GSK Reports Strong H1 2025 Performance: Oncology Revenue Surges, HIV Franchise Remains Robust, and 2031 Sales Target Set Above £40 Billion

Jul 30, 2025 16:42 CST Updated 16:42

GSK

Pharmaceutical R&D Manufacturer

On July 30, GSK announced its financial results for the first half of 2025, with total revenue reaching £15.502 billion (approximately $20.157 billion), representing a 5% increase year-over-year (at constant exchange rates, CER).

GSK's main business is mainly divided into specialty drugs, vaccines, and general medicines. Among them, specialty drugs performed outstandingly across all therapeutic areas, showing the strongest growth with revenue reaching £6.26 billion (approximately $8.141 billion, +16%) in the first half of 2025.

In the first half of 2025, GSK continued to maintain strong growth momentum in its HIV business, with revenue reaching £3.594 billion (approximately $4.673 billion), a year-on-year increase of 10%. The oral combination drug Dovato (dolutegravir + lamivudine) continued to gain market share across all global regions, achieving sales of £1.225 billion (approximately $1.592 billion, +21%).

Sales of the long-acting injectable drugs Cabenuva (cabotegravir + rilpivirine) and Apretude (cabotegravir) reached £635 million (approximately $826 million, +42%) and £190 million (approximately $247 million, +56%), respectively. As the world's first approved long-acting injectable treatment and prevention regimen, both are rapidly gaining market share. GSK believes the potential in the long-acting injectable field remains substantial and is expected to maintain significant growth.

The dolutegravir portfolio generated a total revenue of £2.674 billion (approximately $3.476 billion, +2%), including four drugs: Tivicay (dolutegravir), Triumeq (abacavir + dolutegravir + lamivudine), Juluca (dolutegravir + rilpivirine), and Dovato (dolutegravir + lamivudine).

In the Respiratory, Immunology, and Inflammation (RI&I) field, GSK achieved a total revenue of £1.767 billion (approximately $2.298 billion) in the first half of 2025, representing an 18% year-over-year increase. Nucala (mepolizumab), the first monoclonal antibody targeting IL-5 launched by GSK in 2015, maintained a growth rate of 13%, with sales reaching £942 million (approximately $1.225 billion). The drug also received FDA approval in May for use in chronic obstructive pulmonary disease (COPD), which is expected to provide new growth momentum. Sales of Benlysta (belimumab), used for treating lupus, amounted to £810 million (approximately $1.053 billion), reflecting a 23% year-over-year increase.

In the first half of 2025, GSK's oncology business revenue increased significantly by 47% year-on-year to £899 million (approximately $1.17 billion), mainly driven by the strong growth of PD-1 antibody Jemperli (dostarlimab) and JAK1/JAK2/ACVR1 inhibitor Omjjara (momelotinib). These two products generated revenues of £370 million (approximately $482 million, >100%) and £250 million (approximately $325 million, +87%), respectively. In addition, the BCMA ADC drug Blenrep (belantamab mafodotin) demonstrated its efficacy in the head-to-head Phase III DREAMM-7 study against daratumumab and has been resubmitted for marketing approval in Europe and the United States. The EU approved the application in July, but the FDA Oncologic Drugs Advisory Committee (ODAC) considered that the proposed dose of Blenrep was not fully optimized. The new PDUFA date is set for October 23.

As one of the vaccine giants, in the first half of 2025, GSK generated a total revenue of £4.186 billion (£5.443 billion) in the vaccine field, increasing by 1% year-on-year. Among them, the sales of the shingles vaccine Shingrix were £1.720 billion ($2.236 billion), decreasing by 1% year-on-year. The sales of meningitis vaccines (such as Bexsero and Menveo) were £729 million ($947 million), increasing by 21% year-on-year. This growth was mainly due to the increase in demand in Europe and emerging markets.

Sales of the respiratory syncytial virus vaccine Arexvy reached £144 million ($187 million), representing a 39% decrease year-on-year. This product faced unfavorable market conditions in the U.S., resulting in lower-than-expected sales performance.

Moreover, GSK's generics business slightly declined, with overall sales in the first half of 2025 reaching £5.056 billion (approximately $6.573 billion, -3%). Among them, Trelegy Ellipta (fluticasone furoate + umeclidinium + vilanterol), used for treating chronic obstructive pulmonary disease (COPD) and asthma, performed outstandingly, achieving sales of £1.510 billion (approximately $1.963 billion), representing an 8% year-on-year increase. Due to its unique triple combination therapy, this drug has become one of the preferred treatment options for many COPD and asthma patients.

Pipeline Progress: Three FDA Approvals Received in 2025 to Date – Penmenvy (meningitis vaccine), Blujepa (the first new mechanism oral antibiotic in 30 years, for the treatment of uncomplicated urinary tract infections in women), and the COPD indication for Nucala.

In 2025, GSK also completed the acquisitions of IDRx and Cellphenomics GmbH, strategically strengthening its RI&I and oncology pipelines. It acquired efimosfermin, a fatty liver drug, from Boston Pharmaceuticals, and reached an agreement with Hengrui Medicine to develop up to 12 RI&I and oncology drugs, including a potential best-in-class PDE3/4 inhibitor.

GSK expects its revenue for the full year 2025 to grow by 3%-5%, with core operating profit increasing by 6%-8%. Based on its current pipeline layout, GSK is confident in the prospect of exceeding £40 billion in sales by 2031.

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