Our step-change in growth
- Expected sales growth of more than 7%* and core operating profit growth of more than 11%* on a compound basis 2021-26
- R&D focused on the science of the immune system and advanced technologies
- Positively impacting the health of 2.5 billion people by the end of the decade
- Leading responsible business performance to be maintained
*View our cautionary statement regarding forward-looking statements
ANNUAL REPORT 2024
We are a focused biopharma company with strong momentum and big ambitions
Business model
We improve the health of hundreds of millions of people around the world by discovering, developing and manufacturing innovative specialty medicines, vaccines and general medicines at scale.
We invest in outstanding people
Central to our success are our people. We also collaborate with world-leading experts and form strategic partnerships to complement our existing capabilities.
The value we create: now and in the future
- The greatest contribution we make is to improve the health of people around the world. In 2024 that included delivering more than 400 million vaccine doses and 1.7 billion packs of medicines.
- Looking ahead, GSK has a clear ambition to positively impact the health of 2.5 billion people by the end of the decade.
- We also create value for shareholders by investing in our business to provide shareholder returns, and in 2024 we paid a dividend of 61 pence per share.
- Driven by our innovation, we have delivered consistent sales and profit growth and improved our long-term outlooks.
In recent years, we have transformed GSK to improve performance, strengthen capabilities and prepare for a new future. We have done this by prioritising Innovation, Performance and Trust across the entire company – driving a multi-year programme to improve R&D productivity, commercial execution, group structure and capital allocation.
| Innovation | Performance | Trust |
|---|---|---|
|
Innovation is critical to how we improve health and create financial value. We focus on the science of the immune system and advanced technologies, investing in four core therapeutic areas - respiratory, immunology and inflammation; oncology; HIV; and infectious diseases – to impact health at scale. In 2024, we invested £6.4 billion in R&D across our portfolio, up 3% AER and 5% CER on 2023. We also continue to strengthen our pipeline and technology capabilities through business development, seeking out new, differentiated opportunities in diseases with high patient need. |
Performance is delivered by investing effectively in our business and our people and executing competitively. We have delivered sustained year-on-year sharper operational performance, profitability and cash improvements. And our long-term outlooks have consistently improved, alongside the quality of our R&D innovation. In 2024, we delivered another year of excellent commercial performance. Sales grew to over £31 billion - with strong growth and accelerating momentum in Specialty Medicines offsetting lower vaccine sales. |
Responsible business is embedded in our strategy and supports our sustainable performance and long-term growth. It helps us to build trust with and generate value for our stakeholders, reduce risk to our operations and create positive social impact. Our Responsible Business Performance Rating tracks progress across our six priority areas to build trust: access; global health and health security; environment; inclusion; ethical standards; and product governance. In 2024, 91% of our Responsible Business Performance Rating metrics were ‘met’ or ‘exceeded’.
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Strong sales and Core EPS growth reflecting accelerating momentum in Specialty Medicines offsetting lower Vaccine sales
- Group turnover £31.4 billion +3% AER, +7% CER (+4% AER, +8% CER excluding COVID-19 solutions*)
- Specialty Medicines £11.8 billion +15% AER, +19% CER (+16% AER, +19% CER excluding COVID-19 solutions*)
- Vaccines £9.1 billion -7% AER, -4% CER (-6% AER, -3% CER excluding COVID-19 solutions*)
- General Medicines £10.4 billion +2% AER, +6% CER
- Total operating profit £4 billion -40% AER, -33% CER
- Core operating profit £9.1 billion +4% AER, +11% CER
- Total EPS 63.2p -48% AER, -40% CER
- Core EPS 159.3p +3% AER, +10% CER
- Dividend of 61p per share
*defined on page 51 of FY 2024 press release
Further progress in R&D with growth prospects strengthened in all key therapeutic areas
- 71 assets in clinical development, 19 in phase III/registration
- 13 positive phase III read-outs
- 5 major new product approvals expected in 2025
- 12 new collaborations and acquisitions
Getting ahead of issues that matter for society and for the long-term performance of our company
- 91% of our Responsible Business Performance Rating metrics ‘met’ or ‘exceeded’ in 2024
- 2nd in the Access to Medicine Index (ATMI) among 20 of the world’s largest pharmaceutical companies
- 12% reduction in operational carbon emissions since 2023 (Scope 1 and 2)
Our long-term priorities
We prioritise Innovation, Performance and Trust to be ambitious for patients, shareholders and our people.
Business sustainability
Responsible business is an integral part of our strategy and our investment case. It is a key driver in our goal to deliver health impact and shareholder returns as well as being core to the motivation of our people. We will pursue a focused approach to responsible business, driven by our strengths, informing our strategy and addressing the key challenges of our industry over the long-term.
We have six priority areas to build trust addressing what matters most to our business and to our stakeholders.
Governance
Governance and risk management*defined on page 51 of FY 2024 press release
*defined on page 51 of FY 2024 press release
