GSK plc GSK

Health CarePharmaceuticalsUnited Kingdom

Last close 49.51 USD on Nov 1, 2026, +3.6% year to date

Quant rating

Quant rating C Rank 90 of 211 in Health Care

Growth C 99 of 211
Valuation B 39 of 211
Quality B 61 of 211
Revisions D 178 of 211
Momentum C 90 of 211

Wall Street consensus Buy (2.42)Average target 57.04 USD +15.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 100.4B
Enterprise value: 127.5B
52-week range: 45.81 – 61.69
3-year range: 32.08 – 61.69
Dividend yield: 3.71%
Beta (5 years): 0.30
Shares outstanding: 4,045M
Next earnings: Oct 28, 2026

About the company

GSK plc is a United Kingdom-based biopharma company. The Company is focused on the science of the immune system and advanced technologies, investing in four core therapeutic areas-respiratory, immunology and inflammation; oncology; human immunodeficiency virus (HIV), and infectious diseases. Its segments include Commercial Operations and Research and Development. Its specialty medicines prevent and treat diseases, from asthma, cancer and HIV to autoimmune diseases like lupus. General medicines include inhalers for asthma and chronic obstructive pulmonary disease (COPD) to antibiotics. It also owns ozureprubart, a long-acting anti-immunoglobulin E (IgE) monoclonal antibody and HS235, a potential molecule for the treatment of pulmonary hypertension (PH). Its oncology portfolio also includes Zidesamtinib (NVL-520), neladalkib (NVL-655), and NVL-330. Its products include Anoro Ellipta, Apretude, Arexvy, Bexsero, Blenrep, Blujepa, Boostrix, Cervarix, Dovato, Efimosfermin, among others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	44,012	39,254	38,604	35,473	33,411	–
Revenue growth	12.1%	1.7%	8.8%	6.2%	0.3%	5.7%
EPS (basic, normalized)	4.53	4.07	3.86	3.44	3.89	–
EPS growth	11.4%	5.5%	12.1%	−11.6%	–	–
Gross margin	73.1%	72.1%	72.4%	71.1%	67.6%	71.3%
Net margin	17.5%	8.2%	16.2%	14.5%	11.4%	13.6%
ROE	38.0%	19.1%	41.2%	33.2%	18.9%	30.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	3,929
Current ratio	0.86x
Long-term debt (mil)	28,785
Net debt (mil)	26,990
Total equity (mil)	24,877
Net debt / equity	1.08x
Net debt / EBITDA	1.82x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	44,012	+12.1%	2.9x	14,860	+16.6%	8.6x	4.53	+11.4%	10.9x
2026	44,760	+1.7%	2.8x	15,396	+3.6%	8.3x	4.67	+2.9%	10.6x
2027	46,977	+5.0%	2.7x	16,574	+7.7%	7.7x	4.83	+3.5%	10.3x
2028	48,424	+3.1%	2.6x	17,001	+2.6%	7.5x	4.48	−7.2%	11.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	44,760	−1.4%	−1.0%	−2.4%	4.67	−3.6%	−0.7%	−1.5%
2027	46,977	−1.3%	−1.2%	−1.7%	4.83	−4.9%	−5.3%	−7.3%
2028	48,424	−0.7%	−0.8%	−1.6%	4.48	−3.9%	−8.2%	−9.9%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	9,337	9,948	10,415	10,397	9,468	10,661	11,522	11,465	10,282	11,281
Sales mean (mil)	8,792	9,616	10,879	9,677	9,753	10,582	11,043	11,515	10,236	11,053
Surprise	+6.2%	+3.5%	−4.3%	+7.4%	−2.9%	+0.7%	+4.3%	−0.4%	+0.4%	+2.1%
EPS reported	1.09	1.09	1.29	0.59	1.13	1.24	1.48	0.68	1.25	1.35
EPS mean	0.91	0.98	1.24	0.44	1.04	1.12	1.26	0.67	1.16	1.25
Surprise	+20.1%	+11.2%	+3.9%	+36.2%	+8.8%	+11.0%	+17.5%	+1.7%	+7.8%	+8.1%

Peer comparison Pharmaceuticals

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
GSK GSK plc	100.4B	1.82x	17.5%	1.99x	10.6x	10.3x	8.3x	7.7x
ABBV AbbVie Inc.	521.1B	2.63x	6.8%	−87.80x	21.1x	18.3x	18.0x	15.7x
Mean		2.22x	12.2%	−42.90x	15.9x	14.3x	13.1x	11.7x
Median		2.22x	12.2%	−42.90x	15.9x	14.3x	13.1x	11.7x

Technical analysis

1M−0.4%
3M−7.0%
1Y+17.4%
3Y+61.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, GSK plc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	44,012	39,254	38,604	35,473	33,411	33,299
Cost of revenue	11,860	10,953	10,647	10,243	10,831	10,010
Gross profit	32,152	28,301	27,958	25,231	22,580	23,289
Selling, general & administrative expenses	12,038	11,214	11,464	9,832	9,131	9,605
Research & development	8,819	7,517	7,326	6,124	6,122	5,909
Depreciation/amortization	116	68.8	91.6	110	137	103
Interest expense (income), operating	690	2,211	841	1,734	1,452	1,668
Unusual expense (income)	1,555	3,041	1,163	640	480	−1,648
Other operating expenses	−1,753	−788	−1,515	−991	−587	−524
Operating income	10,687	5,038	8,587	7,782	5,846	8,175
Net interest income (expense)	−218	−961	−807	−7.3	−1,736	−547
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−497	273	−61.1	−967	759	−559
Net income before taxes	9,971	4,350	7,719	6,808	4,869	7,069
Provision for taxes	1,498	658	962	855	112	91.6
Minority interest	−772	−470	−484	−804	−962	−874
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	7,701	3,222	6,273	5,148	3,795	6,104
Extraordinary items	–	0	0	12,944	2,138	1,757
Net income	7,701	3,222	6,273	18,092	5,932	7,861
EBIT, normalized	13,426	10,812	10,941	10,386	8,158	8,915
EBITDA, normalized	16,543	14,004	13,861	12,984	11,374	12,129
Basic EPS, normalized	4.53	4.07	3.86	3.44	3.89	–

Balance sheet in millions of USD, fiscal years

Balance sheet, GSK plc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	4,256	4,647	6,354	9,529	5,865	8,710
Receivables	9,935	8,676	9,423	8,607	10,865	9,932
Total inventory	7,981	7,092	6,998	6,225	7,824	8,198
Prepaid expenses	519	488	452	415	426	491
Other current assets	900	362	504	348	284	353
Total current assets	23,591	21,265	23,732	25,124	25,264	27,684
Property, plant & equipment	13,538	12,602	12,674	11,637	14,438	15,048
Goodwill	9,455	8,735	8,670	8,524	14,276	14,489
Intangibles	22,564	19,411	18,798	17,321	40,694	40,778
Long-term investments	1,517	1,496	1,517	1,864	2,995	4,682
Note receivable	1,392	1,306	1,209	1,167	1,265	1,173
Other long-term assets	10,287	9,578	8,507	7,122	8,086	6,119
Total assets	82,344	74,394	75,107	72,759	107,019	109,973
Liabilities
Accounts payable	4,763	4,331	4,731	4,677	6,135	5,957
Payable/accrued	–	–	–	–	–	–
Accrued expenses	14,056	12,970	13,634	12,807	15,134	13,335
Short-term debt	1,875	953	1,281	1,983	1,085	1,566
Current portion of long-term debt	2,183	1,985	2,300	2,798	3,787	3,528
Other current liabilities	5,943	6,905	4,871	5,329	5,882	5,897
Total current liabilities	28,820	27,145	26,817	27,593	32,023	30,283
Long-term debt	19,816	18,312	19,354	20,607	27,832	32,029
Minority interest	−567	−732	−703	−607	8,506	8,506
Other liabilities	12,211	12,565	12,649	12,345	18,290	19,211
Total liabilities	60,279	57,290	58,118	59,938	86,651	90,028
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1,817	1,686	1,716	1,629	1,822	1,840
Additional paid-in capital	4,713	4,345	4,393	4,161	4,466	4,486
Retained earnings (accumulated deficit)	16,623	12,417	11,924	7,853	13,628	12,147
Treasury stock	–	–	–	–	–	–
Other equity	−1,089	−1,345	−1,044	−824	452	1,471
Total equity	22,065	17,104	16,989	12,820	20,368	19,945
Total liabilities & shareholders' equity	82,344	74,394	75,107	72,759	107,019	109,973

Cash flow statement in millions of USD, fiscal years

Cash flow statement, GSK plc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	8,473	3,692	6,757	5,953	6,894	8,734
Depreciation, depletion & amortization	3,118	3,192	2,920	2,597	3,216	3,215
Deferred taxes	–	–	–	–	–	–
Non-cash items	4,193	1,894	2,536	3,167	1,705	129
Changes in working capital	−5,349	−565	−3,597	−2,538	−1,046	46.5
Cash from operations	10,435	8,212	8,615	9,179	10,769	12,124
Investing activities
Capital expenditures	−4,022	−3,731	−2,984	−2,732	−3,965	−3,061
Other investing cash flows	−1,681	2,193	953	−7,880	1,561	6,016
Cash from investing	−5,703	−1,538	−2,030	−10,612	−2,404	2,955
Financing activities
Financing cash flow items	−1,380	−1,138	−1,065	10,995	−1,895	−2,666
Cash dividends paid	−3,454	−3,058	−2,860	−4,194	−5,410	−5,438
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−131	−1,717	−3,255	−5,805	−2,962	−5,749
Cash from financing	−4,965	−5,913	−7,180	996	−10,267	−13,853
Foreign exchange effects	−25.6	−67.6	−126	184	−39.2	−53.3
Net change in cash	−264	682	−722	−477	−1,952	589
Free cash flow	6,413	4,481	5,631	6,448	6,804	9,062

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.