葛兰素史克Glaxosmithkline（GSK）2025年第四季度及全年财报「LSE」（英文版）（57页）.pdf

1、GSK delivers strong 2025 performance and re-affirms long-term outlooks Sales,profit and earnings growth driven by strong Specialty Medicines performanceTotal 2025 sales 32.7 billion+4%AER;+7%CERSpecialty Medicines sales 13.5 billion(+17%);Respiratory,Immunology&Inflammation 3.8 billion(+18%);Oncolog

2、y 2.0 billion(+43%);HIV sales 7.7 billion(+11%)Vaccines sales 9.2 billion(+2%);Shingrix 3.6 billion(+8%);Meningitis vaccines 1.6 billion(+12%);and Arexvy 0.6 billion(+2%)General Medicines sales 10.0 billion(-1%);Trelegy 3.0 billion(+13%)Total operating profit 100%and Total EPS 100%driven by lower Si

3、gnificant legal expenses,lower CCL charges and higher other operating income,partly offset by intangible asset impairmentsCore operating profit+11%and Core EPS+12%reflecting Specialty Medicines and Vaccines growth,SG&A productivity,higher royalty income and disciplined increased investment in R&D po

4、rtfolio progression in Oncology and VaccinesCash generated from operations of 8.9 billion with free cash flow of 4.0 billion(Financial Performance 2025 results unless otherwise stated,growth%and commentary at CER as defined on page 53.In 2025 and Q4 2025,the adverse currency impact on AER versus CER

5、 primarily reflected the strengthening of Sterling against the USD.See page 11 for further details.)2025Q4 2025m%AER%CERm%AER%CERTurnover 32,667 4 7 8,618 6 8 Total operating profit 7,932 97 100 1,100 58 65 Total operating margin%24.3%11.5ppts 11.9ppts 12.8%4.2ppts 4.6ppts Total EPS 141.1p 100100 15

6、.8p 56 65 Core operating profit 9,783 7 11 1,634 14 18 Core operating margin%29.9%0.7ppts 1.1ppts 19.0%1.4ppts 1.6ppts Core EPS 172.0p 8 12 25.5p 10 14 Cash generated from operations 8,943 14 2,689 4 R&D momentum further strengthens growth prospects:Strong pipeline progress in 2025:5 major FDA appro