n2

\n3

\n2,622

\n3

\n6

\n1,011

\n4

\n2

\n548

\n(6)

\n(7)

\n\nDovato

\n2,169

\n13

\n14

\n1,218

\n13

\n16

\n673

\n13

\n11

\n278

\n11

\n10

\n\nJuluca

\n487

\n3

\n5

\n393

\n4

\n7

\n86

\n(1)

\n(3)

\n8

\n(11)

\n–

\n\nTivicay

\n948

\n(3)

\n(2)

\n581

\n3

\n5

\n165

\n(5)

\n(7)

\n202

\n(15)

\n(16)

\n\nTriumeq

\n577

\n(20)

\n(19)

\n430

\n(17)

\n(15)

\n87

\n(26)

\n(27)

\n60

\n(30)

\n(29)

\nLong\nActing Injectables

\n1,702

\n31

\n33

\n1,469

\n31

\n34

\n180

\n22

\n20

\n53

\n56

\n\nApretude

\n403

\n30

\n33

\n387

\n27

\n31

\n4

\n–

\n12

\n>100

\n\nCabenuva

\n1,299

\n31

\n33

\n1,082

\n32

\n36

\n176

\n20

\n18

\n41

\n46

\nOther

\n135

\n(6)

\n(5)

\n112

\n2

\n5

\n14

\n8

\n(8)

\n9

\n(57)

\n(52)

\nRespiratory,\nImmunology & Inflammation

\n\n3,164

\n\n16

\n\n18

\n\n2,064

\n\n18

\n\n21

\n\n519

\n\n11

\n\n8

\n\n581

\n\n16

\n\n20

\n\nBenlysta

\n1,402

\n12

\n14

\n1,147

\n12

\n15

\n112

\n14

\n11

\n143

\n7

\n10

\n\nExdensur

\n56

\n–

\n33

\n–

\n4

\n–

\n19

\n–

\n\nNucala

\n1,676

\n16

\n18

\n884

\n21

\n24

\n410

\n6

\n4

\n382

\n16

\n20

\nOther

\n30

\n29

\n42

\n–

\n(7)

\n49

\n37

\n–

\n11

\nOncology

\n\n1,703

\n\n21

\n\n22

\n\n1,087

\n\n11

\n\n14

\n\n428

\n\n29

\n\n26

\n\n188

\n\n88

\n\n94

\n\nBlenrep

\n109

\n>100

\n55

\n–

\n35

\n>100

\n19

\n–

\n\nJemperli

\n753

\n25

\n27

\n543

\n19

\n22

\n145

\n36

\n33

\n65

\n76

\n78

\n\nJideytro

\n3

\n–

\n3

\n–

\n\nOjjaara/Omjjara

\n526

\n33

\n35

\n350

\n15

\n18

\n113

\n71

\n68

\n63

\n>100

\n\nZejula

\n319

\n(24)

\n(23)

\n136

\n(37)

\n(35)

\n141

\n(14)

\n(15)

\n42

\n8

\nOther

\n(7)

\n22

\n–

\n(6)

\n25

\n12

\n(1)

\n–

\n>100

\n\nSpecialty Medicines

\n\n10,885

\n\n13

\n\n14

\n\n7,354

\n\n13

\n\n16

\n\n2,152

\n\n11

\n\n9

\n\n1,379

\n\n11

\n\n13

\n\nVaccines turnover – three months ended 30 September\n2026

\n\n

\n\nTotal

\nUS

\nEurope

\nInternational

\n\n

\n\n£m

\n\nAER%

\n\nCER%

\n£m

\nAER%

\nCER%

\n£m

\nAER%

\nCER%

\n£m

\nAER%

\nCER%

\n\nShingles

\n\n780

\n\n(6)

\n\n(5)

\n\n290

\n\n13

\n\n14

\n\n289

\n\n(3)

\n\n(1)

\n\n201

\n\n(27)

\n\n(26)

\n\nShingrix

\n780

\n(6)

\n(5)

\n290

\n13

\n14

\n289

\n(3)

\n(1)

\n201

\n(27)

\n(26)

\n\nMeningitis

\n\n599

\n\n11

\n\n12

\n\n358

\n\n13

\n\n15

\n\n144

\n\n(6)

\n\n(5)

\n\n97

\n\n37

\n\n34

\n\nBexsero

\n378

\n3

\n4

\n178

\n10

\n12

\n142

\n(6)

\n(5)

\n58

\n7

\n4

\n\nMenveo

\n189

\n13

\n14

\n150

\n1

\n2

\n–

\n37

\n>100

\n\nPenmenvy

\n30

\n>100

\n30

\n>100

\n–

\nOther

\n2

\n100

\n–

\n(100)

\n–

\n2

\n–

\n\nRSV

\n\n195

\n\n(22)

\n\n(24)

\n\n55

\n\n(61)

\n\n(60)

\n\n103

\n\n37

\n\n36

\n\n37

\n\n3

\n\n(6)

\n\nArexvy

\n195

\n(22)

\n(24)

\n55

\n(61)

\n(60)

\n103

\n37

\n36

\n37

\n3

\n(6)

\n\nInfluenza

\n\n177

\n\n(18)

\n\n(17)

\n\n125

\n\n(23)

\n\n(21)

\n\n17

\n\n(6)

\n\n35

\n\n–

\n\nFluarix, FluLaval

\n177

\n(18)

\n(17)

\n125

\n(23)

\n(21)

\n17

\n(6)

\n35

\n–

\nOther\nPaediatric & Adult Vaccines

\n\n832

\n\n(1)

\n\n–

\n\n438

\n\n13

\n\n14

\n\n182

\n\n1

\n\n(1)

\n\n212

\n\n(21)

\n\n(19)

\n\nBoostrix

\n211

\n16

\n17

\n146

\n20

\n36

\n–

\n3

\n29

\n21

\n\nHepatitis

\n188

\n3

\n105

\n4

\n6

\n48

\n(11)

\n(13)

\n35

\n25

\n21

\n\nInfanrix, Pediarix

\n153

\n6

\n7

\n103

\n12

\n13

\n23

\n(15)

\n27

\n4

\n8

\n\nPriorix, Priorix Tetra, Varilrix

\n83

\n(43)

\n(42)

\n22

\n47

\n40

\n36

\n12

\n6

\n25

\n(75)

\n(71)

\n\nRotarix

\n153

\n1

\n3

\n59

\n9

\n11

\n29

\n(12)

\n65

\n–

\n3

\nOther

\n44

\n37

\n50

\n3

\n(40)

\n20

\n10

\n>100

\n31

\n11

\n14

\n\nVaccines

\n\n2,583

\n\n(4)

\n\n(2)

\n\n1,266

\n\n–

\n\n2

\n\n735

\n\n1

\n\n2

\n\n582

\n\n(16)

\n\n(15)

\n\nVaccines turnover – nine months ended 30 September\n2026

\n\n

\n\nTotal

\nUS

\nEurope

\nInternational

\n\n

\n\n£m

\n\nAER%

\n\nCER%

\n£m

\nAER%

\nCER%

\n£m

\nAER%

\nCER%

\n£m

\nAER%

\nCER%

\n\nShingles

\n\n2,694

\n\n6

\n\n924

\n\n6

\n\n9

\n\n1,184

\n\n25

\n\n22

\n\n586

\n\n(20)

\n\n(17)

\n\nShingrix

\n2,694

\n6

\n924

\n6

\n9

\n1,184

\n25

\n22

\n586

\n(20)

\n(17)

\n\nMeningitis

\n\n1,396

\n\n10

\n\n11

\n\n619

\n\n6

\n\n9

\n\n473

\n\n5

\n\n3

\n\n304

\n\n27

\n\n28

\n\nBexsero

\n972

\n8

\n315

\n2

\n4

\n466

\n6

\n4

\n191

\n28

\n30

\n\nMenveo

\n352

\n1

\n3

\n257

\n(4)

\n(1)

\n6

\n–

\n89

\n17

\n\nPenmenvy

\n47

\n>100

\n47

\n>100

\n–

\nOther

\n25

\n56

\n50

\n–

\n1

\n(50)

\n24

\n71

\n64

\n\nRSV

\n\n452

\n\n14

\n\n12

\n\n138

\n\n(40)

\n\n(38)

\n\n176

\n\n57

\n\n54

\n\n138

\n\n>100

\n\nArexvy

\n452

\n14

\n12

\n138

\n(40)

\n(38)

\n176

\n57

\n54

\n138

\n>100

\n\nInfluenza

\n\n198

\n\n(11)

\n\n(9)

\n\n129

\n\n(19)

\n\n(17)

\n\n18

\n\n–

\n\n51

\n\n11

\n\n13

\n\nFluarix, FluLaval

\n198

\n(11)

\n(9)

\n129

\n(19)

\n(17)

\n18

\n–

\n51

\n11

\n13

\nOther\nPaediatric & Adult Vaccines

\n\n2,276

\n\n(6)

\n\n(5)

\n\n1,050

\n\n2

\n\n5

\n\n559

\n\n8

\n\n5

\n\n667

\n\n(24)

\n\n(23)

\n\nBoostrix

\n551

\n9

\n11

\n359

\n15

\n18

\n112

\n2

\n–

\n80

\n(2)

\n(4)

\n\nHepatitis

\n496

\n(2)

\n246

\n(9)

\n(6)

\n152

\n1

\n(1)

\n98

\n13

\n11

\n\nInfanrix, Pediarix

\n384

\n(7)

\n(6)

\n228

\n(6)

\n(3)

\n83

\n1

\n(1)

\n73

\n(20)

\n(18)

\n\nPriorix, Priorix Tetra, Varilrix

\n246

\n(25)

\n(24)

\n54

\n12

\n15

\n103

\n14

\n11

\n89

\n(53)

\n(51)

\n\nRotarix

\n419

\n(2)

\n–

\n151

\n10

\n13

\n88

\n(4)

\n(7)

\n180

\n(9)

\n(7)

\nOther

\n180

\n(27)

\n12

\n(37)

\n21

\n>100

\n147

\n(37)

\n(36)

\n\nVaccines

\n\n7,016

\n\n2

\n\n3

\n\n2,860

\n\n–

\n\n2

\n\n2,410

\n\n18

\n\n15

\n\n1,746

\n\n(11)

\n\n(9)

\n\nGeneral Medicines turnover – three months ended 30 September\n2026

\n\n

\n\nTotal

\nUS

\nEurope

\nInternational

\n\n

\n\n£m

\n\nAER%

\n\nCER%

\n£m

\nAER%

\nCER%

\n£m

\nAER%

\nCER%

\n£m

\nAER%

\nCER%

\n\nRespiratory

\n\n1,708

\n\n–

\n\n1

\n\n946

\n\n3

\n\n4

\n\n316

\n\n(7)

\n\n(6)

\n\n446

\n\n–

\n\n1

\n\nAnoro Ellipta

\n138

\n1

\n49

\n(4)

\n(2)

\n62

\n3

\n2

\n27

\n4

\n\nFlixotide/Flovent

\n73

\n(26)

\n(24)

\n47

\n(28)

\n(29)

\n11

\n(21)

\n15

\n(21)

\n(11)

\n\nRelvar/Breo Ellipta

\n221

\n(14)

\n(12)

\n76

\n(22)

\n76

\n(13)

\n69

\n(4)

\n–

\n\nSeretide/Advair

\n191

\n(4)

\n66

\n8

\n10

\n34

\n(23)

\n(20)

\n91

\n(3)

\n(4)

\n\nTrelegy Ellipta

\n787

\n7

\n8

\n572

\n7

\n8

\n88

\n5

\n127

\n9

\n11

\n\nVentolin

\n181

\n16

\n17

\n108

\n40

\n26

\n(4)

\n–

\n47

\n(10)

\nOther\nRespiratory

\n117

\n(3)

\n(1)

\n28

\n(10)

\n–

\n19

\n(17)

\n(9)

\n70

\n6

\n2

\nOther\nGeneral Medicines

\n\n719

\n\n(5)

\n\n(3)

\n\n45

\n\n(12)

\n\n151

\n\n3

\n\n4

\n\n523

\n\n(7)

\n\n(4)

\n\nBlujepa

\n1

\n–

\n1

\n–

\nOther\nGeneral Medicines

\n718

\n(5)

\n(3)

\n44

\n(14)

\n151

\n3

\n4

\n523

\n(7)

\n(4)

\n\nGeneral Medicines

\n\n2,427

\n\n(1)

\n\n–

\n\n991

\n\n2

\n\n3

\n\n467

\n\n(4)

\n\n(3)

\n\n969

\n\n(4)

\n\n(2)

\n\nGeneral Medicines turnover – nine months ended 30 September\n2026

\n\n

\n\nTotal

\nUS

\nEurope

\nInternational

\n\n

\n\n£m

\n\nAER%

\n\nCER%

\n£m

\nAER%

\nCER%

\n£m

\nAER%

\nCER%

\n£m

\nAER%

\nCER%

\n\nRespiratory

\n\n4,981

\n\n(6)

\n\n(4)

\n\n2,634

\n\n(9)

\n\n(6)

\n\n1,012

\n\n(2)

\n\n(4)

\n\n1,335

\n\n(2)

\n\n–

\n\nAnoro Ellipta

\n405

\n(1)

\n137

\n(16)

\n(13)

\n191

\n10

\n8

\n77

\n4

\n\nFlixotide/Flovent

\n291

\n(6)

\n(4)

\n197

\n(2)

\n–

\n41

\n(13)

\n(15)

\n53

\n(13)

\n(10)

\n\nRelvar/Breo Ellipta

\n682

\n(13)

\n(12)

\n228

\n(25)

\n(23)

\n243

\n(9)

\n(11)

\n211

\n(3)

\n1

\n\nSeretide/Advair

\n574

\n(7)

\n(6)

\n187

\n5

\n8

\n121

\n(13)

\n(14)

\n266

\n(11)

\n(10)

\n\nTrelegy Ellipta

\n2,208

\n(2)

\n–

\n1,570

\n(5)

\n(3)

\n265

\n7

\n5

\n373

\n9

\n12

\n\nVentolin

\n455

\n(10)

\n(9)

\n229

\n(14)

\n(12)

\n80

\n(7)

\n(8)

\n146

\n(6)

\n(5)

\nOther\nRespiratory

\n366

\n(11)

\n(10)

\n86

\n(27)

\n(24)

\n71

\n(10)

\n(11)

\n209

\n(1)

\n(2)

\nOther\nGeneral Medicines

\n\n2,043

\n\n(9)

\n\n(6)

\n\n128

\n\n(22)

\n\n(21)

\n\n479

\n\n7

\n\n4

\n\n1,436

\n\n(11)

\n\n(8)

\n\nBlujepa

\n2

\n–

\n2

\n–

\nOther\nGeneral Medicines

\n2,041

\n(9)

\n(7)

\n126

\n(24)

\n(22)

\n479

\n7

\n4

\n1,436

\n(11)

\n(8)

\n\nGeneral Medicines

\n\n7,024

\n\n(7)

\n\n(5)

\n\n2,762

\n\n(9)

\n\n(7)

\n\n1,491

\n\n–

\n\n(2)

\n\n2,771

\n\n(7)

\n\n(4)

\n\nCommercial Operations turnover

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

\n\nTotal

\nUS

\nEurope

\nInternational

\n\n

\n\n£m

\n\nAER%

\n\nCER%

\n£m

\nAER%

\nCER%

\n£m

\nAER%

\nCER%

\n£m

\nAER%

\nCER%

\nThree\nmonths ended 30 September 2026

\n\n8,887

\n\n4

\n\n5

\n\n4,931

\n\n8

\n\n10

\n\n1,928

\n\n3

\n\n2,028

\n\n(4)

\n\n(3)

\nNine\nmonths ended 30 September 2026

\n\n24,925

\n\n4

\n\n5

\n\n12,976

\n\n5

\n\n7

\n\n6,053

\n\n11

\n\n8

\n\n5,896

\n\n(4)

\n\n(2)

\n\nSegment information

\nOperating\nsegments are reported based on the financial information provided\nto the Chief Executive Officer, who is the Chief Operating Decision\nMaker, as well as based on the responsibilities of the Executive\nCommittee (\"ExCom\"). GSK reports results under two segments:\nCommercial Operations and Total R&D. The Group reviews its\nassessment of reportable segments on an ongoing basis.

\nAdjusting\nitems reconciling segment profit and operating profit comprise\nitems not specifically allocated to segment profit. Details of\nadjusting items can be found on pages 14-19.

\n\nTurnover by segment

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n\n	\n \n\nQ3 2026 \n \n\n£m \n	\n \nQ3\n2025 \n \n£m \n	\n \nAER\n% \n	\n \nCER\n% \n	\n \n\n9 months 2026 \n \n\n£m \n	\n \n9\nmonths 2025 \n \n£m \n	\n \nAER\n% \n	\n \nCER\n% \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \nCommercial\nOperations (total turnover) \n	\n \n\n8,887 \n	\n \n8,547 \n	\n \n4 \n	\n \n5 \n	\n \n\n24,925 \n	\n \n24,049 \n	\n \n4 \n	\n \n5 \n

\n\nOperating profit by segment

\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n\n	\n \n\nQ3 2026 \n \n\n£m \n	\n \nQ3\n2025 \n \n£m \n	\n \nAER\n% \n	\n \nCER\n% \n	\n\n	\n \n\n9 months 2026 \n \n\n£m \n	\n \n9\nmonths 2025 \n \n£m \n	\n \nAER\n% \n	\n \nCER\n% \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \nCommercial\nOperations \n	\n \n\n4,892 \n	\n \n4,514 \n	\n \n8 \n	\n \n10 \n	\n\n	\n \n\n13,559 \n	\n \n12,540 \n	\n \n8 \n	\n \n10 \n
\n \nResearch\nand Development \n	\n \n\n(1,787) \n	\n \n(1,489) \n	\n \n20 \n	\n \n21 \n	\n\n	\n \n\n(4,776) \n	\n \n(4,309) \n	\n \n11 \n	\n \n12 \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \nSegment\nprofit \n	\n \n\n3,105 \n	\n \n3,025 \n	\n \n3 \n	\n \n4 \n	\n\n	\n \n\n8,783 \n	\n \n8,231 \n	\n \n7 \n	\n \n9 \n
\n \nCorporate\nand other unallocated costs \n	\n \n\n(29) \n	\n \n(40) \n	\n\n	\n\n	\n\n	\n \n\n(257) \n	\n \n(82) \n	\n\n	\n\n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \nCore\noperating profit \n	\n \n\n3,076 \n	\n \n2,985 \n	\n \n3 \n	\n \n5 \n	\n\n	\n \n\n8,526 \n	\n \n8,149 \n	\n \n5 \n	\n \n7 \n
\n \nAdjusting\nitems \n	\n \n\n(949) \n	\n \n(392) \n	\n\n	\n\n	\n\n	\n \n\n(3,625) \n	\n \n(1,317) \n	\n\n	\n\n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \nTotal\noperating profit \n	\n \n\n2,127 \n	\n \n2,593 \n	\n \n(18) \n	\n \n(16) \n	\n\n	\n \n\n4,901 \n	\n \n6,832 \n	\n \n(28) \n	\n \n(25) \n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \nFinance\nincome \n	\n \n\n29 \n	\n \n26 \n	\n\n	\n\n	\n\n	\n \n\n109 \n	\n \n130 \n	\n\n	\n\n
\n \nFinance\ncosts \n	\n \n\n(219) \n	\n \n(167) \n	\n\n	\n\n	\n\n	\n \n\n(568) \n	\n \n(513) \n	\n\n	\n\n
\n \nShare\nof after tax profit/(loss) of associates and joint\nventures \n	\n \n\n(2) \n	\n \n4 \n	\n\n	\n\n	\n\n	\n \n\n(9) \n	\n \n2 \n	\n\n	\n\n
\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n	\n\n
\n \nProfit\nbefore taxation \n	\n \n\n1,935 \n	\n \n2,456 \n	\n \n(21) \n	\n \n(19) \n	\n\n	\n \n\n4,433 \n	\n \n6,451 \n	\n \n(31) \n	\n \n(28) \n

\n\nCommercial Operations

\nCore\noperating profit growth in Q3 2026 and YTD 2026 primarily reflected\nhigher turnover, favourable product and regional mix, ongoing\nproductivity initiatives and supply chain optimisation, higher\nroyalty income and favourable net legal settlements and expenses in\nQ1 2026, partly offset by increased investment in asset\nlaunches.

\n\nTotal R&D

\nThe\nR&D segment operating expense increased in Q3 2026 and YTD 2026\nreflecting progression across the portfolio, primarily in Oncology.\nThis included acceleration in work on ADCs Ris-Rez and Mo-Rez, and\nvelzatinib and, following the Nuvalent acquisition, on Jideytro (zidesamtinib), approved by\nthe FDA in the quarter and neladalkib. In Specialty Medicines,\nincreased investment was driven by efimosfermin acquired in Q3\n2025, depemokimab COPD indication and all indications of\nfelcorekibart (the anti-TSLP monoclonal antibody). Growth was\npartly offset by lower spend on bepirovirsen which was filed in Q1\n2026. Investment also increased on clinical trial programmes\nassociated with mRNA seasonal flu vaccines.

\n\nLegal matters

\nThe\nGroup is involved in significant legal and administrative\nproceedings, principally product liability, intellectual property,\ntax, anti-trust, consumer fraud and governmental investigations,\nwhich are more fully described in the ‘Legal\nProceedings’ note in the Annual Report 2025. At 30 September\n2026, the Group’s aggregate provision for legal and other\ndisputes (not including tax matters described on pages 6 and 7) was\n£202 million (31 December 2025: £210\nmillion).

\nThe\nGroup may become involved in significant legal proceedings in\nrespect of which it is not possible to meaningfully assess whether\nthe outcome will result in a probable outflow, or to quantify or\nreliably estimate the liability, if any, that could result from\nultimate resolution of the proceedings. In these cases, the Group\nwould provide appropriate disclosures about such cases, but no\nprovision would be made.

\nThe\nultimate liability for legal claims may vary from the amounts\nprovided and is dependent upon the outcome of litigation\nproceedings, investigations and possible settlement negotiations.\nThe Group’s position could change over time, and, therefore,\nthere can be no assurance that any losses that result from the\noutcome of any legal proceedings will not exceed by a material\namount the amount of the provisions reported in the Group’s\nfinancial accounts.

\nSignificant\nlegal developments since the date of the Q2 2026\nresults:

\n\nCommercial and corporate

\n\nTesaro, Inc. v. AnaptysBio

\nA\npost-trial hearing was held before the Delaware Chancery Court on\n20 October 2026. A decision is expected in Q4 2026 or Q1\n2027.

\n\nIntellectual Property

\n\nTrelegy Ellipta

\nThe\nU.S. District Court for the Southern District of Florida has\nconsolidated the two Trelegy patent infringement cases which\nGSK filed against Transpire. Both cases have been set for trial on\n22 February 2028.

\n\nReturns to shareholders

\n\nQuarterly dividends

\nThe\nBoard has declared a third interim dividend for Q3 2026 of 17p per\nshare (Q3 2025: 16p per share).

\nDividends\nremain an essential component of total shareholder return and GSK\nrecognises the importance of dividends to shareholders. On 23 June\n2021, at the GSK Investor Update, GSK set out that from 2022 a\nprogressive dividend policy will be implemented guided by a 40 to\n60 per cent pay-out ratio through the investment cycle. Consistent\nwith this, GSK has declared a dividend of 17p per share for Q3\n2026. The expected dividend for 2026 is 70p per share. In setting\nits dividend policy, GSK considers the capital allocation\npriorities of the Group and its investment strategy for growth\nalongside the sustainability of the dividend.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

\nDividend\ndates

\n\nEx-dividend date

\n\n(Ordinary shares)

\n\n

\n\nEx-dividend date

\n\n(ADRs)

\n\n

\n\nRecord date

\n\nPayment date

\nQ3\n2026

\n12\nNovember 2026

\n13\nNovember 2026

\n7\nJanuary 2027

\nOrdinary\nshareholders may participate in the dividend reinvestment plan\n(DRIP). The last date for DRIP elections is 14 December 2026. The\nequivalent interim dividend receivable by ADR holders will be\ncalculated based on the exchange rate on 5 January 2027. An annual\nfee of $0.03 per ADS (or $0.0075 per ADS per quarter) is charged by\nthe Depositary.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n	\n\n
\n\n	\n \n\nPaid/ \n \n\nPayable \n	\n \n\nPence per \n \n\nshare \n	\n \n\n£m \n
\n \n\n2026 \n	\n\n	\n\n	\n\n
\n \nFirst\ninterim \n	\n \n9 July\n2026 \n	\n \n17 \n	\n \n682 \n
\n \nSecond\ninterim \n	\n \n8\nOctober 2026 \n	\n \n17 \n	\n \n682 \n
\n \nThird\ninterim \n	\n \n7\nJanuary 2027 \n	\n \n17 \n	\n \n682 \n
\n\n	\n\n	\n\n	\n\n
\n \n2025 \n	\n\n	\n\n	\n\n
\n \nFirst\ninterim \n	\n \n10 July\n2025 \n	\n \n16 \n	\n \n650 \n
\n \nSecond\ninterim \n	\n \n9\nOctober 2025 \n	\n \n16 \n	\n \n646 \n
\n \nThird\ninterim \n	\n \n8\nJanuary 2026 \n	\n \n16 \n	\n \n643 \n
\n \nFourth\ninterim \n	\n \n9 April\n2026 \n	\n \n18 \n	\n \n727 \n
\n\n	\n\n	\n \n66 \n	\n \n2,666 \n

\n\nShare capital in issue

\nAt 30\nSeptember 2026, 4,009 million shares (Q3 2025: 4,026 million) were\nin free issue (excluding Treasury shares and shares held by the\nESOP Trusts). The Company issued a small number of shares in the\nquarter (Q3 2025: minimal number) under employee share schemes for\nnet proceeds of £0.4 million (Q3 2025: £0.4\nmillion).

\nOn 5\nFebruary 2025, GSK announced a £2 billion share buyback\nprogramme to be completed over an 18-month period. This share\nbuyback programme was completed on 26 June 2026, with a total of\n124 million shares repurchased and being held as Treasury shares,\nat a cost of £2,011 million including transaction costs of\n£11 million.

\nAt 30\nSeptember 2026, the Company held 271 million Treasury shares at a\ncost of £4,580 million, of which 147 million shares at a cost\nof £2,571 million were repurchased as part of previous share\nbuyback programmes, which has been deducted from retained\nearnings.

\nAt 30\nSeptember 2026, the ESOP Trusts held 36.5 million shares, of which\n35.9 million were held for the future exercise of share options and\nshare awards and 0.6 million were held for the Executive\nSupplemental Savings plan. The carrying amount of\n£114 million has been deducted from other reserves.\nThe market value of these shares was £670\nmillion.

\n\nWeighted average number of shares

\nThe\nnumbers of shares used in calculating basic and diluted earnings\nper share are reconciled below:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n	\n\n	\n\n
\n\n	\n \n\nQ3 2026 \n \n\nmillions \n	\n \nQ3\n2025 \n \nmillions \n	\n \n\n9 months 2026 \n \n\nmillions \n	\n \n9\nmonths 2025 \n \nmillions \n
\n \nWeighted\naverage number of shares – basic \n	\n \n\n4,009 \n	\n \n4,034 \n	\n \n\n4,015 \n	\n \n4,062 \n
\n \nDilutive\neffect of share options and share awards \n	\n \n\n64 \n	\n \n68 \n	\n \n\n64 \n	\n \n67 \n
\n \nWeighted\naverage number of shares – diluted \n	\n \n\n4,073 \n	\n \n4,102 \n	\n \n\n4,079 \n	\n \n4,129 \n

\n\nAdditional information

\n\nAccounting policies and basis of preparation

\nThis\nunaudited Results Announcement contains condensed financial\ninformation for the three and nine months ended 30 September 2026\nand should be read in conjunction with the Annual Report 2025,\nwhich was prepared in accordance with UK-adopted international\naccounting standards in conformity with the requirements of the\nCompanies Act 2006 and the IFRS Accounting Standards as issued by\nthe International Accounting Standards Board (IASB). This Results\nAnnouncement has been prepared applying consistent accounting\npolicies to those applied by the Group in the Annual Report 2025,\nexcept for the adoption of the amended IFRS Accounting Standard as\nset out below. Other minor amendments to IFRS Accounting Standards\nwhich were effective from 1 January 2026 did not have a material\nimpact on the Group accounting policies or Group financial\nstatements.

\n●Amendments to the Classification and\nMeasurement of Financial Instruments - Amendments to IFRS 9\nand IFRS 7: the amendments to IFRS 9 ‘Financial\nInstruments’, clarify the timing of recognition and\nderecognition of a financial asset or financial liability, with a\npermitted exception relating to a financial liability paid through\nan electronic payment system which may be derecognised prior to its\nsettlement date where specific conditions are met. GSK has adopted\nthese new requirements for the reporting period beginning on 1\nJanuary 2026 and elected to derecognise financial liabilities paid\nthrough an electronic payment system when the required conditions\nhave been met. The impact on the Group’s financial statements\non transition as at 1 January 2026 is disclosed below and primarily\nrelates to cheques which were issued but had not yet cleared from\nthe bank account before the transition date. As permitted under the\ntransition requirements, the Group has elected not to restate the\ncomparative information to reflect the application of these\namendments.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n	\n\n
\n\n	\n \n\nAs at \n \n\n1 January 2026 \n \n\n£m \n	\n \n\nAdjustment on initial application of amendments to \n \n\nIFRS 9 and IFRS 7 \n \n\n£m \n	\n \n\nAs at \n \n\n1 January 2026 \n \n\nas adjusted \n \n\n£m \n
\n \nTrade\nand other payables \n	\n \n(15,381) \n	\n \n(43) \n	\n \n(15,424) \n
\n \nBank\noverdrafts (within short-term borrowings) \n	\n \n(190) \n	\n \n29 \n	\n \n(161) \n
\n \nCash\nand cash equivalents \n	\n \n3,397 \n	\n \n14 \n	\n \n3,411 \n

\nThe\nGroup has not identified any changes to its key sources of\naccounting judgements or estimations of uncertainty compared with\nthose disclosed in the Annual Report 2025.

\nThis\nResults Announcement does not constitute statutory accounts of the\nGroup within the meaning of sections 434(3) and 435(3) of the\nCompanies Act 2006. The full Group accounts for 2025 were published\nin the Annual Report 2025, which has been delivered to the\nRegistrar of Companies and on which the report of the independent\nauditor was unqualified and did not contain a statement under\nsection 498 of the Companies Act 2006.

\n\nContingent liabilities

\nThere\nwere contingent liabilities at 30 September 2026 in respect of\narrangements entered into as part of the ordinary course of the\nGroup’s business. No material losses are expected to arise\nfrom such contingent liabilities. Provision is made for the outcome\nof legal and tax disputes where it is both probable that the Group\nwill suffer an outflow of funds and it is possible to make a\nreliable estimate of that outflow. Descriptions of the significant\nlegal disputes to which the Group is a party are set out on page\n29, and pages 269 to 272 of the 2025 Annual Report.

\n\nNet assets

\nThe\nbook value of net assets increased by £2,406 million from\n£15,956 million at 31 December 2025 to £18,362 million at\n30 September 2026. This primarily reflected contribution from Total\ncomprehensive income for the period and the special dividend from\nthe ViiV Healthcare shareholding restructure, partly offset by\ndividends paid to shareholders, shares repurchased under the share\nbuyback programme and associated transaction costs.

\nAt 30\nSeptember 2026, the net surplus on the Group’s pension plans\nwas £567 million compared with a net surplus of £229\nmillion at 31 December 2025. This movement was primarily driven by\nan increase in the UK and US discount rate from 5.5% to 6.6% and\n5.1% to 6.2% respectively, which was partially offset by an\nincrease to the UK inflation rate from 2.7% to 3.1%.

\nThe\nestimated present value of the potential redemption amount of the\nPfizer put option related to ViiV Healthcare, recorded in Other\npayables in Current liabilities, was £nil (31 December 2025:\n£822 million). The put option liability was fully derecognised\nat 31 March 2026 as Pfizer has exited its shareholding in ViiV\nHealthcare.

\nContingent\nconsideration amounted to £6,629 million at 30 September 2026\n(31 December 2025: £6,733 million) as follows:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n
\n\n	\n \n\nGroup \n \n\n30 September 2026 \n \n\n£m \n	\n \nGroup \n \n31\nDecember 2025 \n \n£m \n
\n\n	\n\n	\n\n
\n \nContingent\nconsideration estimated present value of amounts payable relating\nto: \n	\n\n	\n\n
\n \nFormer\nShionogi-ViiV Healthcare joint venture \n	\n \n\n5,301 \n	\n \n5,433 \n
\n \nFormer\nNovartis Vaccines business acquisition \n	\n \n\n632 \n	\n \n651 \n
\n \nBP\nAsset IX, Inc. acquisition \n	\n \n\n236 \n	\n \n231 \n
\n \nAffinivax\nacquisition \n	\n \n\n234 \n	\n \n219 \n
\n \nOthers \n	\n \n\n226 \n	\n \n199 \n
\n \nContingent\nconsideration liability at end of the period \n	\n \n\n6,629 \n	\n \n6,733 \n

\nOf the\ncontingent consideration payable to Shionogi at 30 September 2026,\n£1,243 million (31 December 2025: £1,194 million) is\nexpected to be paid within one year.

\nMovements\nin contingent consideration are as follows:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n	\n\n	\n\n
\n\n	\n \n\nViiV Healthcare \n	\n \n\nGroup \n
\n\n	\n \n\n9 months 2026 \n \n\n£m \n	\n \n9\nmonths 2025 \n \n£m \n	\n \n\n9 months 2026 \n \n\n£m \n	\n \n9\nmonths 2025 \n \n£m \n
\n\n	\n\n	\n\n	\n\n	\n\n
\n \nContingent\nconsideration at beginning of the period \n	\n \n\n5,433 \n	\n \n6,061 \n	\n \n\n6,733 \n	\n \n7,280 \n
\n \nAdditions \n	\n \n\n– \n	\n \n– \n	\n \n\n– \n	\n \n280 \n
\n \nRemeasurement\nthrough income statement and other movements \n	\n \n\n920 \n	\n \n161 \n	\n \n\n1,087 \n	\n \n223 \n
\n \nCash\npayments: operating cash flows \n	\n \n\n(1,052) \n	\n \n(956) \n	\n \n\n(1,095) \n	\n \n(989) \n
\n \nCash\npayments: investing activities \n	\n \n\n– \n	\n \n– \n	\n \n\n(96) \n	\n \n(11) \n
\n \nContingent\nconsideration at end of the period \n	\n \n\n5,301 \n	\n \n5,266 \n	\n \n\n6,629 \n	\n \n6,783 \n

\n\nBusiness acquisitions

\nOn 3\nMarch 2026, GSK acquired 100% of the outstanding equity of RAPT\nTherapeutics, Inc. (\"RAPT\") a California-based clinical stage\nbiopharmaceutical company for US$2.3 billion (£1.7\nbillion), including transaction fees. Net of cash acquired, GSK's\nupfront investment was approximately US$1.9 billion (£1.4\nbillion). The transaction gives GSK the global rights to the\nozureprubart programme, excluding mainland China, Macau, Taiwan and\nHong Kong.

\nOn 14\nApril 2026, GSK acquired 100% of 35Pharma, Inc. (\"35Pharma\") a\nCanada-based, private, clinical-stage biopharmaceutical company for\ntotal consideration of US$1.0 billion (£756 million),\ncomprising US$988 million (£731 million) upfront and US$34\nmillion (£25 million) of deferred consideration. Net of cash\nacquired, GSK's net investment was US$945 million (£700\nmillion). The acquisition provides global rights to HS235, a\npotential best-in-class activin signalling inhibitor being\ndeveloped for the treatment of pulmonary hypertension.

\nOn 15\nJuly 2026, GSK completed the acquisition of 100% of Nuvalent, Inc.\n(\"Nuvalent\") a Boston-based clinical-stage biopharmaceutical\ncompany focused on creating precisely targeted oncology therapies.\nUnder the terms of the agreement, GSK paid Nuvalent shareholders\nUS$124 per share at closing for an aggregate equity value of\nUS$10.8 billion (£8.0 billion), including transaction fees.\nNet of cash acquired, GSK's upfront investment was approximately\nUS$9.6 billion (£7.1 billion). The acquisition includes three\nproducts in lung cancer in a single transaction, including\nzidesamtinib (NVL-520) and neladalkib (NVL-655) which are two\npotential best-in-class, next-generation, highly selective ROS1 and\nALK inhibitors for the treatment of NSCLC.

\nDuring\nthe period to 30 September 2026, no sales arising from RAPT or\n35Pharma were included in Group turnover and no revenue is expected\nuntil regulatory approval is received on the acquired assets. GSK\ncontinues to support the ongoing development of the acquired assets\nand consequently these assets will be loss making until regulatory\napproval on these assets is received. The impact on Group Total\nprofit after taxation for the period ended 30 September 2026 from\nthe RAPT and 35Pharma acquisitions was immaterial. Following US FDA\napproval of Jideytro\n(zidesamtinib) on 22 July 2026, Nuvalent began commercial sales.\nRevenue was not material to Group turnover. Nuvalent contributed a\nTotal operating loss of US$148 million (£110 million) to the\nGroup Total operating profit for the period since 15 July 2026. The\nacquired assets that remain in development will be integrated into\nthe Group’s existing R&D activities, after which it will\nbe impracticable to quantify these development costs or the impact\non Group Total profit after taxation.

\nThe\ninitial acquisition accounting for Nuvalent was reflected in the\nthird quarter of 2026 on a provisional basis. The accounting for\nRAPT and 35Pharma also remains provisional and subject to\nchange.

\nGoodwill\nof £1.2 billion (£211 million for RAPT, £106 million\nfor 35Pharma and £852 million for Nuvalent) has been\nrecognised. The goodwill represents specific synergies available to\nGSK from the business combination. The goodwill has been allocated\nto the Group’s Commercial Operations and R&D segments.\nNone of the goodwill is expected to be deductible for tax\npurposes.

\nThe\nprovisional fair values of the net assets acquired, including\ngoodwill, are as follows:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n	\n\n	\n\n
\n\n	\n \n\nRAPT \n	\n \n\n35Pharma \n	\n \n\nNuvalent \n	\n \n\nTotal \n
\n\n	\n \n\n£m \n	\n \n\n£m \n	\n \n\n£m \n	\n \n\n£m \n
\n \nNet\nassets acquired: \n	\n\n	\n\n	\n\n	\n\n
\n \nIntangible\nassets \n	\n \n1,457 \n	\n \n700 \n	\n \n8,077 \n	\n \n10,234 \n
\n \nProperty,\nplant & equipment \n	\n \n1 \n	\n \n– \n	\n \n– \n	\n \n1 \n
\n \nOther\nnon-current assets \n	\n \n– \n	\n \n– \n	\n \n17 \n	\n \n17 \n
\n \nInventory \n	\n \n– \n	\n \n– \n	\n \n24 \n	\n \n24 \n
\n \nTrade\nand other receivables \n	\n \n– \n	\n \n– \n	\n \n10 \n	\n \n10 \n
\n \nCash\nand cash equivalents \n	\n \n281 \n	\n \n56 \n	\n \n897 \n	\n \n1,234 \n
\n \nOther\nnet liabilities \n	\n \n(13) \n	\n \n(1) \n	\n \n(86) \n	\n \n(100) \n
\n \nOther\nlong-term liabilities \n	\n \n– \n	\n \n– \n	\n \n(446) \n	\n \n(446) \n
\n \nDeferred\ntax liabilities \n	\n \n(252) \n	\n \n(105) \n	\n \n(1,305) \n	\n \n(1,662) \n
\n\n	\n \n1,474 \n	\n \n650 \n	\n \n7,188 \n	\n \n9,312 \n
\n \nGoodwill \n	\n \n211 \n	\n \n106 \n	\n \n852 \n	\n \n1,169 \n
\n \nTotal\nconsideration \n	\n \n\n1,685 \n	\n \n\n756 \n	\n \n\n8,040 \n	\n \n\n10,481 \n

\nThe\ntotal consideration of £10.5 billion (£1.7 billion for\nRAPT, £0.8 billion for 35Pharma and £8.0 billion for\nNuvalent), was fully paid as at 30 September 2026, including the\n£20 million of 35Pharma deferred consideration which was\noutstanding at Q2 2026.

\n\nNet debt information

\n\nReconciliation of cash flow to movements in net debt

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n
\n\n	\n \n\n9 months 2026 \n \n\n£m \n	\n \n9\nmonths 2025 \n \n£m \n
\n \nTotal\nNet debt at beginning of the period \n	\n \n\n(14,453) \n	\n \n(13,095) \n
\n \nAdjustment\non initial application of amendments to IFRS 9 on 1 January\n2026(1) \n	\n \n\n43 \n	\n \n– \n
\n \nTotal\nNet debt at beginning of the period, as adjusted \n	\n \n\n(14,410) \n	\n \n(13,095) \n
\n \nIncrease/(decrease)\nin cash and bank overdrafts \n	\n \n\n(530) \n	\n \n(666) \n
\n \nIncrease/(decrease)\nin liquid investments \n	\n \n\n20 \n	\n \n(11) \n
\n \nRepayment\nof long-term loans \n	\n \n\n1,466 \n	\n \n1,402 \n
\n \nIssue\nof long-term notes \n	\n \n\n(7,779) \n	\n \n(1,979) \n
\n \nNet\ndecrease/(increase) in short-term loans \n	\n \n\n246 \n	\n \n(551) \n
\n \nIncrease\nin other short-term loans \n	\n \n\n(11) \n	\n \n(112) \n
\n \nRepayment\nof other short-term loans \n	\n \n\n106 \n	\n \n282 \n
\n \nRepayment\nof lease liabilities \n	\n \n\n152 \n	\n \n166 \n
\n \nDisposal\nof lease liabilities related to disposal of subsidiary \n	\n \n\n136 \n	\n \n– \n
\n \nNet\ndebt of subsidiary undertakings acquired \n	\n \n\n(2) \n	\n \n(1) \n
\n \nExchange\nadjustments \n	\n \n\n(85) \n	\n \n241 \n
\n \nOther\nnon-cash movements \n	\n \n\n(48) \n	\n \n(120) \n
\n \nDecrease/(increase)\nin Net debt \n	\n \n\n(6,329) \n	\n \n(1,349) \n
\n \nTotal\nNet debt at end of the period \n	\n \n\n(20,739) \n	\n \n(14,444) \n

\n(1) For further\ndetails see page 31

\n\nNet debt analysis

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n
\n\n	\n \n\n30 September 2026 \n \n\n£m \n	\n \n31\nDecember 2025 \n \n£m \n
\n \nLiquid\ninvestments \n	\n \n\n28 \n	\n \n9 \n
\n \nCash\nand cash equivalents \n	\n \n\n2,934 \n	\n \n3,397 \n
\n \nShort-term\nborrowings \n	\n \n\n(2,001) \n	\n \n(3,012) \n
\n \nLong-term\nborrowings \n	\n \n\n(21,700) \n	\n \n(14,708) \n
\n \nLiabilities\nrelating to assets held for sale \n	\n \n\n– \n	\n \n(139) \n
\n \nTotal\nNet debt at the end of the period \n	\n \n\n(20,739) \n	\n \n(14,453) \n

\n\nFree cash flow reconciliation

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n	\n\n	\n\n
\n\n	\n \n\nQ3 2026 \n \n\n£m \n	\n \nQ3\n2025 \n \n£m \n	\n \n\n9 months 2026 \n \n\n£m \n	\n \n9\nmonths 2025 \n \n£m \n
\n\n	\n\n	\n\n	\n\n	\n\n
\n \nNet\ncash inflow/(outflow) from operating activities \n	\n \n\n2,809 \n	\n \n2,222 \n	\n \n\n6,640 \n	\n \n5,463 \n
\n \nPurchase\nof property, plant and equipment \n	\n \n\n(374) \n	\n \n(311) \n	\n \n\n(923) \n	\n \n(775) \n
\n \nProceeds\nfrom sale of property, plant and equipment \n	\n \n\n3 \n	\n \n5 \n	\n \n\n33 \n	\n \n11 \n
\n \nPurchase\nof intangible assets \n	\n \n\n(159) \n	\n \n(568) \n	\n \n\n(706) \n	\n \n(1,185) \n
\n \nProceeds\nfrom disposals of intangible assets \n	\n \n\n1 \n	\n \n36 \n	\n \n\n356 \n	\n \n112 \n
\n \nNet\nfinance costs \n	\n \n\n(66) \n	\n \n(34) \n	\n \n\n(331) \n	\n \n(267) \n
\n \nDividends and\ndistributions from associates and joint ventures \n	\n \n\n54 \n	\n \n– \n	\n \n\n79 \n	\n \n– \n
\n \nContingent\nconsideration paid (reported in investing activities) \n	\n \n\n(88) \n	\n \n(5) \n	\n \n\n(96) \n	\n \n(11) \n
\n \nDividend\ndistributions to non-controlling interests \n	\n \n\n(102) \n	\n \n(99) \n	\n \n\n(354) \n	\n \n(279) \n
\n \nOther\ndistributions to non-controlling interests \n	\n \n\n– \n	\n \n– \n	\n \n\n(1,399) \n	\n \n– \n
\n \nContributions\nfrom non-controlling interests \n	\n \n\n– \n	\n \n– \n	\n \n\n1,588 \n	\n \n– \n
\n \nFree\ncash inflow/(outflow) \n	\n \n\n2,078 \n	\n \n1,246 \n	\n \n\n4,887 \n	\n \n3,069 \n

\n\nRelated party transactions

\nThere\nwere no material related party transactions entered into and there\nhave been no material changes to the related party transactions\ndisclosed on page 241 of the 2025 Annual Report.

\n\nR&D Commentary

\n\nPipeline Overview

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n	\n\n
\n \nMedicines\nand vaccines in phase III development (including major lifecycle\ninnovation or under regulatory review) \n	\n \n21 \n	\n \n\nRespiratory, Immunology & Inflammation (5) \n
\n \n● \n	\n \n\nBenlysta (anti-B lymphocyte stimulator (BlyS) mAb) systemic\nsclerosis-associated interstitial lung disease (SSc-ILD),\nconnective tissue disease-associated interstitial lung disease\n[MR1.1] (CTD-ILD) \n
\n \n● \n	\n \n\nExdensur (ultra long-acting\nanti-IL5 biologic), eosinophilic granulomatosis with polyangiitis\n(EGPA), hyper-eosinophilic syndrome (HES), chronic obstructive\npulmonary disease (COPD) \n
\n \n● \n	\n \nefimosfermin\n(FGF21 analog) metabolic dysfunction-associated steatohepatitis\n(MASH) \n
\n \n● \n	\n \nfelcorekibart\n(TSLP) asthma, chronic rhinosinusitis with nasal polyps,\nCOPD \n
\n \n● \n	\n \n\nVentolin (salbutamol, Beta 2\nadrenergic receptor agonist) asthma \n
\n \n\nOncology (8) \n
\n \n● \n	\n \n\nBlenrep (anti-BCMA ADC) 1L\nmultiple myeloma \n
\n \n● \n	\n \n\nJemperli (anti-PD-1) 1L\nendometrial cancer, colon cancer, rectal cancer (ph II\nregistrational), head and neck cancer \n
\n \n● \n	\n \n\nJideytro (ROS-1 inhibitor)\nnon-small cell lung cancer \n
\n \n● \n	\n \n\nZejula (PARP inhibitor)\nglioblastoma \n
\n \n● \n	\n \nMo-Rez\n(B7-H4 ADC) 2L+ advanced endometrial cancer, platinum resistant\novarian cancer, platinum sensitive ovarian cancer, and 1L\nmaintenance ovarian and endometrial cancers \n
\n \n● \n	\n \nneladalkib\n(ALK inhibitor) non-small cell lung cancer \n
\n \n● \n	\n \nRis-Rez\n(B7-H3 ADC) 2L extensive-stage small cell lung cancer, late-line\nmetastatic castration-resistant prostate cancer \n
\n \n● \n	\n \nvelzatinib\n(KIT inhibitor) gastro-intestinal stromal tumours \n
\n \n\nHIV (1) \n
\n \n● \n	\n \nNew\nintramuscular formulation of cabotegravir + rilpivirine (3x a year\ntreatment) \n
\n \n\nInfectious Diseases (7) \n
\n \n● \n	\n \n\nArexvy (RSV vaccine) RSV, adults 18 years of age and\nabove \n
\n \n● \n	\n \nbepirovirsen\n(HBV ASO) chronic hepatitis B \n
\n \n● \n	\n \n\nBexsero (meningococcal B vaccine) infants (US) \n
\n \n● \n	\n \nGSK'116\n(varicella vaccine) varicella new seed, individuals 12 months of\nage and older \n
\n \n● \n	\n \nGSK'371\n(MMRV vaccine) MMRV new seed \n
\n \n● \n	\n \n\nShingrix (recombinant protein, adjuvanted vaccine)\nMACE \n
\n \n● \n	\n \nmRNA\nseasonal flu (double target flu HA-NA vaccine\ncandidate) \n
\n \nTotal\nmedicines and vaccines in all phases of clinical\ndevelopment \n	\n \n62 \n	\n\n	\n\n
\n \nTotal\nprojects in clinical development (inclusive of all phases and\nindications) \n	\n \n97 \n	\n\n	\n\n

\n\nTherapy area updates

The following\nprovides updates on key medicines and vaccines by therapy area that\nwill help drive growth for GSK to meet its future\noutlooks.

Respiratory,\nImmunology & Inflammation

efimosfermin (FGF21\nanalog)

Efimosfermin\n(GSK6519754) is an investigational, once-monthly subcutaneous\ninjection of a long-acting variant of FGF21, designed to regulate\nkey metabolic pathways to decrease liver fat, ameliorate liver\ninflammation, and reverse liver fibrosis in patients with metabolic\ndysfunction-associated steatohepatitis (MASH).

Multiple phase III\ntrials are ongoing for efimosfermin including both moderate and\nadvanced fibrosis (F2 to F3) and compensated cirrhosis (F4) caused\nby MASH. In August, GSK also started the ALLSTAR phase II trial\ninvestigating efimosfermin for alcohol-related liver disease\n(ALD).

Efimosfermin has\nreceived Breakthrough Therapy Designation from the US Food and Drug\nAdministration (FDA) and Priority Medicines (PRIME) Designation\nfrom the European Medicines Agency (EMA) for the treatment of MASH.\nIn September, China’s Center for Drug Evaluation (CDE)\ngranted an additional Breakthrough Therapy Designation for F4 MASH,\nbuilding on earlier designations in F2-F3 MASH. Breakthrough\nDesignation is designed to expedite the development and review of\nmedicines for serious conditions, where preliminary clinical\nevidence indicates potential for substantial improvement over\navailable therapy. PRIME designation provides scientific and\nregulatory support for medicines that have the potential to address\nsignificant unmet medical need.

\nKey\ntrials for efimosfermin:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n	\n\n	\n\n
\n \n\nTrial name (population) \n	\n \n\nPhase \n	\n \n\nDesign \n	\n \n\nTimeline \n	\n \n\nStatus \n
\n \nZENITH-1\n(metabolic dysfunction-associated steatohepatitis) \n\n \nNCT07221227 \n	\n \nIII \n	\n \nA phase\nIII, randomised, double-blind, placebo-controlled, 3-arm study to\ninvestigate the safety and efficacy of efimosfermin alfa in\nparticipants with biopsy-confirmed F2- or F3-stage metabolic\ndysfunction-associated steatohepatitis (MASH) \n	\n \nTrial\nstart: \n \nQ4\n2025 \n	\n \nRecruiting \n
\n \nZENITH-2\n(metabolic dysfunction-associated steatohepatitis) \n\n \nNCT07221188 \n	\n \nIII \n	\n \nA phase\nIII, randomised, double-blind, placebo-controlled, 3-arm study to\ninvestigate the safety and tolerability of efimosfermin alfa in\nparticipants with known or suspected F2- or F3-stage metabolic\ndysfunction-associated steatohepatitis (MASH) \n	\n \nTrial\nstart: \n \nQ4\n2025 \n	\n \nRecruiting \n
\n \nNEBULA-1\n(metabolic dysfunction-associated steatohepatitis) \n \nNCT07701993 \n	\n \nIII \n	\n \nA phase\nIII, double-blind, 2-arm study to investigate the safety and\nefficacy of efimosfermin alfa injection compared with placebo in\nadult participants with compensated cirrhosis (stage F4 fibrosis)\ndue to metabolic dysfunction-associated steatohepatitis\n(MASH) \n	\n \nTrial\nstart: \n \nQ3\n2026 \n	\n \nRecruiting \n
\n \nNEBULA-2\n(metabolic dysfunction-associated steatohepatitis) \n \nNCT07704892 \n	\n \nIII \n	\n \nA phase\nIII, two-part, double-blind, randomised, placebo-controlled study\nto investigate the safety and efficacy of efimosfermin alfa\ninjection in adult participants with biopsy-confirmed compensated\ncirrhosis (stage F4 fibrosis) due to metabolic\ndysfunction-associated steatohepatitis (MASH) \n	\n \nTrial\nstart: \n \nQ3\n2026 \n	\n \nRecruiting \n

\n\nExdensur (depemokimab; ultra-long-acting\nanti-IL5)

Exdensur (depemokimab) is the first and\nonly ultra-long-acting biologic to address severe asthma and\nchronic rhinosinusitis with nasal polyps (CRSwNP). It is engineered\nto have an extended half-life and high binding affinity and potency\nfor IL-5, enabling twice-yearly dosing.

Exdensur is approved in over 40\ncountries for the treatment of severe asthma and CRSwNP, including\nEU, China, Japan, UK, Canada and Brazil, and for the treatment of\nsevere asthma in the US.

Depemokimab is\ncurrently being evaluated in phase III trials for the treatment of\nother diseases with underlying type 2 inflammation, including OCEAN\nfor eosinophilic granulomatosis with polyangiitis (EGPA) and\nDESTINY for hypereosinophilic syndrome (HES). GSK has also\ninitiated the ENDURA-1, ENDURA-2 and VIGILANT phase III trials\nassessing the efficacy and safety of depemokimab as an add-on\ntherapy in patients with uncontrolled moderate to severe COPD with\ntype 2 inflammation.

At\nthe 2026 European Respiratory Society (ERS) Congress, GSK presented\ndata reinforcing depemokimab's differentiated profile, including\nsustained efficacy over two years in patients with severe asthma\nand consistent outcomes across key patient subgroups. Results from\na patient preference study were also presented showing patient\npreference for less frequent dosing and identifying dosing\nfrequency as a key reason for non-adherence.

\nKey\nphase III trials for depemokimab:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n	\n\n	\n\n
\n \n\nTrial name (population) \n	\n \n\nPhase \n	\n \n\nDesign \n	\n \n\nTimeline \n	\n \n\nStatus \n
\n \nOCEAN\n(EGPA) \n\n \nNCT05263934 \n	\n \nIII \n	\n \nA\n52-week, randomised, double-blind, double-dummy, parallel-group,\nmulticentre, non-inferiority study to investigate the efficacy and\nsafety of depemokimab compared with mepolizumab in adults with\nrelapsing or refractory eosinophilic granulomatosis with\npolyangiitis (EGPA) receiving standard of care therapy \n	\n \nTrial\nstart: \n \nQ3\n2022 \n	\n \nActive,\nnot recruiting \n
\n \nDESTINY\n(HES) \n\n \nNCT05334368 \n	\n \nIII \n	\n \nA\n52-week, randomised, placebo-controlled, double-blind, parallel\ngroup, multicentre trial of depemokimab in adults with uncontrolled\nHES receiving standard of care therapy \n	\n \nTrial\nstart: \n \nQ3\n2022 \n	\n \nActive,\nnot recruiting \n
\n \nENDURA-1\n(COPD) \n \nNCT06959095 \n	\n \nIII \n	\n \nA\nrandomised, double-blind, placebo-controlled, parallel-group,\nmulticentre study of the efficacy and safety of depemokimab in\nadult participants with COPD with type 2 inflammation \n	\n \nTrial\nstart: \n \nQ2\n2025 \n	\n \nRecruiting \n
\n \nENDURA-2\n(COPD) \n \nNCT06961214 \n	\n \nIII \n	\n \nA\nrandomised, double-blind, placebo-controlled, parallel-group,\nmulticentre study of the efficacy and safety of depemokimab in\nadult participants with COPD with type 2 inflammation \n	\n \nTrial\nstart: \n \nQ2\n2025 \n	\n \nRecruiting \n
\n \nVIGILANT\n(COPD) \n \nNCT07177339 \n	\n \nIII \n	\n \nA\nrandomised, double-blind, parallel group, placebo-controlled study\nof the efficacy and safety of early depemokimab initiation as\nadd-on treatment in COPD patients with type 2\ninflammation \n	\n \nTrial\nstart: \n \nQ4\n2025 \n	\n \nRecruiting \n

\n\nfelcorekibart (GSK5784283; anti-TSLP)

Felcorekibart\n(GSK5784283) is an investigational ultra-long-acting monoclonal\nantibody targeting thymic stromal lymphopoietin (TSLP), a key\ndriver of inflammation across multiple respiratory\ndiseases.

In\n2026, GSK initiated a broad global phase III development programme\nfor felcorekibart across multiple respiratory diseases. The PERSIST\nprogramme comprises six Phase III trials, with two studies each in\nuncontrolled asthma, chronic rhinosinusitis with nasal polyps\n(CRSwNP), and chronic obstructive pulmonary disease (COPD). These\nstudies are evaluating the efficacy and safety of felcorekibart as\nan add-on treatment in patients with inadequately controlled\ndisease.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n	\n\n	\n\n
\n \n\nTrial name (population) \n	\n \n\nPhase \n	\n \n\nDesign \n	\n \n\nTimeline \n	\n \n\nStatus \n
\n \nPERSIST\nASTHMA-1 \n \nNCT07780643 \n	\n \nIII \n	\n \nA\nmulticentre, randomised, double-blind, placebo-controlled,\nparallel-group study to evaluate the efficacy and safety of\nfelcorekibart (GSK5784283) as an add-on therapy in adults and\nadolescents with uncontrolled asthma \n	\n \nTrial\nstart: \n \nQ3\n2026 \n	\n \nRecruiting \n
\n \nPERSIST\nASTHMA-2 \n \nNCT07782996 \n	\n \nIII \n	\n \nA\nmulticentre, randomised, double-blind, placebo-controlled,\nparallel-group study to evaluate the efficacy and safety of\nfelcorekibart (GSK5784283) as an add-on therapy in adults and\nadolescents with uncontrolled asthma \n	\n \nTrial\nstart: \n \nQ3\n2026 \n	\n \nRecruiting \n
\n \nPERSIST\nCRSwNP-1 \n \nNCT07782970 \n	\n \nIII \n	\n \nA\nrandomised, double-blind, parallel-group Phase III study to assess\nthe efficacy and safety of felcorekibart (GSK5784283) in\nparticipants with chronic rhinosinusitis with nasal polyps\n(CRSwNP) \n	\n \nTrial\nstart: \n \nQ3\n2026 \n	\n \nRecruiting \n
\n \nPERSIST\nCRSwNP-2 \n \nNCT07782957 \n	\n \nIII \n	\n \nA\nrandomised, double-blind, parallel-group Phase III study to assess\nthe efficacy and safety of felcorekibart (GSK5784283) compared with\nplacebo in participants with chronic rhinosinusitis with nasal\npolyps (CRSwNP) \n	\n \nTrial\nstart: \n \nQ3\n2026 \n	\n \nRecruiting \n
\n \nPERSIST\nCOPD-1 \n \nNCT07780669 \n	\n \nIII \n	\n \nA\nrandomised, double-blind, placebo-controlled, parallel-group,\nmulticentre study of the efficacy and safety of felcorekibart\n(GSK5784283) in participants 40 to 80 years of age with moderate to\nvery severe COPD \n	\n \nTrial\nstart: \n \nQ3\n2026 \n	\n \nRecruiting \n
\n \nPERSIST\nCOPD-2 \n \nNCT07780656 \n	\n \nIII \n	\n \nA\nrandomised, double-blind, placebo-controlled, parallel-group,\nmulticentre study of the efficacy and safety of felcorekibart\n(GSK5784283) in participants 40 to 80 years of age with moderate to\nvery severe COPD \n	\n \nTrial\nstart: \n \nQ3\n2026 \n	\n \nRecruiting \n

\n\nOncology

Blenrep\n(belantamab\nmafodotin)

GSK is continuing\nthe DREAMM (DRiving Excellence in Approaches to Multiple Myeloma)\nclinical development programme to explore the full potential of\nbelantamab mafodotin, including in earlier lines of treatment. This\nincludes DREAMM-10, a phase III clinical trial in newly diagnosed\ntransplant-ineligible patients, who represent over 70% of patients\nstarting multiple myeloma therapy.

\nKey\nphase III trials for Blenrep:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n	\n\n	\n\n
\n \n\nTrial name (population) \n	\n \n\nPhase \n	\n \n\nDesign \n	\n \n\nTimeline \n	\n \n\nStatus \n
\n \nDREAMM-7\n(2L+ multiple myeloma; MM) \n\n \nNCT04246047 \n	\n \nIII \n	\n \nA\nmulticentre, open-label, randomised trial to evaluate the efficacy\nand safety of the combination of belantamab mafodotin, bortezomib,\nand dexamethasone (B-Vd) compared with the combination of\ndaratumumab, bortezomib and dexamethasone (D-Vd) in participants\nwith relapsed/refractory multiple myeloma \n	\n \nTrial\nstart: \n \nQ2\n2020 \n\n \nPrimary\ndata reported: \n \n\nQ4 2023 \n	\n \nActive,\nnot recruiting; primary endpoint met \n
\n \nDREAMM-8\n(2L+ MM) \n\n \nNCT04484623 \n	\n \nIII \n	\n \nA\nmulticentre, open-label, randomised trial to evaluate the efficacy\nand safety of belantamab mafodotin in combination with pomalidomide\nand dexamethasone (B-Pd) versus pomalidomide plus bortezomib and\ndexamethasone (P-Vd) in participants with relapsed/refractory\nmultiple myeloma \n	\n \nTrial\nstart: \n \nQ4\n2020 \n\n \nPrimary\ndata reported: \n \nQ1\n2024 \n	\n \nActive,\nnot recruiting, primary endpoint met \n
\n \nDREAMM-10\n(1L MM) \n \nNCT06679101 \n	\n \nIII \n	\n \nA\nmulticentre, open-label, randomised trial to evaluate the efficacy\nand safety of belantamab mafodotin, lenalidomide and dexamethasone\n(B-Rd) versus daratumumab, lenalidomide, and dexamethasone (D-Rd)\nin participants with newly diagnosed multiple myeloma who are\nineligible for autologous stem cell transplantation \n	\n \nTrial\nstart: \n \nQ4\n2024 \n	\n \nRecruiting \n

\n\nJemperli (dostarlimab)

\nOn 19\nOctober, the US FDA approved Jemperli as the first and only\nimmunotherapy for adults with stage II and III microsatellite\ninstability-high (MSI-H) / mismatch repair deficient (dMMR) locally\nadvanced rectal cancer. Approval was supported by the phase II\nAZUR-1 trial, which met its primary objective and demonstrated a\nclinically significant proportion of participants achieved\nsustained clinical complete responses at 12 months with data\ncontinuing to mature. The approval provides a new treatment\napproach that may help eligible patients avoid chemotherapy,\nradiation and surgery. Detailed interim findings from the AZUR-1\ntrial were presented in a late-breaking oral session at the 2026\nESMO Congress in October.

\n\nJemperli plays an important role in GSK’s\nimmuno-oncology-based research and development programme. It is the\nonly approved immuno-oncology-based plus carboplatin-paclitaxel\n(CP) treatment regimen to demonstrate a statistically significant\nand clinically meaningful overall survival benefit vs. CP alone for\nthe first-line treatment of adult patients with primary advanced or\nrecurrent endometrial cancer irrespective of biomarker status.\nOngoing pivotal trials include those in the AZUR programme (colon /\nrectal cancers), JADE (head and neck cancer), and DOMENICA\n(supported-collaborative study with ARCAGY-GINECO in endometrial\ncancer).

\nKey\ntrials for Jemperli:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n	\n\n	\n\n
\n \nTrial\nname (population) \n	\n \nPhase \n	\n \nDesign \n	\n \nTimeline \n	\n \nStatus \n
\n \nRUBY\n(1L stage III or IV endometrial cancer) \n\n \nNCT03981796 \n	\n \nIII \n	\n \nA\nrandomised, double-blind, multicentre trial of dostarlimab plus\ncarboplatin-paclitaxel with and without niraparib maintenance\nversus placebo plus carboplatin-paclitaxel in patients with\nrecurrent or primary advanced endometrial cancer \n	\n \nTrial\nstart: \n \nQ3\n2019 \n\n \nPart 1\ndata reported: \n \nQ4\n2022 \n\n \nPart 2\ndata reported: \n \nQ4\n2023 \n	\n \nActive,\nnot recruiting; primary endpoints met \n
\n \nGARNET\n(advanced solid tumours) \n\n \nNCT02715284 \n	\n \nI/II \n	\n \nA\nmulticentre, open-label, first-in-human trial evaluating\ndostarlimab in participants with advanced solid tumours who have\nlimited available treatment options \n	\n \nTrial\nstart: \n \nQ1\n2016 \n\n \nPrimary\ndata reported: \n \nQ1\n2019 \n	\n \nActive,\nnot recruiting \n
\n \nAZUR-1\n(stage II/III rectal cancer) \n\n \nNCT05723562 \n	\n \nII \n	\n \nA\nsingle-arm, open-label trial with dostarlimab monotherapy in\nparticipants with untreated stage II/III dMMR/MSI-H locally\nadvanced rectal cancer \n	\n \nTrial\nstart: \n \nQ1\n2023 \n \nData\nreported: \n \nQ3\n2026 \n	\n \nActive,\nnot recruiting \n
\n \nAZUR-2\n(untreated perioperative T4N0 or stage III colon\ncancer) \n \nNCT05855200 \n	\n \nIII \n	\n \nAn\nopen-label, randomised trial of perioperative dostarlimab\nmonotherapy versus standard of care in participants with untreated\nT4N0 or stage III MSI-H/dMMR resectable colon cancer \n	\n \nTrial\nstart: \n \nQ3\n2023 \n	\n \nActive,\nnot recruiting \n
\n \nJADE\n(locally advanced unresected head and neck cancer) \n \nNCT06256588 \n	\n \nIII \n	\n \nA\nrandomised, double-blind, study to evaluate dostarlimab versus\nplacebo as sequential therapy after chemoradiation in participants\nwith locally advanced unresected head and neck squamous cell\ncarcinoma \n	\n \nTrial\nstart: \n \nQ1\n2024 \n	\n \nActive,\nnot recruiting \n
\n \nSAPPHIRE\n(endometrial cancer) \n \nNCT07860450 \n	\n \nI/III \n	\n \nAn\nopen-label, multicenter, two-part study: a phase 1b dose selection\nfollowed by a randomised phase 3 to evaluate the pharmacokinetics,\nefficacy, and safety of subcutaneous dostarlimab plus\ncarboplatin-paclitaxel versus intravenous dostarlimab plus\ncarboplatin-paclitaxel in participants with primary advanced or\nrecurrent endometrial cancer \n	\n \nTrial\nstart: \n \nQ4\n2026 \n	\n \nNot\nactive, not recruiting \n
\n \nDOMENICA\n(relapsed or advanced dMMR endometrial cancer) \n \nNCT05201547 \n \nsupported-collaborative\nstudy with ARCAGY-GINECO \n	\n \nIII \n	\n \nA\nrandomised, multicentre study to evaluate the efficacy and safety\nof dostarlimab versus carboplatin-paclitaxel in patients with dMMR\nrelapsed or advanced endometrial cancer \n	\n \nTrial\nstart: \n \nQ2\n2022 \n	\n \nActive,\nnot recruiting \n

\n\nRisvutatug rezetecan (Ris-Rez)

Ris-Rez is a novel\ninvestigational antibody-drug conjugate targeting the B7-H3\nprotein, which is highly expressed in more than 10 solid tumour\ntypes, supporting the ambition of GSK’s EMBOLD global trial\nprogramme to develop Ris-Rez across more than 40 indications by\n2040.

In\nSeptember 2026, GSK started its second global phase III trial for\nRis-Rez, EMBOLD Prostate-302, studying Ris-Rez in patients with\nmetastatic castration-resistant prostate cancer.

Also in September,\nGSK's licensor Hansoh Pharma presented pivotal phase III data at\nthe World Conference on Lung Cancer showing Ris-Rez significantly\nreduced the risk of death versus topotecan in patients with\nrelapsed small cell lung cancer (SCLC) in China. The results\nprovide further momentum for GSK’s global development of\nRis-Rez across later-line and earlier treatment settings for\nSCLC.

At\nthe 2026 ESMO Congress in October, GSK presented the first global\ndata for Ris-Rez in patients with relapsed extensive-stage SCLC.\nResults from the phase Ib dose-optimisation portion of the EMBOLD\nPanTumour-101 trial showed positive anti-tumour activity and a\nmanageable safety profile. These results supported selection of the\n8 mg/kg dose currently being evaluated in GSK’s global phase\nIII EMBOLD SCLC-301 trial in the same tumour type.

Also at ESMO,\nHansoh Pharma presented positive data from its second phase III\ntrial of Ris-Rez this year, ARTEMIS-011 in patients with relapsed\nosteosarcoma in China. The results showed Ris-Rez significantly\nreduced the risk of disease progression or death compared with\nchemotherapy, after a median follow-up of 7.1 months. Safety\nfindings were consistent with prior findings in this tumour type.\nThe results will help inform GSK's global development programme,\nincluding an ongoing EMBOLD Sarcoma 202 phase II trial in advanced\nosteosarcoma and soft tissue sarcoma.

\nKey\nphase III trials for Ris-Rez:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n	\n\n	\n\n
\n \nTrial\nname (population) \n	\n \nPhase \n	\n \nDesign \n	\n \nTimeline \n	\n \nStatus \n
\n \nEMBOLD-SCLC-301 \n \nNCT07099898 \n	\n \nIII \n	\n \nA\nmulticenter, randomised, open-label study of risvutatug rezetecan\ncompared with topotecan in participants with relapsed small cell\nlung cancer \n	\n \nTrial\nstart: \n \nQ3\n2025 \n	\n \nRecruiting \n
\n \nEMBOLD\nProstate-302 (prostate cancer) \n \nNCT07802704 \n	\n \nIII \n	\n \nA\nmulticenter, randomised, open-label study of risvutatug rezetecan\ncompared with best supportive standard of care, with or without\nandrogen receptor pathway inhibitors, in participants with\nmetastatic castration-resistant prostate cancer \n	\n \nTrial\nstart: \n \nQ3\n2026 \n	\n \nRecruiting \n

\n\nMocertatug rezetecan (Mo-Rez)

\nGSK is\nadvancing Mo-Rez, a B7-H4–targeting investigational\nantibody-drug conjugate, through the global BEHOLD development\nprogramme across multiple gynaecological cancer indications, where\nsignificant unmet need remains. B7-H4 is an immune checkpoint that\nis widely expressed in ovarian and endometrial cancers, and is low\nin normal tissues, making it a promising target for clinical\ndevelopment.

Five phase III\npivotal trials for Mo-Rez have been initiated and are actively\nrecruiting patients: BEHOLD-Ovarian01 in platinum-resistant ovarian\ncancer (PROC), BEHOLD-Endometrial01 in advanced or recurrent\nendometrial cancer, BEHOLD-Ovarian02 in platinum sensitive ovarian\ncancer, BEHOLD-Ovarian03 in first-line maintenance ovarian cancer\nwithout homologous recombination deficiency and\nBEHOLD-Endometrial02 in first line maintenance mismatch\nrepair–proficient endometrial cancer.

In\nOctober 2026, GSK presented the latest safety positive data for\nMo-Rez from the global phase I BEHOLD-1 trial at ESMO demonstrating\nclinically meaningful and durable responses at >13 months follow\nup, alongside a manageable safety for patients with PROC. The\nresponse to Mo-Rez observed across a range of B7-H4 expression\nlevels reinforces its broad potential in gynaecologic cancers and\nfurther validates the relevance of targeting B7-H4.

\nKey\nphase III trials for Mo-Rez:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n	\n\n	\n\n
\n \nTrial\nname (population) \n	\n \nPhase \n	\n \nDesign \n	\n \nTimeline \n	\n \nStatus \n
\n \nBEHOLD-Ovarian01 \n \nGOG-3132\n/ ENGOT-o98 / APGOT-OV21 \n \nNCT07286266 \n	\n \nIII \n	\n \nA\nrandomised, Open-label, Multicenter, Phase III Study to Investigate\nmocertatug rezetecan Compared With Chemotherapy in Participants\nWith Platinum-resistant Ovarian Cancer \n	\n \nTrial\nstart: \n \nQ2\n2026 \n	\n \nRecruiting \n
\n \nBEHOLD-Endometrial01 \n \nGOG-3131\n/ ENGOT-en34 / APGOT-EN4 \n \nNCT07286331 \n	\n \nIII \n	\n \nA\nrandomised, Open-label, Multicenter, Phase III Study to Investigate\nmocertatug rezetecan Compared With Chemotherapy in Participants\nWith Recurrent Endometrial Cancer \n	\n \nTrial\nstart: \n \nQ2\n2026 \n	\n \nRecruiting \n
\n \nBEHOLD-Ovarian02\n/ GOG-3136 / ENGOT-ov99 / APGOT-OV19 \n \nNCT07684612 \n	\n \nIII \n	\n \nA\nrandomised, Open-Label, Multicenter, Phase 3 Study to Investigate\nMocertatug Rezetecan With Bevacizumab Compared With Platinum\nDoublet With Bevacizumab in Participants With Platinum-Sensitive\nOvarian Cancer \n	\n \nTrial\nstart: \n \nQ3\n2026 \n	\n \nRecruiting \n
\n\n
\n	\n	\n	\n	\n	\n \nTrial name \n(population) \n	\n \nPhase \n	\n \nDesign \n	\n \nTimeline \n	\n \nStatus \n
\n	\n	\n	\n	\n	\n BEHOLD-Ovarian03 /\nGOG-3135 / ENGOT-ov105 / APGOT-OV20 \n \nNCT07694427 \n \n	\n III \n	\n A\nrandomised, Open-label, Multicenter, Phase 3 Study to Investigate\nMocertatug Rezetecan With or Without Bevacizumab in Comparison to\nActive Observation With or Without Bevacizumab as Maintenance\nTreatment in Participants With Newly Diagnosed FIGO Stage III/IV\nNon-Homologous Recombination Deficient Ovarian Cancer \n	\n Trial\nstart: \n \nQ4\n2026 \n \n	\n Recruiting \n
\n	\n	\n	\n	\n	\n BEHOLD-Endometrial02\n/ ENGOT-en33 / GOG-3130 / APGOT-EN5 \n \nNCT07684599 \n \n	\n III \n	\n A\nrandomised, Open-label, Multicenter, Phase 3 Study to Investigate\nMocertatug Rezetecan in Combination With Immune Checkpoint\nInhibition for Maintenance Treatment of Participants With Mismatch\nRepair Proficient (MMRp) Endometrial Cancer \n	\n Trial\nstart: \n \nQ3\n2026 \n \n	\n Recruiting \n

\nJideytro\n(zidesamtinib)

\n\nJideytro (zidesamtinib) is a ROS1 tyrosine kinase inhibitor\n(TKI) approved by the US FDA for the treatment of adult patients\nwith locally advanced or metastatic ROS1-positive non-small cell\nlung cancer (NSCLC) who received a prior ROS1 kinase inhibitor. The\nFDA approval is based on results from the ARROS-1 (NCT05118789)\nglobal phase I/II trial evaluating zidesamtinib in patients with\nadvanced ROS1 positive NSCLC and other ROS1-positive solid\ntumours.

\n\nJideytro is GSK's first approved medicine in lung cancer and\nwas added to the portfolio through the acquisition of\nNuvalent.

\nIn September 2026, GSK announced positive results\nfrom the registrational phase I/II ARROS-1 trial evaluating\nzidesamtinib in patients with advanced or metastatic ROS1-positive\nTKI-naïve NSCLC. The data were presented in a Presidential\nSymposium session at the 2026 World Conference on Lung Cancer and\nwill support a planned supplemental New Drug Application to the US\nFDA this year to expand the indication to include first-line\ntreatment.

\nKey trials for Jideytro:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

\nTrial\nname (population)

\nPhase

\nDesign

\nTimeline

\nStatus

\nARROS-1\n(ROS1+ non-small cell lung cancer and other solid tumours;\nNSCLC)

\nI/II

\nA study\nof the highly selective ROS1 inhibitor zidesamtinib (NVL-520) in\npatients with advanced NSCLC and other solid tumors

\nTrial\nstart:

\nQ1\n2022

\nActive

\n\nneladalkib:

\nNeladalkib\nis an investigational ALK tyrosine kinase inhibitor (TKI) designed\nto maintain activity against a broad range of ALK resistance\nmutations, while minimising off-target activity and optimising\npenetration into the central nervous system\n(CNS).

\nNeladalkib\nwas previously granted US Breakthrough Therapy designation for the\ntreatment of patients with locally advanced or metastatic\nALK-positive NSCLC who have been previously treated with 2 or more\nALK TKIs and Orphan Drug designation for ALK-positive\nNSCLC.

\nThe\nphase I/II ALKOVE-1 study is ongoing in patients with advanced\nALK-positive NSCLC and other solid tumours, and the phase III\nALKAZAR trial is evaluating neladalkib versus alectinib in\nfirst-line ALK-positive NSCLC.

\nKey\ntrials for neladalkib:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n	\n\n	\n\n
\n \nTrial\nname (population) \n	\n \nPhase \n	\n \nDesign \n	\n \nTimeline \n	\n \nStatus \n
\n \nALKOVE-1\n(ALK+ non-small cell lung cancer and other solid tumours;\nNSCLC) \n	\n \nI/II \n	\n \nA study\nof neladalkib (NVL-655) in patients with advanced NSCLC and other\nsolid tumors harboring ALK rearrangement or activating ALK\nmutation \n	\n \nTrial\nstart: \n \nQ2\n2022 \n	\n \nActive \n
\n \nALKAZAR\n(1L ALK+ non-small cell lung cancer; NSCLC) \n	\n \nIII \n	\n \nA phase\nIII study of the selective anaplastic lymphoma kinase (ALK)\ninhibitor NVL-655 compared to alectinib in first-line treatment of\npatients with ALK-positive advanced non-small cell lung cancer\n(NSCLC) \n	\n \nTrial\nstart: \n \nQ3\n2025 \n	\n \nActive \n

\n\nHIV

\nAs a\npioneer in long-acting injectables, ViiV Healthcare, majority owned\nby GSK, remains focused on advancing the next-generation of\nINSTI-powered HIV innovation.

\nIn Q3,\ntopline phase IIIb CROWN data demonstrated Cabenuva’s (cabotegravir +\nrilpivirine; CAB + RPV LA) superior efficacy versus standard of\ncare oral anti-retroviral therapy in people with unsuppressed HIV.\nThese data address an important unmet need and significant growth\nopportunity and will be shared with health authorities for\nregulatory review.

\nAt\nIDWeek 2026, data were shared adding to the significant body of\nclinical and real-world evidence for long-acting injectables.\nFive-year OPERA data further reinforced durable effectiveness of\nCAB LA + RPV in the real world, while prevention data showed very\nlow HIV acquisition with CAB LA for PrEP, consistent with\nregistrational trials. In-vitro data for VH184 – the first\npotential third-generation INSTI – were also shared further\nhighlighting an enhanced resistance profile against first- and\nsecond-generation INSTI-resistant strains.

\nFor the\n3x a year long-acting injectable candidate for HIV PrEP (new\nintramuscular formulation of cabotegravir), data are now in house\nfrom the EXTEND 4M pharmacokinetic (PK) study. Analyses are\nunderway to fully characterise the new formulation ahead of sharing\nthe data package with regulators.

Key HIV\ntrials:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n	\n\n	\n\n
\n \nTrial\nname (population) \n	\n \nPhase \n	\n \nDesign \n	\n \nTimeline \n	\n \nStatus \n
\n \nEXTEND\n4M (HIV) \n \nNCT06741397 \n	\n \nIIb \n	\n \nPhase\nIIb single arm, repeat dose study to evaluate the PK profile,\nsafety and tolerability of a new formulation of cabotegravir LA\ninjected intramuscularly every four months in adolescent and adult\nparticipants at risk of HIV acquisition. \n	\n \nTrial\nstart: \n \nQ4\n2024 \n	\n \nActive,\nnot recruiting, data analysis underway \n
\n \nCUATRO\n(HIV) \n \nNCT07650916 \n	\n \nIII \n	\n \nPhase\nIII, randomised, multicenter, parallel-group, non-inferiority,\nopen-label study evaluating the efficacy, safety, and tolerability\nof new cabotegravir and rilpivirine formulations or cabotegravir\nlong-acting plus rilpivirine in adults and adolescents with HIV who\nare virologically suppressed on ART \n	\n \nTrial\nstart: \n \nQ2\n2026 \n	\n \nActive,\nrecruiting \n

\n\nInfectious Diseases

\nArexvy\n(respiratory\nsyncytial virus vaccine, adjuvanted)

\nGSK\ncontinues to progress the life-cycle innovation of Arexvy, its Respiratory Syncytial Virus\n(RSV) vaccine for adults, with expanded indications in new\npopulations and geographies.

\nThe\nvaccine is approved for the prevention of lower respiratory tract\ndisease (LRTD) caused by RSV in adults aged 60 years of age and\nolder in over 70 countries. It is also approved for use in adults\naged 50–59 at increased risk (AIR) for LRTD caused by RSV due\nto certain underlying medical conditions in over 60 countries,\nincluding the US and Japan. In the US and Japan, it is approved for\nuse in adults aged 18–49 years AIR and in the European\nEconomic Area for adults aged 18 years and older. Arexvy is not for use in pregnant\nindividuals.

\nIn\nJuly, the US FDA approved an update to the Arexvy prescribing information to\ninclude data in immunocompromised (IC) adults aged 18 years and\nolder. Arexvy is approved\nfor use in IC adults aged 18 years and older in the European\nEconomic Area and in IC adults aged 18 years and older in\nJapan.

\nChina’s\nCenter for Drug Evaluation (CDE) is reviewing a regulatory\napplication for Arexvy for\nthe prevention of LRTD caused by RSV in adults aged 60 years and\nolder. A decision is expected in 2027.

\nKey trials for Arexvy:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n	\n\n	\n\n
\n \nTrial\nname (population) \n	\n \nPhase \n	\n \nDesign \n	\n \nTimeline \n	\n \nStatus \n
\n \nRSV\nOA=ADJ-004 \n \n(Adults\naged ≥60 years) \n\n\n \nNCT04732871 \n	\n \nIII \n	\n \nA\nrandomised, open-label, multi-country trial to evaluate the\nimmunogenicity, safety, reactogenicity and persistence of a single\ndose of the RSVPreF3 OA investigational vaccine and different\nrevaccination schedules in adults aged 60 years and\nabove \n	\n \nTrial\nstart: \n \nQ1\n2021 \n\n \nPrimary\ndata reported: \n \nQ2\n2022 \n	\n \nActive,\nnot recruiting; primary endpoint met \n
\n \nRSV\nOA=ADJ-012 \n \n(Adults\naged ≥60 years ) \n\n\n \nNCT06534892 \n	\n \nIIIb \n	\n \nAn\nextension and crossover vaccination study on the immune response\nand safety of a vaccine against Respiratory Syncytial Virus given\nto adults 60 years of age and above who participated in RSV\nOA=ADJ-006 study \n	\n \nTrial\nstart: \n \nQ3\n2024 \n	\n \nActive,\nnot recruiting \n
\n \nRSV\nOA=ADJ-031 \n \n(Immunocompromised\nadults aged ≥18 years) \n\n \nNCT07092865 \n	\n \nIIb \n	\n \nA\nnon-randomised, controlled, open-label, extension study to evaluate\nthe persistence of immune response of the adjuvanted RSVPreF3\nvaccine and the safety and immunogenicity following revaccination\nin lung and kidney transplant recipients (aged 18 years and\nabove) \n	\n \nTrial\nstart: \n \nQ3\n2025 \n	\n \nActive,\nnot recruiting \n
\n \nRSV\nOA=ADJ-028 \n\n \n(Adults\n18 to 59 years of age at increased risk for RSV\ndisease) \n\n \nNCT07220109 \n	\n \nIII \n	\n \nA\nrandomised, controlled, observer blind, immuno-bridging study to\nevaluate immunogenicity, reactogenicity and safety of a single dose\nof the RSVPreF3 OA investigational vaccine in Chinese adults 18-59\nyears of age at increased risk of RSV Disease \n	\n \nTrial\nstart: \n \nQ4\n2025 \n	\n \nActive,\nnot recruiting \n

\n\nmRNA seasonal flu (double target flu HA-NA vaccine\ncandidate)

\nIn\nAugust 2026, GSK presented positive phase II data for its mRNA\nseasonal influenza (flu) vaccine candidate at the OPTIONS XIII\nConference for the Control of Influenza. GSK’s vaccine\ncandidate showed higher immune responses against all influenza\nstrains tested compared to licensed standard dose and high dose\ninactivated flu vaccines in younger and older adults respectively,\nand was generally well tolerated. Based on these results, in\nSeptember 2026, GSK started the first phase III trial of an mRNA\nflu vaccine designed to target both haemagglutinin (HA) and\nneuraminidase (NA), the primary surface antigens that cause the flu\nvirus to bind and spread. While licensed flu vaccines primarily\ntarget HA, GSK’s vaccine candidate is specifically designed\nto also target NA. Growing evidence suggests this could help\nimprove protection, illness severity and transmission. In July\n2026, the US Food and Drug Administration (FDA) granted the vaccine\ncandidate Fast Track designation for the targeted age indication,\nreflecting the urgent need to improve flu protection.

\nKey\ntrials:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n	\n\n	\n\n
\n \nTrial name (population) \n	\n \nPhase \n	\n \nDesign \n	\n \nTimeline \n	\n \nStatus \n
\n \nDUET-006 \n \n(Adults\n≥65 Years of Age) \n	\n \nIII \n	\n \nA Phase\n3 randomised, Observer-Blind, Controlled Study to Evaluate the\nClinical Efficacy of an mRNA Based Seasonal Influenza Vaccine in\nOlder Adults ≥65 Years of Age \n	\n \nTrial\nstart: September 2026 \n	\n \nRecruiting \n
\n \nDUET-004 \n \n(Adults\n18-64 Years of Age) \n	\n \nIII \n	\n \nA Phase\n3 randomised, Observer-Blind, Controlled Study to Evaluate the\nImmunogenicity, Reactogenicity and Safety of an mRNA-based Seasonal\nInfluenza Vaccine, in adults 18-64 Years of age \n	\n \nTrial\nstart: October 2026 \n	\n \nRecruiting \n

\n\nHibsago (HBV ASO)\n(bepirovirsen)

Hibsago is a triple-action antisense\noligonucleotide - a first in class new treatment option for people\nwith chronic hepatitis B (CHB). It is designed to inhibit the\nreplication of viral DNA in the body, suppress the level of\nhepatitis B surface antigen (HBsAg) in the blood, and stimulate the\nimmune system to increase the chances of a durable and sustained\nresponse.

In\nAugust 2026, Hibsago was\napproved as a functional cure for CHB in Japan – the first\napproval anywhere in the world. This was followed by approval by\nthe US FDA in October 2026. These decisions were accelerated by\nregulatory designations reflecting Hibsago’s innovation and\npotential to address significant unmet need in CHB. Reviews are\nalso underway in other markets including China, supported by\nBreakthrough Therapy Designation and Priority Review and the EU.\nFurther submissions are planned for 2027.

To\nfurther expand development of novel sequential regimens, GSK\nentered an agreement for an exclusive worldwide license to develop\nand commercialise daplusiran/tomligisiran (GSK5637608, formerly\nJNJ-3989), an investigational hepatitis B virus-targeted small\ninterfering ribonucleic acid (siRNA) therapeutic. This agreement\nprovides an opportunity to investigate a novel sequential regimen\nto pursue functional cure in an even broader patient population\nwith bepirovirsen. Phase IIb trials for this sequential therapy\nstarted in Q4 2024.

\nKey\ntrials for bepirovirsen:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n\n	\n\n	\n\n	\n\n
\n \nTrial\nname (population) \n	\n \nPhase \n	\n \nDesign \n	\n \nTimeline \n	\n \nStatus \n
\n \nB-Well\n1 bepirovirsen in nucleos(t)ide treated patients (chronic hepatitis\nB) \n\n\n \nNCT05630807 \n	\n \nIII \n	\n \nA\nmulticentre, randomised, double-blind, placebo-controlled trial to\nconfirm the efficacy and safety of treatment with bepirovirsen in\nparticipants with chronic hepatitis B virus \n	\n \nTrial\nStart: \n \nQ1\n2023 \n	\n \nCompleted;\nprimary endpoint met \n
\n \nB-Well\n2 bepirovirsen in nucleos(t)ide treated patients (chronic hepatitis\nB) \n\n\n \nNCT05630820 \n	\n \nIII \n	\n \nA\nmulticentre, randomised, double-blind, placebo-controlled trial to\nconfirm the efficacy and safety of treatment with bepirovirsen in\nparticipants with chronic hepatitis B virus \n	\n \nTrial\nStart: \n \nQ1\n2023 \n	\n \nCompleted;\nprimary endpoint met \n
\n \nB-United\nbepirovirsen sequential therapy with daplusiran/tomligisiran in\nnucleos(t)ide treated patients (chronic hepatitis B) \n\n\n \nNCT06537414 \n	\n \nIIb \n	\n \nA\nmulticentre, randomised, partially placebo-controlled, double-blind\nstudy to investigate the safety and efficacy of sequential therapy\nwith daplusiran/tomligisiran followed by bepirovirsen in\nparticipants with chronic hepatitis B virus on background\nnucleos(t)ide analogue therapy \n	\n \nTrial\nstart: \n \nQ4\n2024 \n	\n \nActive,\nnot recruiting \n
\n \nB-Sure\nLong-term Follow-up Study to Evaluate Durability of Treatment\nResponse in Previous Bepirovirsen Study Participants \n \nNCT04954859 \n	\n \nII \n	\n \nA\nglobal multicenter, long-term follow-up study to assess durability\nof efficacy, as measured by maintenance of treatment response from\nthe parent study, in participants who participated in a previous\nbepirovirsen study and achieved a complete or partial response.\nEligible participants will be enrolled in this study after\ncompleting the end of study (EoS) visit in one of five parent\nbepirovirsen studies. \n	\n \nTrial\nStart: Q1 2021 \n	\n \nActive,\nnot recruiting \n

\n\nReporting definitions

\n\nCAGR (Compound annual growth rate)

\nCAGR is\ndefined as the compound annual growth rate and shows the annualised\naverage rate for growth in sales and core operating profit between\n2021 to 2026, assuming growth takes place at an exponentially\ncompounded rate during those years.

\n\nCER and AER growth

\nIn\norder to provide investors with a measure of year-on-year growth\nexcluding the impact of exchange rate movements, it is the\nGroup’s practice to discuss its results in terms of constant\nexchange rate (CER) growth. This represents growth calculated as if\nthe exchange rates used to determine the results of overseas\ncompanies in Sterling had remained unchanged from those used in the\ncomparative period. CER% represents growth at constant exchange\nrates. For those countries which qualify as hyperinflationary as\ndefined by the criteria set out in IAS 29 ‘Financial\nReporting in Hyperinflationary Economies’ (Argentina and\nTurkey) CER growth is adjusted using a more appropriate exchange\nrate where the impact is significant, reflecting depreciation of\ntheir respective currencies in order to provide comparability and\nnot to distort CER growth rates.

\nAER%\nrepresents growth at actual exchange rates.

\n\nCore Earnings per share

Unless otherwise\nstated, Core earnings per share refers to Core basic earnings per\nshare.

Core\nOperating Margin

Core Operating\nmargin is Core operating profit divided by turnover. Core operating\nprofit is a key financial measure used by management to evaluate\nperformance.

\n\nFree cash flow

\nFree\ncash flow is defined as the net cash inflow/outflow from operating\nactivities less capital expenditure on property, plant and\nequipment and intangible assets, contingent consideration payments,\nnet finance costs, and distributions to non-controlling interests,\ncontributions from non-controlling interests plus proceeds from the\nsale of property, plant and equipment and intangible assets, and\ndividends received from joint ventures and associates. Free cash\nflow provides investors with a measure of cash flows that are\navailable to pay shareholder distributions and to fund strategic\nacquisitions. It is used by management for planning and reporting\npurposes and in discussions with and presentations to investment\nanalysts and rating agencies. Free cash flow growth is calculated\non a reported basis. A reconciliation of net cash inflow from\noperations to free cash flow from operations is set out on page\n34.

\n\nFree cash flow conversion

Free cash flow\nconversion is free cash flow from operations as a percentage of\nprofit attributable to shareholders. Free cash flow conversion\nprovides investors with a measure of turning profit into\ncash.

\n\nGeneral Medicines

\nGeneral\nMedicines are usually prescribed in the primary care or community\nsettings by general healthcare practitioners. For GSK, this\nincludes medicines for inhaled respiratory, dermatology,\nantibiotics and other diseases.

\n\nNon-controlling interest (NCI)

Non-controlling\ninterest is the equity in a subsidiary not attributable, directly\nor indirectly, to a parent.

\n\nPercentage points

Percentage points\nof growth which is abbreviated to ppts.

\n\nRAR (Returns and Rebates)

GSK sells to\ncustomers both commercial and government mandated contracts with\nreimbursement arrangements that include rebates, chargebacks and a\nright of return for certain pharmaceutical products principally in\nthe US. Revenue recognition reflects gross-to-net sales adjustments\nas a result. These adjustments are known as the RAR accruals and\nare a source of significant estimation uncertainty and fluctuation\nwhich can have a material impact on reported revenue from one\naccounting period to the next.

\n\nRisk adjusted sales

Pipeline\nrisk-adjusted sales are based on the latest internal estimate of\nthe probability of technical and regulatory success for each asset\nin development.

Specialty\nMedicines

Specialty Medicines\nare typically prescription medicines used to treat complex or rare\nchronic conditions. For GSK, this comprises medicines for\ninfectious diseases, HIV, Respiratory, Immunology &\nInflammation, and Oncology.

\n\nTotal Net debt

Net debt is defined\nas total borrowings less cash, cash equivalents, liquid\ninvestments, and short-term loans to third parties that are subject\nto an insignificant risk of change in value. The measure is used by\nmanagement as it is considered a good indicator of GSK's ability to\nmeet its financial commitments and the strength of its balance\nsheet (including those classified as assets held for sale and\nliabilities relating to assets held for sale).

\n\nTotal and Core results

Total reported\nresults represent the Group’s overall performance. GSK uses a\nnumber of non-IFRS measures to report the performance of its\nbusiness. Core results and other non-IFRS measures may be\nconsidered in addition to, but not as a substitute for or superior\nto, information presented in accordance with IFRS. Core results are\ndefined on page 14 and other non-IFRS measures are defined in pages\n43 and 44.

\n\nTotal Operating Margin

Total Operating\nmargin is Total operating profit divided by turnover.

\n\nTotal Earnings per share

Unless otherwise\nstated, Total earnings per share refers to Total basic earnings per\nshare.

\n\nWorking capital

Working capital\nrepresents inventory and trade receivables less trade\npayables.

\n\nYear to date

Year to date is the\nnine-month period in the year to 30 September 2026 or the same\nprior period in 2025 as appropriate.

\n\nGuidance and Outlooks, assumptions and cautionary\nstatements

\n\n2026 Guidance

GSK reaffirms its\nfull-year 2026 guidance at constant exchange rates\n(CER).

GSK expects its\nturnover to increase between 3% to 5%, at the upper half of the\nrange, and Core operating profit to increase between 7% to 9%, at\nthe upper half of the range. Core earnings per share is expected to\nincrease between 7% to 9%, at the lower half of the\nrange.

The Group has made\nplanning assumptions that we expect turnover for Specialty\nMedicines to increase by a low double-digit percentage, Vaccines to\nbe broadly stable to an increase at a low-single digit percentage,\nand General Medicines to decline by a mid-single digit to low\nsingle-digit percentage.

\n\n2021-2026 and 2031 Outlooks

In\nFebruary 2025, GSK set out improved outlooks for 2031 which are\ndetailed in the 2024 full year and fourth quarter results on\ngsk.com(1).

\n\nAssumptions and basis of preparation related to 2026 Guidance,\n2021-26 and 2031 Outlooks

\nIn\noutlining the guidance for 2026, and outlooks for the period\n2021-26 and for 2031, the Group has made certain assumptions about\nthe macro-economic environment, the healthcare sector (including\nregarding existing and possible additional governmental legislative\nand regulatory reform), the different markets and competitive\nlandscape in which the Group operates and the delivery of revenues\nand financial benefits from its current portfolio, its development\npipeline and restructuring programmes, including the Accelerate\nGrowth programme as outlined on page 17.

\nAs\npreviously announced, on 19 December 2025, GSK entered into an\nagreement with the US Administration to lower the cost of\nprescription medicines for American patients and exclude both GSK\nand ViiV Healthcare from Section 232 tariffs for three years. On 9\nApril 2026, GSK, ViiV Healthcare, and the US Government entered\ninto a definitive agreement reflecting Section 232 tariff relief\nthrough 20 January 2029 (subject to implementation and ongoing\ncompliance). As part of that implementation, GSK and ViiV\nHealthcare each signed a GENEROUS Model Manufacturer Participation\nAgreement with the Centers for Medicare and Medicaid Services\neffective 15 June 2026. With these agreements GSK and ViiV\nHealthcare have committed certain products to participate in the\nvoluntary GENEROUS Model. GSK and ViiV have also entered into\nGENEROUS Model Supplemental Rebate Agreements with several\ninterested states and will work with the other states going forward\nto execute Supplemental Rebate Agreements as requested. Our full\nyear guidance is inclusive of the expected impact of these\nagreements.

\n\n2026 Guidance

\nThese\nplanning assumptions as well as operating profit, earnings per\nshare guidance and dividend expectations assume no material\ninterruptions to supply of the Group’s products, no material\nmergers, acquisitions or disposals, no material litigation or\ninvestigation costs for the Company (save for those that are\nalready recognised or for which provisions have been made) and no\nchange in the Group’s shareholdings in ViiV Healthcare. The\nassumptions also assume no material changes in the healthcare\nenvironment or unexpected significant changes in pricing or trade\npolicies, including tariffs (except as noted above), as a result of\ngovernment or competitor action. The 2026 guidance factors in all\ndivestments and product exits announced to date.

\n\n2021-26 and 2031 Outlooks

\nThe\nassumptions for GSK’s revenue, Core operating profit, Core\noperating margin and cash flow outlooks, 2031 revenue outlook and\nmargin expectations through dolutegravir loss of exclusivity assume\nthe delivery of revenues and financial benefits from its current\nand development pipeline portfolio of medicines and vaccines (which\nhave been assessed for this purpose on a risk-adjusted basis, as\ndescribed further below); regulatory approvals of the pipeline\nportfolio of medicines and vaccines that underlie these\nexpectations (which have also been assessed for this purpose on a\nrisk-adjusted basis, as described further below); no material\ninterruptions to supply of the Group’s products; successful\ndelivery of the ongoing and planned integration and restructuring\nplans, including the Accelerate Growth programme as outlined on\npage 17; no material mergers, acquisitions or disposals or other\nmaterial business development transactions; no material litigation\nor investigation costs for the Company (save for those that are\nalready recognised or for which provisions have been made); and no\nchange in the Group's shareholdings in ViiV Healthcare. GSK assumes\nno premature loss of exclusivity for key products over the\nperiod.

\nThe\nassumptions for GSK’s revenue, Core operating profit, Core\noperating margin and cash flow outlooks, 2031 revenue outlook and\nmargin expectations through dolutegravir loss of exclusivity also\nfactor in all divestments and product exits announced to date as\nwell as material costs for investment in new product launches and\nR&D. Risk-adjusted sales includes sales for potential planned\nlaunches which are risk-adjusted based on the latest internal\nestimate of the probability of technical and regulatory success for\neach asset in development.

\nNotwithstanding\nour guidance, outlooks and expectations, there is still uncertainty\nas to whether our assumptions, guidance, outlooks and expectations\nwill be achieved.

\nAll\noutlook statements are given on a constant currency basis and use\n2025 average exchange rates as a base (£1/$1.31,\n£1/€1.17, £1/Yen 198).

\n\n(1) https://www.gsk.com/media/slrhnzie/fy-2024-results-announcement.pdf

\n\nAssumptions and cautionary statement regarding forward-looking\nstatements

\nThe\nGroup’s management believes that the assumptions outlined\nabove are reasonable, and that the guidance, outlooks, and\nexpectations described in this report are achievable based on those\nassumptions. However, given the forward-looking nature of these\nguidance, outlooks, and expectations, they are subject to greater\nuncertainty, including potential material impacts if the above\nassumptions are not realised, and other material impacts related to\nforeign exchange fluctuations, macro-economic activity, the impact\nof outbreaks, epidemics or pandemics, changes in legislation,\nregulation, government actions and policies, including the impact\nof any potential tariffs or other restrictive trade policies on the\nGroup's products, or intellectual property protection, product\ndevelopment and approvals, actions by our competitors, and other\nrisks inherent to the industries in which we operate.

\nThis\ndocument contains statements that are, or may be deemed to be,\n“forward-looking statements”. Forward-looking\nstatements give the Group’s current expectations or forecasts\nof future events. An investor can identify these statements by the\nfact that they do not relate strictly to historical or current\nfacts. They use words such as 'aim', 'ambition', 'anticipate',\n'believe', 'could', 'estimate', 'expect', 'goal', 'intend', 'may',\n'outlook', 'plan', 'project', 'seek', 'should', 'target', 'will'\nand other words and terms of similar meaning in connection with any\ndiscussion of future operating or financial performance. In\nparticular, these include statements relating to future actions,\nprospective products or product approvals, future performance or\nresults of current and anticipated products, sales efforts,\nexpenses, the outcome of contingencies such as legal proceedings,\ndividend payments and financial results. Other than in accordance\nwith its legal or regulatory obligations (including under the\nMarket Abuse Regulation, the UK Listing Rules and the Disclosure\nGuidance and Transparency Rules of the Financial Conduct\nAuthority), the Group undertakes no obligation to update any\nforward-looking statements, whether as a result of new information,\nfuture events or otherwise. The reader should, however, consult any\nadditional disclosures that the Group may make in any documents\nwhich it publishes and/or files with the SEC. All readers, wherever\nlocated, should take note of these disclosures. Accordingly, no\nassurance can be given that any particular expectation will be met\nand readers are cautioned not to place undue reliance on the\nforward-looking statements.

\nAll\nguidance, outlooks and expectations should be read together with\nthe guidance and outlooks, assumptions and cautionary statements in\nthis Q3 2026 earnings release and in the Group's 2025 Annual Report\non Form 20-F.

\nForward-looking\nstatements are subject to assumptions, inherent risks and\nuncertainties, many of which relate to factors that are beyond the\nGroup’s control or precise estimate. The Group cautions\ninvestors that a number of important factors, including those in\nthis document, could cause actual results to differ materially from\nthose expressed or implied in any forward-looking statement. Such\nfactors include, but are not limited to, those discussed under\n‘Risk Factors’ in the Group’s Annual Report on\nForm 20-F for 2025 and as described on pages 48 and 49 of the Q2\n2026 earnings release. Any forward-looking statements made by or on\nbehalf of the Group speak only as of the date they are made and are\nbased upon the knowledge and information available to the Directors\non the date of this report.

\n\nIndependent review report to GSK plc

\n\nConclusion

We\nhave been engaged by GSK plc (“the company”) to review\nthe condensed financial information in the Results Announcement of\nthe company for the three and nine months ended 30 September\n2026.

\nThe\ncondensed financial information comprises:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n \n● \n	\n \nthe\nincome statement and statement of comprehensive income for the\nthree and nine month periods ended 30 September 2026 on page 20 and\n21; \n
\n \n● \n	\n \nthe\nbalance sheet as at 30 September 2026 on page 22; \n
\n \n● \n	\n \nthe\nstatement of changes in equity for the nine-month period then ended\non page 23; \n
\n \n● \n	\n \nthe\ncash flow statement for the nine-month period then ended on page\n24; and \n
\n \n● \n	\n \nthe\naccounting policies and basis of preparation and the explanatory\nnotes to the condensed financial information on pages 25 to 34 that\nhave been prepared applying consistent accounting policies to those\napplied by GSK plc and its subsidiaries (“the Group”)\nin the Annual Report 2025, which was prepared in accordance with\nUK-adopted international accounting standards in conformity with\nthe requirements of the Companies Act 2006 and the IFRS Accounting\nStandards as issued by the International Accounting Standards Board\n(IASB). \n

Based\non our review, nothing has come to our attention that causes us to\nbelieve that the condensed financial information in the Results\nAnnouncement for the three and nine months ended 30 September 2026\nis not prepared, in all material respects, in accordance with the\naccounting policies set out in the accounting policies and basis of\npreparation section on page 31.

\n\nBasis for Conclusion

\nWe\nconducted our review in accordance with International Standard on\nReview Engagements (UK) 2410 “Review of Interim Financial\nInformation Performed by the Independent Auditor of the\nEntity” issued by the Financial Reporting Council for use in\nthe United Kingdom (ISRE (UK) 2410). A review of interim financial\ninformation consists of making inquiries, primarily of persons\nresponsible for financial and accounting matters, and applying\nanalytical and other review procedures. A review is substantially\nless in scope than an audit conducted in accordance with\nInternational Standards on Auditing (UK) and consequently does not\nenable us to obtain assurance that we would become aware of all\nsignificant matters that might be identified in an audit.\nAccordingly, we do not express an audit opinion.

\nAs\ndisclosed on page 31, the annual financial statements of the Group\nare prepared in accordance with United Kingdom adopted\ninternational accounting standards. The condensed set of financial\ninformation included in this Results Announcement have been\nprepared in accordance with the accounting policies set out in the\naccounting policies and basis of preparation section on page\n31.

\n\nConclusion Relating to Going Concern

\nBased\non our review procedures, which are less extensive than those\nperformed in an audit as described in the Basis for Conclusion\nsection of this report, nothing has come to our attention to\nsuggest that the directors have inappropriately adopted the going\nconcern basis of accounting or that the directors have identified\nmaterial uncertainties relating to going concern that are not\nappropriately disclosed.

\nThis\nConclusion is based on the review procedures performed in\naccordance with ISRE (UK) 2410; however future events or conditions\nmay cause the entity to cease to continue as a going\nconcern.

\n\nResponsibilities of the directors

The directors are\nresponsible for preparing the Results Announcement of the company\nin accordance with the Disclosure Guidance and Transparency Rules\nof the United Kingdom’s Financial Conduct\nAuthority.

In\npreparing the Results Announcement, the directors are responsible\nfor assessing the company’s ability to continue as a going\nconcern, disclosing as applicable, matters related to going concern\nand using the going concern basis of accounting unless the\ndirectors either intend to liquidate the company or to cease\noperations, or have no realistic alternative but to do\nso.

\n\nAuditor’s Responsibilities for the review of the financial\ninformation

In\nreviewing the Results Announcement, we are responsible for\nexpressing to the company a conclusion on the condensed financial\ninformation in the Results Announcement. Our Conclusion, including\nour Conclusion Relating to Going Concern, are based on procedures\nthat are less extensive than audit procedures, as described in the\nBasis for Conclusion paragraph of this report.

\n\nUse of our report

\nThis\nreport is made solely to the company in accordance with ISRE (UK)\n2410. Our work has been undertaken so that we might state to the\ncompany those matters we are required to state to it in an\nindependent review report and for no other purpose. To the fullest\nextent permitted by law, we do not accept or assume responsibility\nto anyone other than the company, for our review work, for this\nreport, or for the conclusions we have formed.

\n\nDeloitte LLP

Statutory\nAuditor

London, United\nKingdom

28\nOctober 2026

\n\nGlossary

\n\n	\n\n
\n \n\nTerms used in the Announcement \n	\n \n\nBrief description \n
\n \n1L \n	\n \nFirst\nline \n
\n \n2L \n	\n \nSecond\nline \n
\n \nADC \n	\n \nAntibody-drug\nconjugate \n
\n \nADP \n	\n \nAdenosine\ndiphosphate \n
\n \nALK \n	\n \nAnaplastic\nlymphoma kinase \n
\n \nASO \n	\n \nAntisense\noligonucleotide \n
\n \nCCL \n	\n \nContingent\nconsideration liability \n
\n \nCDC \n	\n \nCenters\nfor Disease Control and Prevention \n
\n \nCDE \n	\n \nCenter\nfor Drug Evaluation \n
\n \nCOPD \n	\n \nChronic\nobstructive pulmonary disease \n
\n \nCRSwNP \n	\n \nChronic\nrhinosinusitis with nasal polyps \n
\n \ncUTI \n	\n \nComplicated\nurinary tract infection \n
\n \ndMMR \n	\n \nDeficient\nmismatch repair \n
\n \nDRIP \n	\n \nDividend\nreinvestment plan \n
\n \nDTG \n	\n \nDolutegravir \n
\n \nEGPA \n	\n \nEosinophilic\ngranulomatosis with polyangiitis \n
\n \nEMA \n	\n \nEuropean\nMedicines Agency \n
\n \nESOP \n	\n \nEmployee\nshare ownership plan \n
\n \nGENEROUS \n	\n \nGENErating\ncost Reductions fOr U.S. Medicaid \n
\n \nGIST \n	\n \nGastrointestinal\nstromal tumour \n
\n \nHBV \n	\n \nHepatitis\nB virus \n
\n \nHES \n	\n \nHypereosinophilic\nsyndrome \n
\n \nIBS \n	\n \nIrritable\nbowel syndrome \n
\n \nINSTI \n	\n \nIntegrase\nstrand transfer inhibitors \n
\n \nIRA \n	\n \nInflation\nReduction Act \n
\n \nIV \n	\n \nIntravenous \n
\n \nLAI \n	\n \nLong\nacting injectables (includes Apretude and\nCabenuva) \n
\n \nLoE \n	\n \nLoss of\nexclusivity \n
\n \nLRTD \n	\n \nLower\nrespiratory tract disease \n
\n \nMAPS \n	\n \nMulti\nantigen presenting system \n
\n \nMASH \n	\n \nMetabolic\ndysfunction-associated steatohepatitis \n
\n \nMMRV \n	\n \nMeasles,\nmumps, rubella and varicella \n
\n \nMo-Rez \n	\n \nMocertatug\nrezetecan \n
\n \nmRNA \n	\n \nMessenger\nribonucleic acid \n
\n \nMSI-H \n	\n \nMicrosatellite\ninstability high \n
\n \nNDA \n	\n \nNew\nDrug Application \n
\n \nOA \n	\n \nOlder\nadults \n
\n \nOral\n2DR \n	\n \nOral 2\ndrug regimen (includes Dovato and Juluca) \n
\n \nPARP \n	\n \nPoly\nADP ribose polymerase \n
\n \nPD-1 \n	\n \nProgrammed\ndeath receptor-1 blocking antibody \n
\n \nPDUFA \n	\n \nPrescription\nDrug User Fee Act \n
\n \nPK \n	\n \nPharmacokinetics \n
\n \nppts \n	\n \nPercentage\npoints \n
\n \nPrEP \n	\n \nPre-exposure\nprophylaxis \n
\n \nPRIME \n	\n \nPriority\nMedicines \n
\n \nRCC \n	\n \nRefractory\nchronic cough \n
\n \nRI&I \n	\n \nRespiratory,\nImmunology & Inflammation \n
\n \nRis-Rez \n	\n \nRisvutatug\nrezetecan \n
\n \nRNS \n	\n \nRegulatory\nnews service \n
\n \nRSV \n	\n \nRespiratory\nsyncytial virus \n
\n \nSC \n	\n \nSubcutaneous \n
\n \nSCLC \n	\n \nSmall\ncell lung cancer \n
\n \nSG&A \n	\n \nSelling,\ngeneral and administrative expenses, net of other sundry\nincome \n
\n \nsiRNA \n	\n \nSmall\ninterfering RNA \n
\n \nSITT \n	\n \nSingle\ninhaler triple therapy \n
\n \nTKI \n	\n \nTyrosine\nkinase inhibitor \n
\n \nTSLP \n	\n \nThymic\nstromal lymphopoietin \n
\n \nULA \n	\n \nUltra\nlong acting \n
\n \nuUTI \n	\n \nUncomplicated\nurinary tract infection \n

\n\nProduct List

\n\n	\n\n	\n\n	\n\n
\n \n\nTrademark \n	\n \n\nGeneric \n	\n \n\nProduct Area \n	\n \n\nIndication(s) \n
\n \n\nAnoro Ellipta \n	\n \numeclidinium\nbromide/vilanterol trifenatate \n	\n \nGeneral\nmedicines \n	\n \nCOPD \n
\n \n\nApretude \n	\n \ncabotegravir \n	\n \nSpecialty\nmedicines \n	\n \nHIV\nprevention \n
\n \n\nArexvy \n	\n \nrespiratory\nsyncytial virus vaccine \n	\n \nVaccines \n	\n \nRespiratory\nsyncytial virus vaccination \n
\n \n\nBenlysta \n \n(SC and\nIV) \n	\n \nbelimumab \n	\n \nSpecialty\nmedicines \n	\n \nSystemic\nlupus erythematosus, lupus nephritis \n
\n \n\nBexsero \n	\n \nmeningococcal\ngroup-B vaccine \n	\n \nVaccines \n	\n \nMeningitis\ngroup B prophylaxis \n
\n \n\nBlenrep \n	\n \nbelantamab\nmafodotin \n	\n \nSpecialty\nmedicines \n	\n \nRelapsed/refractory\nmultiple myeloma \n
\n \n\nBlujepa \n	\n \ngepotidacin \n	\n \nGeneral\nmedicines \n	\n \nUncomplicated\nUTI, Uncomplicated Gonorrhoea \n
\n \n\nBoostrix \n	\n \ndiphtheria,\ntetanus, acellular pertussis \n	\n \nVaccines \n	\n \nDiphtheria,\ntetanus, acellular \n \nPertussis\nbooster vaccination \n
\n \n\nCabenuva/Vocabria + Rekambys \n	\n \ncabotegravir,\nrilpivirine \n	\n \nSpecialty\nmedicines \n	\n \nHIV/AIDS \n
\n \n\nCervarix \n	\n \nHPV 16\n& 18 virus like particles (VLPs), AS04 adjuvant (MPL +\naluminium hydroxide) \n	\n \nVaccines \n	\n \nHuman\npapilloma virus type 16 and 18 \n
\n \n\nDovato \n	\n \ndolutegravir/lamivudine \n	\n \nSpecialty\nmedicines \n	\n \nHIV/AIDS \n
\n \n\nExdensur \n	\n \ndepemokimab \n	\n \nSpecialty\nmedicines \n	\n \nSevere\nAsthma, CRSwNP \n
\n \n\nFlixotide / Flovent \n	\n \nfluticasone\npropionate \n	\n \nGeneral\nmedicines \n	\n \nAsthma \n
\n \n\nFluarix / FluLaval \n	\n \nsplit\ninactivated influenza antigens (2 virus subtypes A and 2 subtype\nB) \n	\n \nVaccines \n	\n \nSeasonal\ninfluenza prophylaxis \n
\n \n\nHibsago \n	\n \nbepirovirsen \n	\n \nSpecialty\nmedicines \n	\n \nchronic\nhepatitis B (CHB) \n
\n \n\nInfanrix/Pediarix \n	\n \ndiphtheria,\ntetanus, pertussis, polio, hepatitis B, haemophilus influenzae type\nB (EU) \n	\n \nVaccines \n	\n \nProphylaxis\nagainst diphtheria, tetanus, \n \npertussis,\npolio, hepatitis B, Haemophilus influenzae type B (EU) \n
\n \n\nJemperli \n	\n \ndostarlimab \n	\n \nSpecialty\nmedicines \n	\n \ndMMR/MSI-H\nrecurrent/ advanced endometrial cancer, dMMR solid\ntumours \n
\n \n\nJideytro \n	\n \nzidesamtinib \n	\n \nSpecialty\nmedicines \n	\n \nROS1-positive\nnon-small cell lung cancer (NSCLC), \n
\n \n\nJuluca \n	\n \ndolutegravir/rilpivirine \n	\n \nSpecialty\nmedicines \n	\n \nHIV/AIDS \n
\n \n\nMenveo \n	\n \nmeningococcal\ngroup A, C, W-135 and Y conjugate vaccine \n	\n \nVaccines \n	\n \nMeningitis\ngroup A, C, W-135 and Y prophylaxis \n
\n \n\nNucala \n	\n \nmepolizumab \n	\n \nSpecialty\nmedicines \n	\n \nAsthma,\nCOPD, CRSwNP, EGPA, HES \n
\n \n\nOjjaara/Omjjara \n	\n \nmomelotinib \n	\n \nSpecialty\nmedicines \n	\n \nMyelofibrosis\nin patients with anaemia \n
\n \n\nPenmenvy \n	\n \nmeningococcal\ngroups A, B, C, W, and Y vaccine \n	\n \nVaccines \n	\n \nMeningitis\ngroup A, B, C, W-135 and Y prophylaxis \n
\n \n\nPriorix, Priorix Tetra, Varilrix \n	\n \nlive\nattenuated MMR, varicella and MMRV vaccines \n	\n \nVaccines \n	\n \nMeasles,\nmumps, rubella and chickenpox prophylaxis \n
\n \n\nRelvar/Breo Ellipta \n	\n \nfluticasone\nfuroate/vilanterol trifenatate \n	\n \nGeneral\nmedicines \n	\n \nAsthma,\nCOPD \n
\n \n\nRotarix \n	\n \nhuman\nrotavirus RIX4414 strain \n	\n \nVaccines \n	\n \nRotavirus\nprophylaxis \n
\n \n\nRukobia \n	\n \nfostemsavir \n	\n \nSpecialty\nmedicines \n	\n \nHIV/AIDS \n
\n \n\nSeretide / Advair \n	\n \nsalmeterol\nxinafoate, fluticasone propionate \n	\n \nGeneral\nmedicines \n	\n \nAsthma,\nCOPD \n
\n \n\nShingrix \n	\n \nzoster\nvaccine recombinant, adjuvanted \n	\n \nVaccines \n	\n \nHerpes\nzoster (shingles) \n
\n \n\nSynflorix \n	\n \nconjugated\npneumococcal polysaccharide \n	\n \nVaccines \n	\n \nProphylaxis\nagainst invasive disease, pneumonia, acute otitis\nmedia \n
\n \n\nTivicay \n	\n \ndolutegravir \n	\n \nSpecialty\nmedicines \n	\n \nHIV/AIDS \n
\n \n\nTrelegy Ellipta \n	\n \nfluticasone\nfuroate/vilanterol trifenatate/umeclidinium bromide \n	\n \nGeneral\nmedicines \n	\n \nCOPD,\nasthma \n
\n \n\nTriumeq \n	\n \ndolutegravir,\nlamivudine and abacavir \n	\n \nSpecialty\nmedicines \n	\n \nHIV/AIDS \n
\n \n\nVentolin \n	\n \nsalbutamol\nsulphate \n	\n \nGeneral\nmedicines \n	\n \nAsthma,\nCOPD \n
\n \n\nZejula \n	\n \nniraparib \n	\n \nSpecialty\nmedicines \n	\n \nOvarian\ncancer \n

\n\nBrand names appearing in italics throughout this document are\ntrademarks of GSK or associated companies or used under licence by\nthe Group.

\n\nSIGNATURES

\nPursuant\nto the requirements of the Securities Exchange Act of 1934, the\nregistrant has duly caused this report to be signed on its behalf\nby the undersigned, thereunto duly authorised.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n \n\nGSK plc \n
\n\n	\n \n(Registrant) \n
\n\n	\n\n
\n \nDate: October\n28, 2026 \n	\n\n
\n\n	\n\n
\n\n	\n \nBy:/s/ VICTORIA\nWHYTE \n \n-------------------------- \n
\n\n	\n\n
\n\n	\n \nVictoria Whyte \n
\n\n	\n \nAuthorised\nSignatory for and on \n
\n\n	\n \nbehalf\nof GSK plc \n

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