GSK plc

HIV patients take antiretroviral therapy for life with very high adherence, and multi-dose Shingrix vaccination generates repeating demand from aging demographics. No explicit backlog is disclosed, and the approaching dolutegravir loss of exclusivity (2027-2028) introduces a structural revenue discontinuity that constrains near-term predictability.

Revenue is spread across Specialty Medicines (41% of FY2025 sales), Vaccines (28%), and General Medicines (31%), with no single product exceeding ~10% of sales. HIV as a franchise contributes roughly 24% of total revenue, the largest single concentration; all segments share exposure to patent cycles and government pricing policy.

The US represented approximately 52% of FY2024 total revenues at £16.4B, with Europe and international markets comprising the remainder. This level of US dependence amplifies sensitivity to the Inflation Reduction Act's drug price negotiations and Medicare reimbursement policy.

Core operating profit grew 11% in FY2025 on 7% revenue growth, demonstrating modest operating leverage. Management targets a core operating margin above 31% by 2026. R&D is guided to grow ahead of sales, and vaccine manufacturing is capital-intensive, limiting structural scalability relative to asset-light business models.

Specialty Medicines (£13.5B, 41% of FY2025 sales) and Vaccines (£9.2B, 28%) are mission-critical therapies with high patient persistence; HIV patients remain on antiretroviral therapy for life. General Medicines (~£10B, 31%) includes more discretionary respiratory brands with ongoing exposure to generic competition.