GSK 2025 H1 Performance

GSK 2025 H1: Oncology Revenue Surges, HIV Business Remains Strong, £40B+ Sales Target Set for 2031

On July 30, GSK released its results for the first half of 2025, reporting total revenue of £15.502 billion (approximately $20.157 billion), a 5% year-on-year increase (at constant exchange rates, CER).

GSK's main business segments include Specialty Medicines, Vaccines, and General Medicines. Among them, Specialty Medicines performed strongly across all therapeutic areas, with the highest growth. Revenue reached £6.260 billion (approximately $8.141 billion, +16%).

In H1 2025, GSK continued its strong growth momentum in the HIV business, generating revenue of £3.594 billion (approximately $4.673 billion), a 10% year-on-year increase. The oral fixed-dose combination Dovato (dolutegravir + lamivudine) continued expanding globally, with sales reaching £1.225 billion (approximately $1.592 billion, +21%). Long-acting injectables Cabenuva (cabotegravir + rilpivirine) and Apretude (cabotegravir) recorded sales of £635 million (approximately $826 million, +42%) and £190 million (approximately $247 million, +56%) respectively. As the first approved long-acting treatment and prevention options globally, both are rapidly capturing market share. GSK believes the long-acting injection segment holds enormous potential and expects continued significant growth.

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

In the Respiratory, Immunology & Inflammation (RI&I) segment, H1 2025 revenue totaled £1.767 billion (approximately $2.298 billion), up 18% YoY. Nucala (mepolizumab), GSK’s first IL-5 targeting monoclonal antibody launched in 2015, maintained 13% growth, reaching £942 million (approximately $1.225 billion). It was also approved by the FDA in May for chronic obstructive pulmonary disease (COPD), opening a new growth avenue. Benlysta (belimumab), used for lupus, saw sales of £810 million (approximately $1.053 billion), up 23% YoY.

GSK’s oncology revenue jumped significantly by 47% YoY to £899 million (approximately $1.170 billion) in H1 2025. This was mainly driven by strong growth in PD-1 antibody Jemperli (dostarlimab) and JAK1/JAK2/ACVR1 inhibitor Omjjara (momelotinib), which generated £370 million (approximately $482 million, >100%) and £250 million (approximately $325 million, +87%) respectively. Additionally, BCMA ADC drug Blenrep (belantamab mafodotin) demonstrated efficacy in the head-to-head Phase III DREAMM-7 trial against daratumumab. It has been resubmitted for approval in the EU and US. The EU approved it in July, while the FDA’s Oncology Drugs Advisory Committee (ODAC) found the proposed dose suboptimal. A new PDUFA date is set for October 23.

As a leading vaccine company, GSK generated £4.186 billion (approximately $5.443 billion) from vaccines in H1 2025, up 1% YoY. Shingles vaccine Shingrix brought in £1.720 billion (approximately $2.236 billion), down 1% YoY. Meningitis vaccines (including Bexsero and Menveo) brought in £729 million (approximately $947 million), a 21% increase, driven by growing demand in Europe and emerging markets. 

Sales of RSV vaccine Arexvy were £144 million (approximately $187 million), down 39% YoY due to an unfavorable market environment in the US.

GSK’s General Medicines segment slightly declined, with total sales of £5.056 billion (approximately $6.573 billion, -3%). However, Trelegy Ellipta (fluticasone furoate + umeclidinium + vilanterol), used for COPD and asthma, performed strongly with sales of £1.510 billion (approximately $1.963 billion), up 8% YoY. Its unique triple therapy makes it a preferred treatment for many COPD and asthma patients.

In terms of pipeline progress, GSK secured three FDA approvals in 2025 so far: Penmenvy (meningitis vaccine), Blujepa (first new-mechanism oral antibiotic in 30 years for uncomplicated UTIs in women), and Nucala’s new COPD indication.

In 2025, GSK also completed the acquisitions of IDRx and Cellphenomics GmbH, and strategically strengthened its RI&I and oncology pipelines. It acquired NASH drug efimosfermin from Boston Pharmaceuticals and signed 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 full-year 2025 revenue to grow 3%-5%, and core operating profit to rise 6%-8%. Based on its current pipeline, GSK is confident in surpassing £40 billion in sales by 2031.