GSK plc (GSK) 10-Year Financial Performance & Capital Metrics

GSK • • Industrial / General

HealthcareLarge PharmaBroad-Based Pharmaceutical GiantsGlobal Pharma Diversified Leaders

AboutGSK plc, together with its subsidiaries, engages in the research, development, and manufacture of vaccines, and specialty and general medicines to prevent and treat disease in the United Kingdom, the United States, and internationally. It operates through two segments, Commercial Operations and Total R&D. The company offers shingles, meningitis, respiratory syncytial virus, flu, polio, influenza, and pandemic vaccines. It also provides medicines for HIV, oncology, respiratory/immunology, and other specialty medicine products, as well as inhaled medicines for asthma and chronic obstructive pulmonary disease, and antibiotics for infections. It has a collaboration agreement with CureVac to develop mRNA-based influenza vaccines, and with Wave Life Sciences and Elsie Biotechnologies, Inc for oligonucleotide platform development; two strategic collaborations with Relation to advance therapeutics for fibrotic diseases and osteoarthritis; and multi-target strategic alliance with GSK to develop breakthrough treatments for people afflicted with Parkinson's disease; as well as collaboration with Flagship Pioneering to discover novel medicines and vaccines. The company was formerly known as GlaxoSmithKline plc and changed its name to GSK plc in May 2022. GSK plc was founded in 1715 and is headquartered in Brentford, the United Kingdom.dom.Show more

Revenue $31.38B +3.5%
EBITDA $6.57B -27.3%
Net Income $2.58B -47.7%
EPS (Diluted) 1.24 -48.3%
Gross Margin 71.16% -0.8%
EBITDA Margin 20.95% -29.7%
Operating Margin 12.82% -42.4%
Net Margin 8.21% -49.5%
ROE 17.52% -53.1%
ROIC 9.74% -39.4%
Debt/Equity 1.30 -7.8%
Interest Coverage 6.11 -29.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 43.8%
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 2.4%
✓Healthy 5Y average net margin of 23.4%
✓Trading near 52-week high

✗Weaknesses

✗Profits declining 11.1% over 5 years

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.15%

5Y-1.45%

3Y8.31%

TTM2.73%

Profit (Net Income) CAGR

10Y-0.68%

5Y-11.13%

3Y-16.26%

TTM118.8%

EPS CAGR

10Y-1.35%

5Y-11.78%

3Y-22.85%

TTM508.99%

ROCE

10Y Avg12.83%

5Y Avg9.99%

3Y Avg12.17%

Latest9.34%

Peer Comparison

Global Pharma Diversified Leaders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AZNAstraZeneca PLC	293.03B	94.51	83.64	18.04%	16.17%	20.45%	2.48%	0.74
GSKGSK plc	100.65B	49.90	40.24	3.46%	17.08%	25.91%	3.55%	1.30
JNJJohnson & Johnson	514.75B	213.65	36.90	4.3%	27.26%	31.69%	3.85%	0.53
NVSNovartis AG	271.72B	141.61	24.12	10.85%	25.53%	32.16%	5.08%	0.71
SNYSanofi	114.36B	47.20	21.55	6.41%	21.16%	12.99%	5.15%	0.23
PFEPfizer Inc.	143B	25.15	17.84	6.84%	15.64%	10.55%	6.88%	0.76
MRKMerck & Co., Inc.	268.7B	108.26	16.06	6.74%	29.63%	36.67%	6.73%	0.83

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	23.92B	27.89B	30.19B	30.82B	33.75B	24.35B	24.7B	29.32B	30.33B	31.38B
Revenue Growth %	0.04%	0.17%	0.08%	0.02%	0.1%	-0.28%	0.01%	0.19%	0.03%	0.03%
Cost of Goods Sold+	8.85B	9.29B	10.34B	10.24B	11.86B	7.93B	8.16B	9.55B	8.56B	9.05B
COGS % of Revenue	0.37%	0.33%	0.34%	0.33%	0.35%	0.33%	0.33%	0.33%	0.28%	0.29%
Gross Profit+	15.07B	18.6B	19.84B	20.58B	21.89B	16.43B	16.53B	19.77B	21.76B	22.33B
Gross Margin %	0.63%	0.67%	0.66%	0.67%	0.65%	0.67%	0.67%	0.67%	0.72%	0.71%
Gross Profit Growth %	-0.04%	0.23%	0.07%	0.04%	0.06%	-0.25%	0.01%	0.2%	0.1%	0.03%
Operating Expenses+	4.75B	16B	15.76B	15.1B	14.93B	10.45B	12.18B	13.34B	15.02B	18.31B
OpEx % of Revenue	0.2%	0.57%	0.52%	0.49%	0.44%	0.43%	0.49%	0.45%	0.5%	0.58%
Selling, General & Admin	9.23B	9.37B	9.67B	9.91B	11.4B	7.44B	7.07B	8.37B	9.38B	11.02B
SG&A % of Revenue	0.39%	0.34%	0.32%	0.32%	0.34%	0.31%	0.29%	0.29%	0.31%	0.35%
Research & Development	3.56B	3.63B	4.48B	3.89B	4.57B	4.79B	5.02B	5.49B	6.22B	6.4B
R&D % of Revenue	0.15%	0.13%	0.15%	0.13%	0.14%	0.2%	0.2%	0.19%	0.21%	0.2%
Other Operating Expenses	-8.04B	3.01B	1.61B	1.29B	-1.04B	-1.78B	87M	-523M	-590M	891M
Operating Income+	10.32B	2.6B	4.09B	5.48B	6.96B	5.98B	4.36B	6.43B	6.75B	4.02B
Operating Margin %	0.43%	0.09%	0.14%	0.18%	0.21%	0.25%	0.18%	0.22%	0.22%	0.13%
Operating Income Growth %	1.87%	-0.75%	0.57%	0.34%	0.27%	-0.14%	-0.27%	0.48%	0.05%	-0.4%
EBITDA+	11.95B	4.37B	6.01B	7.34B	9.08B	8.03B	6.48B	8.58B	9.04B	6.57B
EBITDA Margin %	0.5%	0.16%	0.2%	0.24%	0.27%	0.33%	0.26%	0.29%	0.3%	0.21%
EBITDA Growth %	1.35%	-0.63%	0.37%	0.22%	0.24%	-0.12%	-0.19%	0.32%	0.05%	-0.27%
D&A (Non-Cash Add-back)	1.63B	1.77B	1.92B	1.86B	2.12B	2.05B	2.12B	2.15B	2.29B	2.55B
EBIT	11.26B	2.66B	4.26B	5.49B	7.1B	6.02B	4.36B	6.45B	6.79B	4.12B
Net Interest Income+	-650M	-662M	-667M	-665.8M	-810.89M	-852M	-755M	-791.26M	-735M	-590.19M
Interest Income	104M	72M	65M	77.83M	98M	44M	28M	64.27M	40M	67.39M
Interest Expense	757M	736M	734M	743.64M	912M	892M	784M	855.53M	775M	657.58M
Other Income/Expense	204M	-659M	-562M	-683M	-740M	-809M	-758M	-805M	-681M	-544M
Pretax Income+	10.53B	1.94B	3.52B	4.8B	6.22B	5.17B	3.6B	5.63B	6.06B	3.48B
Pretax Margin %	0.44%	0.07%	0.12%	0.16%	0.18%	0.21%	0.15%	0.19%	0.2%	0.11%
Income Tax+	2.15B	877M	1.36B	754M	953M	67M	83M	707M	756M	526M
Effective Tax Rate %	0.8%	0.47%	0.43%	0.75%	0.75%	1.11%	1.22%	2.66%	0.81%	0.74%
Net Income+	8.42B	912M	1.53B	3.62B	4.64B	5.75B	4.38B	14.96B	4.93B	2.58B
Net Margin %	0.35%	0.03%	0.05%	0.12%	0.14%	0.24%	0.18%	0.51%	0.16%	0.08%
Net Income Growth %	2.06%	-0.89%	0.68%	1.36%	0.28%	0.24%	-0.24%	2.41%	-0.67%	-0.48%
Net Income (Continuing)	8.37B	1.06B	2.17B	4.05B	5.27B	5.1B	3.52B	4.92B	5.31B	2.95B
Discontinued Operations	0	0	0	0	0	1.28B	1.58B	10.7B	0	0
Minority Interest	3.76B	3.84B	3.56B	-688M	9.21B	8.5B	8.52B	-502M	-703.69M	-585M
EPS (Diluted)+	4.30	0.46	0.78	1.82	2.32	2.86	2.70	2.40	2.40	1.24
EPS Growth %	2.03%	-0.89%	0.7%	1.33%	0.27%	0.23%	-0.06%	-0.11%	0%	-0.48%
EPS (Basic)	4.36	0.48	0.78	1.84	2.34	2.88	2.74	2.44	2.44	1.26
Diluted Shares Outstanding	1.96B	1.96B	1.98B	1.99B	2.01B	2.02B	1.62B	2.04B	2.06B	2.07B
Basic Shares Outstanding	1.93B	1.94B	1.95B	1.97B	1.98B	1.99B	1.6B	2.01B	2.03B	2.04B
Dividend Payout Ratio	0.46%	5.32%	2.55%	1.08%	0.85%	0.69%	0.91%	0.29%	0.57%	0.95%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	16.59B	16.71B	15.91B	16.93B	25.82B	27.68B	25.29B	20.77B	23.77B	17B
Cash & Short-Term Investments	5.91B	4.99B	3.91B	3.96B	6.34B	8.71B	5.87B	7.88B	6.61B	3.71B
Cash Only	5.83B	4.9B	3.83B	3.87B	6.24B	8.6B	5.79B	3.72B	3.74B	3.69B
Short-Term Investments	75M	89M	78M	84M	104.66M	106.62M	82.62M	4.15B	2.86B	21M
Accounts Receivable	5.49B	5.69B	5.69B	6.32B	9.47B	9.93B	10.88B	6.22B	9.44B	6B
Days Sales Outstanding	83.73	74.48	68.83	74.87	102.4	148.82	160.77	77.4	113.58	69.79
Inventory	4.72B	5.1B	5.56B	5.48B	7.88B	8.2B	7.83B	5.15B	7.01B	5.67B
Days Inventory Outstanding	194.44	200.46	196.12	195.17	242.4	377.3	350.23	196.6	298.68	228.69
Other Current Assets	1.72B	1.54B	1.4B	841M	1.71B	352.67M	284.43M	1.1B	262.61M	1.23B
Total Non-Current Assets+	36.86B	42.37B	40.47B	41.14B	79.75B	82.27B	81.85B	39.38B	51.45B	42.47B
Property, Plant & Equipment	9.67B	10.81B	10.86B	11.06B	14.99B	15.04B	14.45B	9.62B	12.69B	10.07B
Fixed Asset Turnover	2.47x	2.58x	2.78x	2.79x	2.25x	1.62x	1.71x	3.05x	2.39x	3.11x
Goodwill	5.16B	5.96B	5.73B	5.79B	13.99B	14.49B	14.29B	7.05B	8.68B	6.98B
Intangible Assets	16.67B	18.78B	17.56B	17.2B	41.01B	40.77B	40.74B	14.32B	18.83B	15.52B
Long-Term Investments	1.39B	1.16B	1.02B	1.47B	3.18B	4.83B	4.29B	-2.61B	2.73B	1.21B
Other Non-Current Assets	1.06B	1.29B	1.5B	1.73B	1.15B	1.28B	1B	5.35B	808.22M	1.93B
Total Assets+	53.45B	59.08B	56.38B	58.07B	105.57B	109.95B	107.14B	60.15B	75.22B	59.46B
Asset Turnover	0.45x	0.47x	0.54x	0.53x	0.32x	0.22x	0.23x	0.49x	0.40x	0.53x
Asset Growth %	0.31%	0.11%	-0.05%	0.03%	0.82%	0.04%	-0.03%	-0.44%	0.25%	-0.21%
Total Current Liabilities+	13.42B	19B	26.57B	22.49B	31.86B	30.28B	32.06B	22.81B	26.86B	21.7B
Accounts Payable	3.12B	3.6B	3.53B	3.65B	5.49B	5.96B	6.14B	3.87B	4.74B	3.46B
Days Payables Outstanding	128.63	141.29	124.51	129.91	168.91	274.17	274.65	147.7	201.93	139.66
Short-Term Debt	1.28B	4.11B	2.8B	5.77B	9.16B	5.09B	4.88B	3.79B	3.59B	2.18B
Deferred Revenue (Current)	-1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Current Liabilities	7.85B	8.58B	12.68B	10.52B	14.22B	16.03B	17.97B	12.73B	15.25B	14.76B
Current Ratio	1.24x	0.88x	0.60x	0.75x	0.81x	0.91x	0.79x	0.91x	0.88x	0.78x
Quick Ratio	0.88x	0.61x	0.39x	0.51x	0.56x	0.64x	0.54x	0.68x	0.62x	0.52x
Cash Conversion Cycle	149.53	133.65	140.44	140.13	175.89	251.95	236.35	126.3	210.33	158.82
Total Non-Current Liabilities+	31.15B	35.12B	26.32B	31.9B	49.39B	51.23B	46.17B	27.24B	32.05B	24.68B
Long-Term Debt	15.28B	14.62B	14.22B	20.23B	29.91B	30.81B	26.76B	16.19B	18.04B	13.7B
Capital Lease Obligations	47M	41M	43M	44M	1.34B	1.21B	1.1B	841M	1.34B	934M
Deferred Tax Liabilities	1.52B	1.93B	1.4B	1.16B	5.05B	4.92B	4.82B	289M	396.46M	382M
Other Non-Current Liabilities	14.24B	18.46B	10.56B	10.46B	13.06B	14.26B	13.38B	9.83B	11.95B	9.5B
Total Liabilities	44.57B	54.12B	52.89B	54.39B	81.25B	81.5B	78.23B	50.05B	58.91B	46.38B
Total Debt+	16.63B	18.79B	17.09B	26.06B	40.42B	37.11B	32.74B	20.99B	22.97B	16.99B
Net Debt	10.8B	13.89B	13.26B	22.19B	34.18B	28.51B	26.95B	17.26B	19.23B	13.29B
Debt / Equity	1.87x	3.79x	4.90x	7.10x	1.66x	1.30x	1.13x	2.08x	1.41x	1.30x
Debt / EBITDA	1.39x	4.30x	2.84x	3.55x	4.45x	4.62x	5.05x	2.45x	2.54x	2.58x
Net Debt / EBITDA	0.90x	3.18x	2.21x	3.02x	3.76x	3.55x	4.16x	2.01x	2.13x	2.02x
Interest Coverage	13.64x	3.53x	5.57x	7.37x	7.63x	6.70x	5.56x	7.52x	8.70x	6.11x
Total Equity+	8.88B	4.96B	3.49B	3.67B	24.32B	28.44B	28.91B	10.1B	16.31B	13.09B
Equity Growth %	0.8%	-0.44%	-0.3%	0.05%	5.62%	0.17%	0.02%	-0.65%	0.62%	-0.2%
Book Value per Share	4.54	2.53	1.77	1.85	12.12	14.11	17.83	4.94	7.94	6.32
Total Shareholders' Equity	5.11B	1.12B	-68M	4.36B	15.11B	19.94B	20.39B	10.6B	17.01B	13.67B
Common Stock	1.34B	1.34B	1.34B	1.34B	1.78B	1.84B	1.82B	1.35B	1.72B	1.35B
Retained Earnings	-1.4B	-5.39B	-6.48B	-2.14B	8.45B	11.76B	13.26B	4.36B	9.23B	7.8B
Treasury Stock	-75M	-286M	-400M	-161M	-178.84M	-266.56M	-37.92M	-353M	-367.14M	0
Accumulated OCI	1.58B	657M	598M	373M	849.16M	2.12B	869.56M	-48M	2.04B	0
Minority Interest	3.76B	3.84B	3.56B	-688M	9.21B	8.5B	8.52B	-502M	-703.69M	-585M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	2.57B	6.5B	6.92B	8.42B	8.02B	8.44B	7.95B	8.16B	7.89B	6.55B
Operating CF Margin %	0.11%	0.23%	0.23%	0.27%	0.24%	0.35%	0.32%	0.28%	0.26%	0.21%
Operating CF Growth %	-0.5%	1.53%	0.06%	0.22%	-0.05%	0.05%	-0.06%	0.03%	-0.03%	-0.17%
Net Income	8.37B	1.06B	2.17B	4.05B	5.27B	5.1B	3.52B	5.49B	6.13B	2.95B
Depreciation & Amortization	1.86B	1.86B	2.98B	1.76B	3B	2.05B	2.12B	2.64B	2.85B	2.55B
Stock-Based Compensation	368M	319M	333M	360M	365M	337M	343M	0	0	344M
Deferred Taxes	-8.71B	2.61B	1.5B	1.78B	-1.95B	0	0	-965.72M	-1.08B	0
Other Non-Cash Items	653M	664M	669M	717M	814M	-1.24B	584M	2.66B	1.05B	-1.38B
Working Capital Changes	27M	-22M	-737M	-247M	531M	2.19B	1.39B	-1.67B	-1.06B	2.09B
Change in Receivables	98M	193M	-213M	-411M	-192M	-628M	-1.16B	-758.78M	-806.74M	340M
Change in Inventory	-111M	70M	-461M	51M	300M	100M	51M	-331.35M	-527.05M	-294M
Change in Payables	0	96M	11M	131M	263M	0	0	608.5M	-18.65M	0
Cash from Investing+	6.04B	-1.27B	-1.44B	-1.55B	-5.35B	2.16B	-1.78B	-10.88B	-2.4B	-1.23B
Capital Expenditures	-1.9B	-2.35B	-2.2B	-1.8B	-2.16B	-989M	-950M	-2.78B	-2.91B	-1.4B
CapEx % of Revenue	0.08%	0.08%	0.07%	0.06%	0.06%	0.04%	0.04%	0.09%	0.1%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	55M	736M	395M	1.3B	846M	-2.97B	-1.03B	-4.43B	14.92M	-1.22B
Cash from Financing+	-7.1B	-6.39B	-6.38B	-6.39B	-1.84B	-10.13B	-7.59B	2.05B	-6.07B	-4.73B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-3.87B	-4.85B	-3.91B	-3.93B	-3.95B	-3.98B	-4B	-4.27B	-2.79B	-2.44B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-727M	-1.45B	-1.48B	-10.69B	-1.67B	-2.15B	-1.61B	11.98B	-341.84M	-1.14B
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	668M	4.14B	4.72B	6.63B	5.86B	6.5B	5.3B	6.75B	6.26B	3.57B
FCF Margin %	0.03%	0.15%	0.16%	0.21%	0.17%	0.27%	0.21%	0.23%	0.21%	0.11%
FCF Growth %	-0.8%	5.21%	0.14%	0.4%	-0.12%	0.11%	-0.18%	0.27%	-0.07%	-0.43%
FCF per Share	0.34	2.11	2.39	3.33	2.92	3.22	3.27	3.31	3.04	1.72
FCF Conversion (FCF/Net Income)	0.31x	7.12x	4.52x	2.32x	1.73x	1.47x	1.81x	0.55x	1.60x	2.55x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	121.93%	13.18%	36.25%	101.19%	33.19%	21.79%	15.29%	76.69%	37.32%	17.52%
Return on Invested Capital (ROIC)	39.64%	10.11%	17.22%	19.3%	12.38%	7.77%	5.79%	11.6%	16.09%	9.74%
Gross Margin	62.99%	66.69%	65.74%	66.77%	64.85%	67.44%	66.95%	67.42%	71.76%	71.16%
Net Margin	35.2%	3.27%	5.08%	11.76%	13.76%	23.61%	17.76%	51%	16.25%	8.21%
Debt / Equity	1.87x	3.79x	4.90x	7.10x	1.66x	1.30x	1.13x	2.08x	1.41x	1.30x
Interest Coverage	13.64x	3.53x	5.57x	7.37x	7.63x	6.70x	5.56x	7.52x	8.70x	6.11x
FCF Conversion	0.31x	7.12x	4.52x	2.32x	1.73x	1.47x	1.81x	0.55x	1.60x	2.55x
Revenue Growth	3.99%	16.58%	8.24%	2.1%	9.52%	-27.85%	1.4%	18.74%	3.42%	3.46%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Sub Total	-	-	-	-	8.96B	-	-
Sub Total Growth	-	-	-	-	-	-	-
New And Speciality	-	-	-	9.97B	-	-	-
New And Speciality Growth	-	-	-	-	-	-	-

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	11.98B	13.89B	14.56B	15.09B	14.54B	15.82B	16.38B
UNITED STATES Growth	-	15.92%	4.79%	3.69%	-3.65%	8.79%	3.57%
Rest Of World	-	-	-	18.05B	14.09B	13.81B	14.28B
Rest Of World Growth	-	-	-	-	-21.94%	-1.93%	3.39%

Frequently Asked Questions

Valuation & Price

GSK plc (GSK) has a price-to-earnings (P/E) ratio of 40.2x. This suggests investors expect higher future growth.

Growth & Financials

GSK plc (GSK) reported $32.17B in revenue for fiscal year 2024. This represents a 17% increase from $27.39B in 2011.

GSK plc (GSK) grew revenue by 3.5% over the past year. Growth has been modest.

Yes, GSK plc (GSK) is profitable, generating $5.49B in net income for fiscal year 2024 (8.2% net margin).

Dividend & Returns

Yes, GSK plc (GSK) pays a dividend with a yield of 2.36%. This makes it attractive for income-focused investors.

GSK plc (GSK) has a return on equity (ROE) of 17.5%. This is reasonable for most industries.

GSK plc (GSK) generated $5.95B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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