Revenue growth remains inconsistent, fluctuating from a 1.7% contraction in 2024Q3 to a 9.8% expansion in 2024Q2, despite maintaining a resilient gross margin that peaked at 75.4% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 33.34B | 32.67B | 31.38B | 30.33B | 29.32B | 24.7B | 24.35B | 33.75B | 30.82B | 30.19B | 27.89B | 23.92B | 23.01B | 26.5B | 26.43B | 27.39B | 28.39B | 28.37B | 24.35B | 22.74B | 23.22B | 21.66B | 19.98B | 21.41B | 21.21B | 20.53B | 18.08B | 8.49B | 7.98B | 7.98B | 8.34B |
| Revenue Growth % | 5.41% | 4.11% | 3.46% | 3.42% | 18.74% | 1.4% | -27.85% | 9.52% | 2.1% | 8.24% | 16.58% | 3.99% | -13.2% | 0.28% | -3.49% | -3.54% | 0.08% | 16.49% | 7.1% | -2.06% | 7.21% | 8.4% | -6.71% | 0.95% | 3.3% | 13.58% | 112.94% | 6.35% | 0.04% | -4.33% | -20.49% |
| Cost of Goods Sold | 8.96B | 9.02B | 9.05B | 8.56B | 9.55B | 8.16B | 7.93B | 11.86B | 10.24B | 10.34B | 9.29B | 8.85B | 7.32B | 8.59B | 7.92B | 7.65B | 7.9B | 7.38B | 6.42B | 5.21B | 5.01B | 4.76B | 4.36B | 4.54B | 4.61B | 4.44B | 3.96B | 4.33B | 1.54B | 0 | 0 |
| COGS % of Revenue | - | 27.6% | 28.84% | 28.24% | 32.58% | 33.05% | 32.56% | 35.15% | 33.23% | 34.26% | 33.31% | 37.01% | 31.83% | 32.39% | 29.98% | 27.93% | 27.82% | 26.02% | 26.34% | 22.92% | 21.57% | 22% | 21.82% | 21.19% | 21.73% | 21.62% | 21.91% | 51.05% | 19.35% | - | - |
| Gross Profit | 24.29B | 23.65B | 22.33B | 21.76B | 19.77B | 16.53B | 16.43B | 21.89B | 20.58B | 19.84B | 18.6B | 15.07B | 15.68B | 17.92B | 18.51B | 19.74B | 20.49B | 20.99B | 17.94B | 17.53B | 18.21B | 16.89B | 15.62B | 16.88B | 16.6B | 16.09B | 14.12B | 4.16B | 6.44B | 7.98B | 8.34B |
| Gross Margin % | 72.86% | 72.4% | 71.16% | 71.76% | 67.42% | 66.95% | 67.44% | 64.85% | 66.77% | 65.74% | 66.69% | 62.99% | 68.17% | 67.61% | 70.02% | 72.07% | 72.18% | 73.98% | 73.66% | 77.08% | 78.43% | 78% | 78.18% | 78.81% | 78.27% | 78.38% | 78.09% | 48.95% | 80.65% | 100% | 100% |
| Gross Profit Growth % | - | 5.92% | 2.6% | 10.08% | 19.58% | 0.66% | -24.97% | 6.37% | 3.71% | 6.69% | 23.42% | -3.91% | -12.48% | -3.17% | -6.25% | -3.68% | -2.35% | 17.01% | 2.33% | -3.74% | 7.8% | 8.15% | -7.44% | 1.64% | 3.16% | 14.01% | 239.68% | -35.45% | -19.32% | -4.33% | -20.49% |
| Operating Expenses | 15.41B | 15.31B | 18.31B | 15.02B | 13.34B | 12.18B | 10.45B | 14.93B | 15.1B | 15.76B | 16B | 4.75B | 12.09B | 10.89B | 11.21B | 11.93B | 16.71B | 12.56B | 10.8B | 9.59B | 10.4B | 16.53B | 9.87B | 10.49B | 11.05B | 9.99B | 9.39B | 1.53B | 3.75B | 5.16B | 5.21B |
| OpEx % of Revenue | - | 46.87% | 58.35% | 49.52% | 45.48% | 49.3% | 42.89% | 44.23% | 48.98% | 52.2% | 57.37% | 19.85% | 52.53% | 41.09% | 42.4% | 43.57% | 58.86% | 44.29% | 44.33% | 42.17% | 44.81% | 76.32% | 49.39% | 49% | 52.1% | 48.66% | 51.93% | 18.03% | 47.04% | 64.64% | 62.45% |
| Selling, General & Admin | 9.14B | 9.09B | 11.02B | 9.38B | 8.37B | 7.07B | 7.44B | 11.4B | 9.91B | 9.67B | 9.37B | 9.23B | 8.25B | 8.48B | 8.79B | 8.51B | 12.75B | 9.59B | 7.66B | 6.82B | 7.25B | 7.25B | 7.2B | 7.57B | 0 | 7.47B | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | 27.82% | 35.11% | 30.95% | 28.55% | 28.63% | 30.54% | 33.78% | 32.17% | 32.04% | 33.58% | 38.59% | 35.84% | 31.99% | 33.25% | 31.07% | 44.9% | 33.81% | 31.44% | 30.01% | 31.25% | 33.47% | 36.03% | 35.36% | - | 36.37% | - | - | - | - | - |
| Research & Development | 7.75B | 7.53B | 6.4B | 6.22B | 5.49B | 5.02B | 4.79B | 4.57B | 3.89B | 4.48B | 3.63B | 3.56B | 3.45B | 3.92B | 3.98B | 4.01B | 4.46B | 4.11B | 3.68B | 3.24B | 3.46B | 3.14B | 2.9B | 2.79B | 2.9B | 2.56B | 2.53B | 1.27B | 1.16B | 1.15B | 1.16B |
| R&D % of Revenue | - | 23.04% | 20.4% | 20.52% | 18.71% | 20.32% | 19.68% | 13.53% | 12.63% | 14.83% | 13.01% | 14.88% | 15% | 14.8% | 15.05% | 14.64% | 15.7% | 14.47% | 15.12% | 14.25% | 14.89% | 14.48% | 14.53% | 13.02% | 13.67% | 12.47% | 13.97% | 14.95% | 14.57% | 14.39% | 13.92% |
| Other Operating Expenses | -4M | -1.3B | 891M | -590M | -523M | 87M | -1.78B | -1.04B | 1.29B | 1.61B | 3.01B | -8.04B | 390M | -1.51B | -1.56B | -587M | -493M | -1.14B | -541M | -475M | -307.78M | 6.14B | -235.13M | 133.28M | 8.15B | -37.16M | 6.86B | 262M | 2.59B | 4.01B | 4.05B |
| Operating Income | 8.98B | 8.34B | 4.02B | 6.75B | 6.43B | 4.36B | 5.98B | 6.96B | 5.48B | 4.09B | 2.6B | 10.32B | 3.6B | 7.03B | 7.3B | 7.81B | 3.78B | 8.43B | 7.14B | 7.94B | 7.81B | 363.81M | 5.75B | 6.38B | 5.55B | 6.1B | 4.73B | 2.63B | 2.68B | 2.82B | 3.13B |
| Operating Margin % | 26.95% | 25.52% | 12.82% | 22.24% | 21.94% | 17.64% | 24.55% | 20.62% | 17.79% | 13.54% | 9.32% | 43.15% | 15.64% | 26.52% | 27.62% | 28.51% | 13.32% | 29.7% | 29.32% | 34.91% | 33.62% | 1.68% | 28.8% | 29.81% | 26.17% | 29.72% | 26.16% | 30.92% | 33.61% | 35.36% | 37.55% |
| Operating Income Growth % | - | 107.36% | -40.39% | 4.85% | 47.65% | -27.13% | -14.11% | 26.96% | 34.16% | 57.31% | -74.83% | 186.96% | -48.82% | -3.73% | -6.49% | 106.37% | -55.1% | 17.98% | -10.05% | 1.71% | 2045.57% | -93.68% | -9.87% | 15% | -9.05% | 29.06% | 80.15% | -2.16% | -4.93% | -9.9% | 31.49% |
| EBITDA | 11.71B | 10.65B | 6.57B | 9.04B | 8.58B | 6.48B | 8.03B | 9.08B | 7.34B | 6.01B | 4.37B | 11.95B | 5.08B | 8.44B | 8.74B | 9.23B | 5.46B | 9.99B | 8.37B | 8.96B | 8.76B | 1.27B | 6.61B | 7.24B | 6.38B | 6.92B | 5.46B | 3.05B | 3.04B | 3.19B | 3.54B |
| EBITDA Margin % | 35.11% | 32.61% | 20.95% | 29.8% | 29.26% | 26.24% | 32.97% | 26.9% | 23.81% | 19.91% | 15.68% | 49.96% | 22.09% | 31.85% | 33.09% | 33.7% | 19.24% | 35.21% | 34.38% | 39.41% | 37.75% | 5.85% | 33.1% | 33.82% | 30.05% | 33.68% | 30.22% | 35.96% | 38.09% | 40.04% | 42.46% |
| EBITDA Growth % | 38.23% | 62.08% | -27.29% | 5.35% | 32.43% | -19.3% | -11.58% | 23.74% | 22.13% | 37.44% | -63.42% | 135.23% | -39.81% | -3.46% | -5.25% | 68.99% | -45.31% | 19.29% | -6.58% | 2.26% | 591.41% | -80.83% | -8.71% | 13.61% | -7.82% | 26.57% | 78.97% | 0.39% | -4.82% | -9.8% | 21.51% |
| D&A (Non-Cash Add-back) | 3.14B | 2.31B | 2.55B | 2.29B | 2.15B | 2.12B | 2.05B | 2.12B | 1.86B | 1.92B | 1.77B | 1.63B | 1.48B | 1.41B | 1.45B | 1.42B | 1.68B | 1.56B | 1.23B | 1.02B | 958.04M | 903.7M | 858.68M | 859.04M | 824M | 812.8M | 735M | 428M | 358M | 373M | 410M |
| EBIT | 8.13B | 8.09B | 4.12B | 6.79B | 6.45B | 4.36B | 6.02B | 7.1B | 5.49B | 4.26B | 2.66B | 11.26B | 3.67B | 7.39B | 7.36B | 8.45B | 3.94B | 8.67B | 7.5B | 8.2B | 7.81B | 363.81M | 5.75B | 6.38B | 5.71B | 6.1B | 6.35B | 2.78B | 2.87B | 2.91B | 3.24B |
| Net Interest Income | -601M | -631M | -590.19M | -735M | -791.26M | -755M | -852M | -810.89M | -665.8M | -667M | -662M | -650M | -628.53M | -705M | -662.96M | -654.46M | -687.53M | -713M | -530M | -59.35M | -65M | -194M | -186M | 0 | -133M | 0 | -159M | -92M | -91M | -123M | -187M |
| Interest Income | 98M | 56M | 67.39M | 40M | 64.27M | 28M | 44M | 98M | 77.83M | 65M | 72M | 104M | 67.67M | 61M | 72.02M | 87.88M | 77.83M | 70M | 313M | 255.5M | 287M | 257M | 176M | 0 | 73M | 0 | 158M | 114M | 111M | 104M | 89M |
| Interest Expense | 692M | 687M | 657.58M | 775M | 855.53M | 784M | 892M | 912M | 743.64M | 734M | 736M | 757M | 696.2M | 767M | 734.97M | 742.34M | 765.36M | 783M | 843M | 314.85M | 352M | 451M | 362M | 161M | 141M | 1.15B | 317M | 206M | 202M | 227M | 276M |
| Other Income/Expense | -978M | -937M | -544M | -681M | -805M | -758M | -809M | -740M | -683M | -562M | -659M | 204M | -629M | -381M | -700M | -109M | -626M | -534M | -482M | -402.39M | -9.19M | 6.37B | 22.94M | -62.72M | -45M | -17.89M | 1.3B | -50M | -12M | -136M | -168M |
| Pretax Income | 7.44B | 7.4B | 3.48B | 6.06B | 5.63B | 3.6B | 5.17B | 6.22B | 4.8B | 3.52B | 1.94B | 10.53B | 2.97B | 6.65B | 6.6B | 7.7B | 3.16B | 7.89B | 6.66B | 7.54B | 7.8B | 6.73B | 5.78B | 6.32B | 5.51B | 6.09B | 6.03B | 2.58B | 2.67B | 2.69B | 2.96B |
| Pretax Margin % | 22.31% | 22.66% | 11.08% | 19.99% | 19.19% | 14.57% | 21.23% | 18.43% | 15.57% | 11.68% | 6.95% | 44% | 12.9% | 25.08% | 24.97% | 28.11% | 11.12% | 27.82% | 27.34% | 33.14% | 33.58% | 31.08% | 28.91% | 29.52% | 25.96% | 29.64% | 33.35% | 30.33% | 33.46% | 33.66% | 35.54% |
| Income Tax | 1.08B | 1.11B | 526M | 756M | 707M | 83M | 67M | 953M | 754M | 1.36B | 877M | 2.15B | 137M | 1.02B | 1.92B | 2.24B | 1.3B | 2.22B | 1.95B | 2.22B | 2.3B | 1.92B | 1.76B | 1.74B | 1.46B | 1.65B | 1.75B | 746M | 815M | 819M | 933M |
| Effective Tax Rate % | 14.54% | 15.02% | 15.13% | 12.47% | 12.56% | 2.31% | 1.3% | 15.32% | 15.71% | 38.47% | 45.23% | 20.46% | 4.62% | 15.33% | 29.12% | 29.1% | 41.31% | 28.16% | 29.24% | 29.47% | 29.51% | 28.46% | 30.41% | 27.47% | 26.53% | 27.12% | 28.98% | 28.97% | 30.51% | 30.49% | 31.48% |
| Net Income | 6.4B | 5.72B | 2.58B | 4.93B | 14.96B | 4.38B | 5.75B | 4.64B | 3.62B | 1.53B | 912M | 8.42B | 2.76B | 5.44B | 4.5B | 5.26B | 1.63B | 5.53B | 4.6B | 5.22B | 5.39B | 4.69B | 3.91B | 4.48B | 3.94B | 3.1B | 4.16B | 1.81B | 1.84B | 1.85B | 2B |
| Net Margin % | 19.19% | 17.5% | 8.21% | 16.25% | 51% | 17.76% | 23.61% | 13.76% | 11.76% | 5.08% | 3.27% | 35.2% | 11.98% | 20.51% | 17.02% | 19.21% | 5.76% | 19.5% | 18.9% | 22.95% | 23.2% | 21.65% | 19.55% | 20.91% | 18.55% | 15.1% | 23.02% | 21.33% | 23% | 23.18% | 23.94% |
| Net Income Growth % | 86.94% | 121.98% | -47.75% | -67.05% | 241.07% | -23.73% | 23.77% | 28.21% | 136.49% | 67.98% | -89.17% | 205.59% | -49.3% | 20.83% | -14.48% | 221.97% | -70.46% | 20.19% | -11.83% | -3.12% | 14.93% | 20.01% | -12.78% | 13.81% | 26.94% | -25.52% | 129.82% | -1.36% | -0.76% | -7.36% | 36.97% |
| Net Income (Continuing) | 6.36B | 6.29B | 2.95B | 5.31B | 4.92B | 3.52B | 5.1B | 5.27B | 4.05B | 2.17B | 1.06B | 8.37B | 2.83B | 5.63B | 4.68B | 5.46B | 1.85B | 5.67B | 4.71B | 5.22B | 5.39B | 4.69B | 3.91B | 4.48B | 4.04B | 4.43B | 4.28B | 1.83B | 1.86B | 1.87B | 2.03B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 10.7B | 1.58B | 1.28B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -567.04M | -420.26M | -585M | -703.69M | -502M | 8.52B | 8.5B | 9.21B | -688M | 3.56B | 3.84B | 3.76B | 673M | 815M | 937M | 795M | 858M | 737M | 387M | 307M | 262M | 259M | 213M | 744.24M | 807M | 863.73M | 1.24B | 51M | 66M | 47M | 42M |
| EPS (Diluted) | 3.14 | 5.56 | 1.24 | 2.40 | 2.40 | 2.70 | 2.86 | 2.32 | 1.82 | 0.78 | 0.46 | 4.30 | 1.42 | 2.76 | 2.26 | 2.58 | 0.80 | 2.70 | 2.20 | 2.36 | 2.36 | 2.04 | 1.70 | 1.92 | 1.66 | 1.26 | 1.68 | 1.24 | 1.26 | 1.28 | 1.42 |
| EPS Growth % | 120.34% | 348.39% | -48.33% | 0% | -11.11% | -5.59% | 23.28% | 27.47% | 133.33% | 69.57% | -89.3% | 202.82% | -48.55% | 22.12% | -12.4% | 222.5% | -70.37% | 22.73% | -6.78% | 0% | 15.69% | 20% | -11.46% | 15.66% | 31.75% | -25% | 35.48% | -1.59% | -1.56% | -9.86% | 26.79% |
| EPS (Basic) | - | 5.64 | 1.26 | 2.44 | 2.44 | 2.74 | 2.88 | 2.34 | 1.84 | 0.78 | 0.48 | 4.36 | 1.44 | 2.82 | 2.30 | 2.62 | 0.80 | 2.72 | 2.22 | 2.36 | 2.38 | 2.06 | 1.70 | 1.94 | 1.66 | 1.26 | 1.70 | 1.26 | 1.28 | 1.30 | 1.42 |
| Diluted Shares Outstanding | 2.04B | 1.03B | 2.07B | 2.06B | 2.04B | 1.62B | 2.02B | 2.01B | 1.99B | 1.98B | 1.96B | 1.96B | 1.95B | 1.97B | 2B | 2.04B | 2.05B | 2.04B | 2.09B | 2.23B | 2.28B | 2.29B | 2.29B | 2.32B | 2.37B | 2.45B | 2.45B | 2.91B | 2.91B | 2.88B | 2.82B |
| Basic Shares Outstanding | 2.01B | 1.01B | 2.04B | 2.03B | 2.01B | 1.6B | 1.99B | 1.98B | 1.97B | 1.95B | 1.94B | 1.93B | 1.92B | 1.93B | 1.96B | 2.01B | 2.03B | 2.03B | 2.08B | 2.21B | 2.26B | 2.28B | 2.29B | 2.31B | 2.36B | 2.43B | 2.43B | 2.9B | 2.88B | 2.85B | 2.82B |
| Dividend Payout Ratio | - | 43.87% | 94.91% | 56.68% | 28.55% | 91.2% | 69.18% | 85.1% | 108.39% | 254.96% | 531.8% | 46% | 139.44% | 67.7% | 84.77% | 64.74% | 196.14% | 54.29% | 63.65% | 53.51% | 48.22% | 50.99% | 63.36% | 52.03% | 59.14% | 75.18% | - | - | - | - | - |
Litigation and Regulatory Pricing
As indicated by the quarterly income statement data, GSK's revenue growth has fluctuated significantly, ranging from a 1.7% contraction in 2024Q3 to a 9.8% expansion in 2024Q2, suggesting that the company's reliance on lumpy government vaccine tenders creates an inconsistent and unpredictable top-line trajectory for investors.
The volatility in revenue growth appears to be driven by the timing of seasonal vaccine procurement rather than underlying organic demand for the specialty medicines portfolio. Investors should monitor whether the recent launch of Arexvy can provide a more stable baseline of recurring revenue to offset the inherent seasonality of the broader vaccine franchise.
Based on the provided financial statements, GSK has maintained a robust gross margin profile, peaking at 75.4% in 2026Q1, which suggests that the company's high-value specialty medicines and adjuvant-based vaccine platforms continue to command significant pricing power despite broader competitive pressures within the global pharmaceutical industry.
The ability to sustain gross margins above 70% in most periods implies that the company's manufacturing complexity acts as a barrier to entry for generic competitors. However, the periodic compression seen in Q4 periods warrants investigation, as it may reflect year-end inventory adjustments or shifts in product mix toward lower-margin legacy assets.
According to the reported figures, operating margins have swung wildly from a low of 2.4% in 2024Q3 to over 30% in 2025Q3, indicating that the company's high fixed-cost base in R&D and SG&A prevents consistent operating leverage even when gross profits remain relatively stable across the reporting periods.
The lack of consistent operating margin expansion suggests that management's expense discipline is frequently interrupted by the lumpy nature of clinical trial spending and commercial launch costs. This volatility may indicate that the company is struggling to scale its operating infrastructure efficiently in line with its current revenue growth profile.
As evidenced by the net loss of $58 million in 2024Q3 followed by a $2 billion profit in 2025Q3, the quality of reported earnings appears heavily impacted by non-operating items, likely including legal provisions and restructuring charges that obscure the underlying cash-generating capability of the core pharmaceutical business.
The wide variance between operating income and net income suggests that investors should focus on adjusted metrics to gauge true operational performance. The absence of stock-based compensation in the provided data may also mask the true cost of talent retention, warranting further investigation into the company's long-term incentive structures.
While the company demonstrates strong gross margins, the historical volatility in net income, particularly the negative earnings reported in 2024Q3, highlights a significant risk that unprovisioned legal liabilities related to legacy products could periodically overwhelm the company's operational profitability and erode shareholder value in the near term.
Short-sellers may focus on the potential for future Zantac-related settlements to drain cash reserves and force a reduction in R&D investment. If these legal costs continue to manifest as unpredictable quarterly charges, the market may continue to apply a valuation discount compared to peers with cleaner balance sheets.
Quick answers to the most common questions about buying GSK stock.
For fiscal year 2025, GSK plc (GSK) reported total revenue of $32.67B. This represents a 291.6% increase compared to $8.34B in 1996.
GSK plc (GSK) is profitable, generating $5.72B in net income for the fiscal year ending 2025 with a net profit margin of 17.5%.
GSK plc (GSK) reported an operating income of $8.34B, resulting in an operating profit margin of 25.5%. This margin reflects the operational efficiency of the business before interest and taxes.
GSK plc (GSK) generated $23.65B in gross profit for the year, representing a gross profit margin of 72.4%. This demonstrates the company's core pricing power and production efficiency.