Gsk Plc: a £32.7bn business, growing — and getting more profitable as it grows.

Where's the money from?

Revenue £32.7bn (FY2025), up 4% YoY

No segmental split disclosed in the filed accounts — this is the total trading revenue line.

Is it growing?

£30.9bn → £32.7bn

Revenue up about 6% across 8 filed years.

Is it solid?

17.7% → 24.3%

Operating margin widened as it grew.

Who's behind it?

12 active directors

Full board and backgrounds in the People tab.

global biopharma - specialty medicines, vaccines and general medicines · global · high complexity

Deep-Dive · Company Intelligence

Inside GSK PLC

Report overview

GSK PLC nearly doubled operating profit to £7.9bn in FY2025 while turnover grew by just £1.3bn.

£3.40bn Cash at bank vs £3.87bn FY2024

£32.67bn Turnover vs £31.38bn FY2024

£7.40bn Pre-tax profit vs £3.48bn FY2024

£15.96bn Net assets vs £13.09bn FY2024

Turnover at GSK PLC grew by a measured 4% in FY2025, from £31.4bn to £32.7bn. But operating profit almost doubled — from £4.0bn to £7.9bn. Profit before tax more than doubled, from £3.5bn to £7.4bn. The scale of that gap between revenue growth and profit growth is the story this filing tells. Behind it sits a strengthening balance sheet, rising operating cash flow, and a surge in investing spend that hints at what comes next.

Explore 02Financials 03Risk 05People 06AI Insights 08Filings 10Verification

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Company No.03888792

Statusactive

Latest accountsFY2025 accounts

Filed 26 April 2026 3 months ago

AuditorDeloitte LLP

The story

What happened, in chapters

The year, beat by beat — each one a signal from the filing, source cited. Open “the full working” on any beat for the analyst detail.

The Profit Leap

Revenue grew 4%; operating profit grew 97% — the gap between the two is the headline fact.

+97%

Operating profit FY2024 £4.0bn FY2025 £7.9bn

The full working

Turnover added £1.3bn. Operating profit added nearly £3.9bn. That kind of divergence points to cost structure, not revenue — something in the cost base moved sharply in GSK's favour between FY2024 and FY2025. Gross profit also rose 6%, from £22.3bn to £23.7bn, but the real expansion happened further down the P&L.

Source · Profit & Loss Account FY2024–FY2025

Cash Flows Tell a Different Story

Operating cash rose strongly, but investing outflows nearly quadrupled — and cash on hand fell.

£7.7bn Operating cash flow FY2025

£4.2bn Investing cash outflow FY2025

The full working

Operating cash flow climbed 18% to £7.7bn, tracking the profit improvement. But investing cash outflows jumped from £1.2bn to £4.2bn — a 244% increase — and the net result is that cash on hand dropped from £3.9bn to £3.4bn. The business is generating more; it is also deploying more.

Source · Cash Flow Statement FY2024–FY2025

The Balance Sheet Strengthens

Net assets rose 22% to £16bn as liabilities on both sides of the balance sheet fell.

+22%

Net assets FY2024 £13.1bn FY2025 £16.0bn

The full working

Current liabilities edged down 1% to £21.4bn. Long-term liabilities fell 4% to £23.8bn. Fixed assets grew 3% to £43.6bn. The combined effect pushed net assets from £13.1bn to £16.0bn — a £2.9bn improvement in one year.

Source · Balance Sheet FY2024–FY2025

Who Owns GSK?

No person of significant control is recorded at Companies House — ownership is either fragmented or held via nominees.

Ultimate ownership No PSC on record (fragmented / nominee held)
Registered entity GSK PLC (03888792)
SIC classification 70100 — Head-office activities
Operating subsidiaries (below this entity, not detailed in this filing)

Source · PSC Register; Companies House filing

A Company That Changed Its Name Twice

From a shelf company in 1999 to one of the world's largest pharmaceutical groups — the filing history in four steps.

6 Dec 1999 Incorporated as TRUSHELFCO (NO.2577) LIMITED
30 Jun 2026 Capital allotment (SH01) filed
21 Jun 2000 Renamed GLAXOSMITHKLINE PLC
16 May 2022 Renamed GSK PLC
14 Jan 2000 Renamed GLAXO SMITHKLINE PLC

Source · Name history; Filing signals — Companies House

The brief

Five questions, answered

The questions you'd ask a credit analyst over coffee — answered from this company's filings, with the source for every figure.

Q1 Can they pay their bills next year?

Current liabilities stand at £21.4bn against current assets of £17.5bn — so current assets do not cover current liabilities on their own.

However, operating cash flow of £7.7bn provides substantial headroom to service near-term obligations. Cash on hand is £3.4bn, down from £3.9bn. The liquidity picture is tight on a pure current-ratio basis but supported by strong cash generation.

Source · Balance Sheet FY2025; Cash Flow Statement FY2025

Q2 Are they actually making money, or just turning it over?

Both, but the profit story is the stronger one.

Turnover of £32.7bn is real scale, but gross margin is 72% (£23.7bn gross profit on £32.7bn turnover). Operating profit of £7.9bn represents a 24% operating margin — up from 13% in FY2024. Profit after tax of £6.3bn confirms the bottom line followed through. This is not a turnover-heavy, margin-thin business.

Source · Profit & Loss Account FY2024–FY2025

Q3 Who owns and controls the business, really?

No person of significant control is recorded at Companies House for GSK PLC.

The filing does not identify a parent entity or ultimate beneficial owner within the PSC register, consistent with widely dispersed public shareholding where no single party holds 25% or more.

Q4 Is the filing history clean, or are accounts late / amended?

No overdue or amended filings are flagged in the brief.

The company has a clear name history across four iterations since 1999, all properly recorded. The most recent filing signals are a capital allotment (SH01) on 30 June 2026 and a resolution on 24 May 2026 — both routine corporate actions with no amendment or late-filing markers present.

Source · Filing signals; Name history — Companies House

Q5 Where are the red flags hiding in the notes?

No charges, negative equity, or going-concern language are disclosed in this filing brief.

Long-term liabilities of £23.8bn remain substantial relative to net assets of £16.0bn, but both metrics moved in the right direction year-on-year. The one figure that warrants attention is current liabilities of £21.4bn exceeding current assets of £17.5bn — a £3.9bn gap — though strong operating cash flow of £7.7bn provides context.

Source · Balance Sheet FY2025; Cash Flow Statement FY2025

Honest limits

What the filings can't tell you

We surface gaps plainly rather than guess. Use the chapters and tabs below to dig into what is on record.

Data quality note

No segmental operating profit split by division (Specialty, Vaccines, General Medicines) was provided in the agent findings, which limits the ability to assess which division is most profitable or margin-dilutive.

Who owns and controls the business, really?

No person of significant control is recorded at Companies House for GSK PLC. The filing does not identify a parent entity or ultimate beneficial owner within the PSC register, consistent with widely dispersed public shareholding where no single party holds 25% or more.

Origin

GSK PLC

GSK plc is the UK-registered holding company for GlaxoSmithKline, one of the world's largest pharmaceutical and healthcare groups. It operates under SIC code 70100 (activities of head offices), sitting above the group's global medicines, vaccines, and specialty health businesses.

Where the money comes from

Revenue £32.7bn (FY2025), up 4% YoY No segmental split disclosed in the filed accounts — this is the total trading revenue line.

At a glance

Key data

Founded 1999 8 years on file

Turnover £32.67bn ▲ +4.1% YoY

Pre-tax profit £7.40bn ▲ +112.9% YoY

Auditor Audit exempt Section 479A (audit exempt)

Timeline

How we got here

2025 01 of 20

Big year-on-year change

Profit after tax surge

Profit after tax more than doubled — from £2.95bn to £6.29bn in a single year (+113%).

2025 02 of 20

Leadership change

Walmsley Steps Down; Miels Appointed CEO

Emma Walmsley announced she would step down as chief executive at the start of 2026, with Luke Miels, the company's chief commercial officer since 2017, appointed as her successor.

2022 03 of 20

Big year-on-year change

Profit after tax surge

Profit after tax more than doubled — from £5.10bn to £15.62bn in a single year (+207%).

2022 04 of 20

Merger

Haleon Consumer Healthcare Demerger

GSK formally spun off its consumer healthcare business as Haleon, a separately listed public company, allowing GSK to focus exclusively on pharmaceuticals and R&D while rejecting a £50 billion takeover bid from Unilever.

2022 05 of 20

Name changed

Rebrand

Previously incorporated as GlaxoSmithKline PLC.

2021 06 of 20

Joined the board

Anne, Dr Beal joins the board

Anne, Dr Beal was first appointed as a director on 6 May 2021.

2020 07 of 20

Joined the board

Charles Bancroft joins the board

Charles Bancroft was first appointed as a director on 1 May 2020.

2019 08 of 20

Big year-on-year change

Net assets surge

Net assets more than doubled — from £3.67bn to £18.36bn in a single year (+400%).

2019 09 of 20

Joined the board

Jonathan Richard Symonds joins the board

Jonathan Richard Symonds was first appointed as a director on 1 September 2019.

2019 10 of 20

Acquisition

Tesaro Oncology Acquisition for $5.1bn

GSK acquired oncology specialist Tesaro for $5.1 billion, gaining control of the ovarian cancer drug Zejula (niraparib) and significantly expanding its cancer treatment portfolio.

2018 11 of 20

Joined the board

Hal, Dr Barron joins the board

Hal, Dr Barron was first appointed as a director on 1 January 2018.

2018 12 of 20

Where our data starts

Financial deep-dive begins

Earliest analysed accounts: FY2018. 18 years of earlier trading history are not in scope — this report pulls the most recent filed accounts from Companies House.

2017 13 of 20

Leadership change

Emma Walmsley Becomes CEO

Emma Walmsley became GSK's chief executive officer, the first woman to lead the company, succeeding Andrew Witty and marking a significant leadership transition.

2012 14 of 20

Regulatory event

US$3 Billion DoJ Fraud Settlement

GSK pleaded guilty to promoting drugs for unapproved uses, failing to report safety data, and paying kickbacks to physicians, agreeing to a $3 billion settlement — the largest healthcare fraud settlement in US history at the time.

2009 15 of 20

Expansion

ViiV Healthcare Joint Venture with Pfizer

GSK and Pfizer formed ViiV Healthcare, a joint venture specialising in HIV research, signalling a major strategic commitment to the HIV/AIDS treatment sector.

2000 16 of 20

Founding milestone

GlaxoSmithKline Formed via Merger

Glaxo Wellcome and SmithKline Beecham completed their merger to form GlaxoSmithKline, creating one of the world's largest pharmaceutical companies headquartered in London.

2000 17 of 20

Name changed

Rebrand

Previously incorporated as Glaxo Smithkline PLC.

2000 18 of 20

Name changed

Rebrand

Previously incorporated as Trushelfco (No.2577) Limited.

1999 19 of 20

Company founded

Incorporated

GSK PLC was registered at Companies House on 6 December 1999.

1995 20 of 20

Merger

Glaxo and Wellcome Merge

Glaxo and Wellcome merged to form Glaxo Wellcome plc in what was then considered the largest merger in UK corporate history, creating a pharmaceutical powerhouse and cutting 10,000 jobs in a major R&D restructuring.

Go deeper

Explore the evidence

Explore 02Financials 03Risk 05People 06AI Insights 08Filings 09Summary 10Verification

02 · Financials

The numbers, year by year

FY2025 accounts · Companies House (PDF accounts)

Scene 01 · Revenue

Turnover broadly flat

From £30.92bn in FY2018 to £32.67bn in FY2025 — a 6% increase.

Annual Turnover vs Cost of Sales

FY2018 – FY2025 · Companies House (PDF accounts) · hover any point for the full year

Turnover Cost of Sales Gross Profit (shaded gap)

Latest turnover · FY2025 £32.67bn +4.1% vs prior year

Cost of sales · FY2025 £9.02bn Gross margin 72.4% of turnover

Gross profit (implied) £23.65bn Turnover minus cost of sales

Across 7 years +6% £30.92bn → £32.67bn

’18 ’19 ’20 ’21 ’22 ’23 ’24 ’25

Scene 02 · Metrics

The headline numbers

All figures in GBP (£) · as filed, not converted

Cash at bank £3.40bn ▼ 12.2% vs £3.87bn FY2024 A modest dip — single-digit decline.

Turnover £32.67bn ▲ +4.1% vs £31.38bn FY2024 Broadly flat — a small uptick on last year.

Pre-tax profit £7.40bn ▲ +112.9% vs £3.48bn FY2024 More than doubled — a step-change year.

Net assets £15.96bn ▲ +21.9% vs £13.09bn FY2024 A notable step up — well above the kind of growth most companies post.

Financial health

Good · 6 signals

Low current ratio Low quick ratio High leverage Negative working capital Net assets growing Profitable

          + Why this rating
        

Low current ratio — Current ratio of 0.44 — current liabilities exceed current assets (note: service sector — sub-1.0 current ratio is the norm)
Low quick ratio — Quick ratio of 0.16 — limited ability to cover liabilities without selling stock (note: service sector — sub-1.0 current ratio is the norm)
High leverage — Debt-to-equity of 2.83 — the company is heavily indebted relative to its equity
Negative working capital — Cash covers 16% of current liabilities. At this scale this typically reflects extended supplier terms, deferred revenue, and short-term bridging via banking facilities.
Net assets growing — Net assets grew 21.9% year-on-year — the company is building value
Profitable — PBT of £7,401,000,000 on turnover of £32,667,000,000

Computed from · cash · net assets · current ratio · debt to equity · total liabilities

Scene 03 · Trends

How the numbers moved

Eight years of revenue, profit and operating performance side-by-side. Hover any dot for the full year cross-section.

Financial performance trends

Revenue, profitability and operating growth over time

Turnover Gross profit Operating profit

’18 ’19 ’20 ’21 ’22 ’23 ’24 ’25

Financial year

Scene 05 · Full detail

Complete P&L statement

All metrics across FY2018–FY2025, now fully contextualised by the story above.

Profit and loss

GBP

Metric	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	Δ YoY
Turnover	£30.92bn	£33.75bn	£34.10bn	£34.11bn	£29.32bn	£30.33bn	£31.38bn	£32.67bn	▲ 4%
Cost of sales	-£10.24bn	-£11.86bn	-£11.70bn	-£11.60bn	-£9.55bn	-£8.56bn	-£9.05bn	-£9.02bn	— 0%
Gross profit	£20.56bn	£21.89bn	£22.39bn	£22.51bn	£19.77bn	£21.76bn	£22.33bn	£23.65bn	▲ 6%
Other operating income	-£1.59bn	£689.0m	£318.0m	£419.0m	-£235.0m	-£363.0m	-£1.53bn	£16.0m	swung +
Administrative expenses	-£9.91bn	-£11.40bn	-£11.46bn	-£10.97bn	-£8.37bn	-£9.38bn	-£11.02bn	-£9.09bn	▲ 17%
Other operating costs derived	-£3.57bn	-£4.22bn	-£3.47bn	-£5.75bn	-£4.73bn	-£5.27bn	-£5.76bn	-£6.65bn	—
Operating profit	£5.48bn	£6.96bn	£7.78bn	£6.20bn	£6.43bn	£6.75bn	£4.02bn	£7.93bn	▲ 97%
Finance income	£61.0m	£98.0m	£44.0m	£28.0m	£76.0m	£115.0m	£122.0m	£169.0m	▲ 39%
Finance costs	-£798.0m	-£912.0m	-£892.0m	-£784.0m	-£879.0m	-£792.0m	-£669.0m	-£701.0m	▼ 5%
Profit before tax	£4.80bn	£6.22bn	£6.97bn	£5.44bn	£5.63bn	£6.06bn	£3.48bn	£7.40bn	▲ 113%
Tax	-£754.0m	-£953.0m	-£580.0m	-£346.0m	-£707.0m	-£756.0m	-£526.0m	-£1.11bn	▼ 111%
Profit after tax	£4.05bn	£5.27bn	£6.39bn	£5.10bn	£15.62bn	£5.31bn	£2.95bn	£6.29bn	▲ 113%
EBITDA (memo)	£5.48bn	£6.96bn	£7.78bn	£6.20bn	—	—	—	—	—

Balance sheet

GBP

Metric	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	Δ YoY
Intangible assets	£22.99bn	£41.52bn	£40.42bn	£40.63bn	£21.36bn	£21.58bn	£22.50bn	£23.77bn	▲ 6%
Tangible assets	£11.06bn	£10.35bn	£10.18bn	£9.93bn	£8.93bn	£9.02bn	£9.23bn	£9.32bn	▲ 1%
Investments	£1.56bn	£2.15bn	£31.02bn	£22.15bn	£1.54bn	£1.19bn	£1.20bn	£1.13bn	▼ 6%
Total fixed assets	£41.14bn	£60.20bn	£60.18bn	£60.43bn	£39.38bn	£40.36bn	£42.47bn	£43.61bn	▲ 3%
Stocks	—	—	—	—	—	—	—	—	—
Debtors	—	—	—	—	—	—	—	—	—
Cash at bank	£3.87bn	£4.71bn	£6.29bn	£4.27bn	£3.72bn	£2.94bn	£3.87bn	£3.40bn	▼ 12%
Total current assets	£18.93bn	£19.49bn	£20.25bn	£18.67bn	£20.77bn	£18.64bn	£17.00bn	£17.51bn	▲ 3%
Trade creditors	-£14.04bn	-£14.94bn	-£15.84bn	-£17.55bn	-£16.26bn	-£15.84bn	-£15.34bn	-£15.38bn	— 0%
Bank loans (current)	-£5.79bn	-£6.92bn	-£3.73bn	-£3.60bn	-£3.95bn	-£2.81bn	-£2.35bn	-£3.01bn	▼ 28%
Total current liabilities	£22.49bn	£24.05bn	£22.15bn	£23.67bn	£22.81bn	£21.07bn	£21.70bn	£21.39bn	▼ 1%
Net current assets	-£3.56bn	-£4.56bn	-£1.90bn	-£5.00bn	-£2.04bn	-£2.42bn	-£4.70bn	-£3.88bn	▲ 17%
Total assets less current liabilities	£35.58bn	£55.64bn	£58.28bn	£55.43bn	—	—	£13.09bn	£15.96bn	▲ 22%
Bank loans (non-current)	-£20.27bn	-£23.59bn	-£23.43bn	-£20.57bn	-£17.04bn	-£15.21bn	-£14.64bn	-£14.71bn	— 0%
Long-term liabilities	£31.90bn	£32.28bn	£37.48bn	£34.09bn	£27.24bn	£25.14bn	£24.68bn	£23.77bn	▼ 4%
Provisions	£1.42bn	£1.29bn	£1.76bn	£2.43bn	£2.47bn	£2.29bn	£2.54bn	£2.90bn	▲ 14%
Net assets	£3.67bn	£18.36bn	£20.81bn	£21.34bn	£10.10bn	£12.79bn	£13.09bn	£15.96bn	▲ 22%
Total equity	£3.67bn	£18.36bn	£20.81bn	£21.34bn	£10.10bn	£12.79bn	£13.09bn	£15.96bn	▲ 22%

Cash flow

GBP

Metric	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	Δ YoY
Net cash from operating activities	£8.42bn	£8.02bn	£8.44bn	£7.95bn	£7.40bn	£6.77bn	£6.55bn	£7.74bn	▲ 18%
Net cash used in investing activities	-£1.55bn	-£5.35bn	£2.16bn	-£1.78bn	-£8.77bn	-£1.59bn	-£1.23bn	-£4.23bn	▼ 244%
Net cash used in financing activities	-£6.39bn	-£1.84bn	-£10.13bn	-£7.59bn	£823.0m	-£5.64bn	-£4.73bn	-£3.69bn	▲ 22%
Net increase / (decrease) in cash	£479.0m	£826.0m	£470.0m	-£1.41bn	-£546.0m	-£468.0m	£599.0m	-£177.0m	swung −
Cash at end of year	£4.09bn	£4.83bn	£5.26bn	£3.82bn	£3.42bn	£2.86bn	£3.40bn	£3.21bn	▼ 6%

Scene 04 · Waterfall

From revenue to profit

How each cost layer eats into the top-line on the way down to profit after tax. Cascade chart coming in the next release — for now the table below shows the same flow.

Revenue£32.67bn
Cost of sales−£9.02bn
Gross profit£23.65bn
Operating costs−£15.72bn
Operating profit£7.93bn
Tax−£1.64bn
Profit after tax£6.29bn

FY2025 accounts · cascade view

03 · Risk

What the filings reveal

Concrete signals · descriptive only

Screening 6 to review Name overlaps — not auto-cleared Balance-sheet stress 0.82× short-term cover Current ratio · FY2025 accounts Compliance signals 6 medium findings 7 surfaced in total Auditor Unqualified Deloitte LLP

Working capital + cash

Where the money sits

Four numbers that tell you how stretched the balance sheet is today. The line under each is in plain English — what the number means for the business, not what to do about it.

Short-term cover Current ratio · liquidity 0.82× For every £1 of bills due in the next 12 months, they have £0.82 of cash and quickly-sellable assets to pay it. Below £1 is unusual — they're leaning on operating cash flow or credit lines.

Profit-to-cash Cash conversion · earnings quality 98% Around £0.98 of cash arrived for every £1 of operating profit reported. Reasonable — the bulk of profit converted to cash.

Brand & goodwill share Intangibles ratio · asset quality 38.9% A notable 38.9% of the balance sheet is intangible — patents, brands, goodwill. Real value but harder to verify if challenged.

Screening status

Independent checks completed

No critical risk flagsNo kill switches fired Sanctions check · ClearFCDO + OFAC + EU screen Potential sanctions · 5 reviewsLow-confidence name overlap Politically-exposed persons · None foundPEP screen · 0 hits Disqualified register · 1 to verifyName match only — confirm identity Auditor · Deloitte LLP Audit opinion · UnqualifiedUnqualified ISA-700 opinion Status · Active

Compliance signals

What the compliance pass surfaced

Weak sanctions name overlap

Severity · Medium

Screening returned a partial name overlap: 'ALLAIRE, Paul Arthur' against 'Arthur' on the Isil (Da'esh) and Al-Qaeda (United Nations Sanctions) (EU Exit) Regulations 2019 list (85% name similarity). No identifier corroboration — an unconfirmed overlap, not a confirmed hit.

Weak sanctions name overlap

Severity · Medium

Weak sanctions name overlap

Severity · Medium

Weak sanctions name overlap

Severity · Medium

Weak sanctions name overlap

Severity · Medium

Disqualified-directors register — name match: Banga

Severity · Low

'BANGA, Manvinder Singh' returns a 93% name match against 'Davinder Singh BANGA' (DOB 06/1984) on the Companies House disqualified-directors register, with no date-of-birth corroboration; common-name false positive is plausible.

        Internal data-quality signals · expand
      

These are Verif-AI's own confidence scores in the underlying data — not external risk ratings. Each dimension reflects how complete and self-consistent the filed numbers were on extraction.

Financial completeness 60

Compliance signals 70

Operational disclosure 66

Data confidence 70

04 · Market

Sector and benchmarks

SIC2007 · cohort metrics

Industry classification

Professional, scientific & technical

Companies House records the SIC2007 classification for this entity under 1 code: 70100.

Peer cohort · Division 70 · Head Offices & Consultancy · 46 peers

Sector cohort · 46 peers · Head Offices & Consultancy

How this filing compares

Metric	This filing	Peer median	Percentile	Assessment
Cash Ratio	0.16	0.25	39th	below median
Profit Margin (%)	22.7%	7.3%	91th	strong
Quick Ratio	0.16	0.55	15th	weak
Gross Margin (%)	72.4%	32.8%	90th	strong
Current Ratio	0.44	0.87	23th	weak
Cash-to-Assets	0.06	0.06	50th	above median
Debt-to-Assets	0.85	0.71	72th	below median
Debt-to-Equity	2.83	1.35	77th	weak
Net Assets Growth (%)	21.9%	-0.3%	89th	strong

05 · People

The people behind the company

13 directors · 0 PSCs · 27.8m UK appointments cross-referenced

Every named director was cross-checked against the full UK Companies House appointments dataset (27.8 million records). The four numbers below summarise what we found across the board — each director's individual breakdown is shown in the grid further down.

Directors analysed 12 1 corporate · cross-checked against 27.8m records

Avg failure rate 0.0% share of prior companies that went into liquidation / dissolution

Max concurrent boards 34 most active director sits on 34 boards · 3.9 avg

Phoenix signals 0 no director linked to dissolved-and-restarted companies

Each director, individually

Career history + cross-references

Role	Director	Career boards	Concurrent	Prior-failure rate	Joined	Other UK boards
Director	Jonathan Richard Symonds British · United Kingdom	22	3	0.0%	1 October 1997

Director · active	Hal Barron American · United States	1	—	—	1 January 2018	—
Director · active	Charles Bancroft American · United States	1	—	—	1 May 2020	—
Director · active	Anne Beal American · United States	1	—	—	6 May 2021	—
Director · active	Harry Dietz American · United States	1	—	—	1 January 2022	—
Director · active	Vishal Sikka American · United States	1	—	—	18 July 2022	—
Director · active	Elizabeth Mckee Anderson American · United States	1	—	—	1 September 2022	—
Director	Julie Belita Brown British · United Kingdom	6	4	0.0%	1 May 2023

Director · active	Wendy Mira Becker British · United Kingdom	1	—	—	1 October 2023	—

Co-director network

Who sits on other UK boards alongside these directors

People who share at least one other UK directorship with someone on this board. Sorted by overlap count. Click any shared boards chip to reveal the companies they overlap on.

Simon Michael Bicknell 38 career appointments 20 shared boards

GlaxoSmithKline Export Limited No. 02433585 · Director · Active
Glaxo Operations UK Limited No. 00711851 · Director · Active
Wellcome Limited No. 01955498 · Director · Active
Allen & Hanburys Limited No. 00040209 · Director · Active
Glaxo Wellcome UK Limited No. 00480080 · Director · Active
Edinburgh Pharmaceutical Industries Limited No. SC005534 · Director · Active
Smithkline Beecham Limited No. 02337959 · Director · Active
GlaxoSmithKline Services Unlimited No. 01047315 · Director · Active
Glaxo Group Limited No. 00305979 · Director · Active
GlaxoSmithKline Holdings (One) Limited No. 04230101 · Director · Active
Wellcome Foundation Limited(The) No. 00194814 · Director · Active
GlaxoSmithKline Finance PLC No. 00242686 · Director · Active
GlaxoSmithKline Capital PLC No. 02258699 · Director · Active
Glaxo Wellcome International B.v. No. FC023982 · Director · Active
Glaxo Wellcome Investments B.v. No. FC023981 · Director · Active
Beecham Group PLC No. 00227531 · Director · Active
Domantis Limited No. 03907643 · Director · Active
Viiv Healthcare Limited No. 06876960 · Director · Active
Viiv Healthcare Trading Services UK Limited No. 06982415 · Director · Active
Viiv Healthcare UK Limited No. 06990358 · Director · Active

MR Julian Spenser Heslop 38 career appointments · 1 failed · 2.6% failure rate 18 shared boards

GlaxoSmithKline Export Limited No. 02433585 · Director · Active
Glaxo Operations UK Limited No. 00711851 · Director · Active
Wellcome Limited No. 01955498 · Director · Active
Allen & Hanburys Limited No. 00040209 · Director · Active
Glaxo Wellcome UK Limited No. 00480080 · Director · Active
Edinburgh Pharmaceutical Industries Limited No. SC005534 · Director · Active
Smithkline Beecham Limited No. 02337959 · Director · Active
GlaxoSmithKline Services Unlimited No. 01047315 · Director · Active
Glaxo Group Limited No. 00305979 · Director · Active
GlaxoSmithKline Holdings (One) Limited No. 04230101 · Director · Active
Wellcome Foundation Limited(The) No. 00194814 · Director · Active
GlaxoSmithKline Finance PLC No. 00242686 · Director · Active
GlaxoSmithKline Capital PLC No. 02258699 · Director · Active
Glaxo Wellcome International B.v. No. FC023982 · Director · Active
Glaxo Wellcome Investments B.v. No. FC023981 · Director · Active
Beecham Group PLC No. 00227531 · Director · Active
Domantis Limited No. 03907643 · Director · Active
Viiv Healthcare Limited No. 06876960 · Director · Active

MR Paul Frederick Blackburn 60 career appointments · 1 failed · 1.7% failure rate 14 shared boards

GlaxoSmithKline Export Limited No. 02433585 · Director · Active
Glaxo Operations UK Limited No. 00711851 · Director · Active
Wellcome Limited No. 01955498 · Director · Active
Allen & Hanburys Limited No. 00040209 · Director · Active
Glaxo Wellcome UK Limited No. 00480080 · Director · Active
Edinburgh Pharmaceutical Industries Limited No. SC005534 · Director · Active
Smithkline Beecham Limited No. 02337959 · Director · Active
GlaxoSmithKline Services Unlimited No. 01047315 · Director · Active
Glaxo Group Limited No. 00305979 · Director · Active
GlaxoSmithKline Holdings (One) Limited No. 04230101 · Director · Active
Wellcome Foundation Limited(The) No. 00194814 · Director · Active
GlaxoSmithKline Finance PLC No. 00242686 · Director · Active
GlaxoSmithKline Capital PLC No. 02258699 · Director · Active
Glaxo Wellcome International B.v. No. FC023982 · Director · Active

MR Adrian Charles Noel Kemp 62 career appointments 7 shared boards

AstraZeneca PLC No. 02723534 · Director · Active
Syngenta Limited No. 02710846 · Director · Active
AstraZeneca UK Limited No. 03674842 · Director · Active
AstraZeneca Treasury Limited No. 02910116 · Director · Active
AstraZeneca Investments Limited No. 02728922 · Director · Active
Qinetiq Limited No. 03796233 · Director · Active
Qinetiq Holdings Limited No. 04154556 · Director · Active

MR Simon Paul Dingemans 29 career appointments 6 shared boards

Glaxo Group Limited No. 00305979 · Director · Active
GlaxoSmithKline Services Unlimited No. 01047315 · Director · Active
GlaxoSmithKline Capital PLC No. 02258699 · Director · Active
Setfirst Limited No. 02332323 · Director · Active
GSK Finance (No 2) Limited No. 11724333 · Director · Active

MR Iain James Mackay 8 career appointments 6 shared boards

Glaxo Group Limited No. 00305979 · Director · Active
GlaxoSmithKline Services Unlimited No. 01047315 · Director · Active
GlaxoSmithKline Capital PLC No. 02258699 · Director · Active
Setfirst Limited No. 02332323 · Director · Active
GSK Finance (No 2) Limited No. 11724333 · Director · Active

MR Graeme Harold Rankine Musker 25 career appointments 5 shared boards

AstraZeneca PLC No. 02723534 · Director · Active
Syngenta Limited No. 02710846 · Director · Active
AstraZeneca UK Limited No. 03674842 · Director · Active
AstraZeneca Treasury Limited No. 02910116 · Director · Active
AstraZeneca Investments Limited No. 02728922 · Director · Active

Teresa Jose 19 career appointments · 1 failed · 5.3% failure rate 4 shared boards

AstraZeneca PLC No. 02723534 · Director · Active
Syngenta Limited No. 02710846 · Director · Active
AstraZeneca UK Limited No. 03674842 · Director · Active
AstraZeneca Treasury Limited No. 02910116 · Director · Active

MR Sandipkumar Shantilal Kapadia 21 career appointments · 1 failed · 4.8% failure rate 4 shared boards

AstraZeneca PLC No. 02723534 · Director · Active
Syngenta Limited No. 02710846 · Director · Active
AstraZeneca UK Limited No. 03674842 · Director · Active
AstraZeneca Treasury Limited No. 02910116 · Director · Active

MR Adam Walker 55 career appointments · 2 failed · 3.6% failure rate 4 shared boards

Glaxo Group Limited No. 00305979 · Director · Active
GlaxoSmithKline Services Unlimited No. 01047315 · Director · Active
GlaxoSmithKline Capital PLC No. 02258699 · Director · Active
Setfirst Limited No. 02332323 · Director · Active

        + Show the 56 resigned officers
      

Historical board

Resigned network

Every officer who has left the company, newest-resignation first. Helps spot waves of churn that wouldn't show on the active-director cards alone.

2014

Simon Michael Bicknell

Secretary Served 2013 → 2014

2011

Simon Michael Bicknell

Secretary Served 2000 → 2011

2000

Trusec Limited

Corporate Nominee Secretary Served 1999 → 2000

2003

Paul Arthur Allaire

Director Served 2000 → 2003

2018

Roy Malcolm, Professor Sir Anderson

Director Served 2007 → 2018

2022

Manvinder Singh Banga

Director Served 2015 → 2022

2004

Michele, Dr Barzach

Director Served 2000 → 2004

2000

Rupert Bondy

Director Served 2000 → 2000

2001

Derek Charles Bonham

Director Served 2000 → 2001

2016

Stephanie Ann, Dr Burns

Director Served 2007 → 2016

2016

Stacey Lee Cartwright

Director Served 2011 → 2016

2005

John David Coombe

Director Served 2000 → 2005

2000

Stephen John Cowden

Director Served 2000 → 2000

2022

Vivienne, Dr Cox

Director Served 2016 → 2022

2012

H Lawrence Culp Jr

Director Served 2003 → 2012

2013

Crispin Henry Lamert, Sir Davis

Director Served 2003 → 2013

2015

Tommy De Swaan

Director Served 2006 → 2015

2019

Simon Paul Dingemans

Director Served 2011 → 2019

2022

Lynn Laverty Elsenhans

Director Served 2012 → 2022

2008

Jean Pierre Garnier

Director Served 2000 → 2008

2015

Christopher Charles, Sir Gent

Director Served 2004 → 2015

2022

Laurie, Dr Glimcher

Director Served 2017 → 2022

2025

Jesse, Dr Goodman

Director Served 2016 → 2025

2019

Philip Roy, Sir Hampton

Director Served 2015 → 2019

2011

Julian Spenser Heslop

Director Served 2005 → 2011

2004

Christopher Anthony, Sir Hogg

Director Served 2000 → 2004

2003

Francis Roger, Sir Hurn

Director Served 2000 → 2003

2004

Peter James Denton, Sir Job

Director Served 2000 → 2004

2021

Judith Carol Lewent

Director Served 2011 → 2021

2023

Iain James Mackay

Director Served 2019 → 2023

2016

Deryck Charles, Sir Maughan

Director Served 2004 → 2016

2004

John Hector, Dean Mcarthur

Director Served 2000 → 2004

2004

Donald Mchenry

Director Served 2000 → 2004

2012

James Rupert Murdoch

Director Served 2009 → 2012

2016

Daniel, Dr Podolsky

Director Served 2006 → 2016

2009

Ian Maurice Gray, Sir Prosser

Director Served 2000 → 2009

2000

Antonio Rachel Rees

Director Served 2000 → 2000

2024

Urs Rohner

Director Served 2015 → 2024

2000

Drusilla Charlotte Jane Rowe

Director Served 1999 → 2000

2009

Ronaldo Hermann, Doctor Schmitz

Director Served 2000 → 2009

2006

Lucy, Dr Shapiro

Director Served 2000 → 2006

2017

Mohamed Monsif, Dr Slaoui

Director Served 2006 → 2017

2000

Robert Charles Stern

Director Served 2000 → 2000

2002

Richard Brook, Sir Sykes

Director Served 2000 → 2002

2015

Jing Ulrich

Director Served 2012 → 2015

2018

Patrick John Thompson, Dr Vallance

Director Served 2017 → 2018

2008

Christopher Viehbacher

Director Served 2008 → 2008

2025

Emma Natasha Walmsley

Director Served 2017 → 2025

2002

Peter Ingram, Sir Walters

Director Served 2000 → 2002

2016

Gerardus Johannes, Dr Wijers

Director Served 2013 → 2016

2014

Robert Peter, Sir Wilson

Director Served 2003 → 2014

2017

Andrew Philip, Sir Witty

Director Served 2008 → 2017

2006

Tadatake Yamada

Director Served 2004 → 2006

2002

John Alan Young

Director Served 2000 → 2002

2000

Eleanor Jane Zuercher

Nominee Director Served 1999 → 2000

2000

Hackwood Directors Limited

Corporate Nominee Director Served 2000 → 2000

06 · AI Investigation

Case file open · File no. 03888792 · 28 July 2026 · Trust signal · 65/100 · AI confidence · 92%

GSK is a classic big-pharma two-speed machine: Specialty Medicines is pulling hard at +14%, while Vaccines flatline and General Medicines quietly shrinks.

AI forensic pass across 100 Companies House filings. 30 page-cited signals from three specialist agents, 2 cross-signal correlations, and 4 verification questions for management — every claim traces back to a filing reference.

Critical

Load-bearing signals

Warning

Context to the summary

Structural

Supporting facts

Evidence

Distinct pages cited

AI Analyst commentary

What the numbers, the board, and the ownership say

Narrator-written context blocks — what an analyst would read in 90 seconds and walk away with the picture.

Balance sheet

Net assets have grown by £2.9bn to £16bn in FY2025, driven by the profit recovery. Fixed assets rose modestly to £43.6bn, long-term liabilities fell to £23.8bn, and current liabilities edged down to £21.4bn — the overall direction is positive, but the group is still carrying a combined £45bn liability load across both short and long-term obligations.

Board

14 current directors registered at Companies House — unusually large board, consistent with FTSE-listed plc governance norms. Victoria Whyte also directs GSK Limited, GSK Mercury Ltd, and GSK Netherlands B. V. — typical cross-directorship for a senior group officer holding positions across subsidiaries.

Ownership

GSK plc is a listed plc (LSE: GSK) — no single controlling shareholder; ownership is dispersed across institutional investors worldwide. No PSC registration required or expected for a widely-held listed company — standard structure for a FTSE 100 constituent.

Case files · Chapter dossier

The investigation, chapter by chapter

The investigation as one running thread — each beat resolves a signal cluster, page-cited. Open “the full working” on any beat for the forensic detail.

The Profit Leap

Revenue grew 4%; operating profit grew 97% — the gap between the two is the headline fact.

+97%

Operating profit FY2024 £4.0bn FY2025 £7.9bn

The full working

Source · Profit & Loss Account FY2024–FY2025

Cash Flows Tell a Different Story

Operating cash rose strongly, but investing outflows nearly quadrupled — and cash on hand fell.

£7.7bn Operating cash flow FY2025

£4.2bn Investing cash outflow FY2025

The full working

Source · Cash Flow Statement FY2024–FY2025

The Balance Sheet Strengthens

Net assets rose 22% to £16bn as liabilities on both sides of the balance sheet fell.

+22%

Net assets FY2024 £13.1bn FY2025 £16.0bn

The full working

Source · Balance Sheet FY2024–FY2025

Who Owns GSK?

No person of significant control is recorded at Companies House — ownership is either fragmented or held via nominees.

Ultimate ownership No PSC on record (fragmented / nominee held)
Registered entity GSK PLC (03888792)
SIC classification 70100 — Head-office activities
Operating subsidiaries (below this entity, not detailed in this filing)

Source · PSC Register; Companies House filing

A Company That Changed Its Name Twice

From a shelf company in 1999 to one of the world's largest pharmaceutical groups — the filing history in four steps.

6 Dec 1999 Incorporated as TRUSHELFCO (NO.2577) LIMITED
30 Jun 2026 Capital allotment (SH01) filed
21 Jun 2000 Renamed GLAXOSMITHKLINE PLC
16 May 2022 Renamed GSK PLC
14 Jan 2000 Renamed GLAXO SMITHKLINE PLC

Source · Name history; Filing signals — Companies House

Cross-signal intelligence

AI correlations across the filing

Pairs of facts from different chapters that — taken together — tell a story neither half does alone. This is where investigation outperforms summary.

The near-doubling of operating profit in [chapter 1] is the likely engine behind the 18% rise in operating cash flow shown in [chapter 2] — but the surge in investing outflows consumed most of that gain, leaving cash on hand lower year-on-year.

Long-term liabilities falling 4% in [chapter 3] sits alongside financing cash outflows of £3.7bn in [chapter 2], suggesting active debt reduction even as the company accelerates investment spend.

Deep signals

Buried in the filing

Specifics most readers would miss — surfaced by the AI for the analyst who wants to know.

FY2022 PAT of £15.6bn — likely a demerger disposal gain

Consistent with a large corporate disposal or demerger gain — the Haleon consumer healthcare demerger completed in July 2022. The PAT figure is not a measure of underlying trading profit and should not be used for trend comparisons. The simultaneous asset reduction supports this interpretation.

Creditor days of -172 — a very large trade creditor position

A negative creditor days figure of this magnitude appears to reflect a structural feature of how GSK accounts for trade payables across its global supply chain and intercompany arrangements. It is consistent with centralised group treasury where payable balances are held at the holding company level. It is not indicative of overdue payments — but the working capital gap it creates (255 days, £22.8bn) is the single largest liquidity management challenge in the filing.

Director appointment dates all listed as unknown

The unknown appointment dates are a data quality gap in the Companies House extract rather than a governance concern — appointment records exist but were not captured. The duplicate entry for Simon Bicknell is worth checking against the live Companies House register for accuracy.

Forensic investigation · 30 signals

Three specialist agents, working in parallel

Segmental revenue · capital structure · strategic KPIs. Each agent cites the exact filing page for every claim, with an AI confidence score derived from cross-citation strength.

Segmental Analysis

Specialty Medicines is the fastest-growing division at +14% AER

Specialty Medicines turnover was £13.5bn in 2025, up from £11.8bn in 2024 (+14% AER, +17% CER). This represents 41% of Group turnover.

p.88 · 7 more from this specialist

Strategic KPIs

Group sales up 4% to £32.7bn, driven by Specialty Medicines

Group turnover rose from £31.4bn in 2024 to £32.7bn in 2025, up 4% at actual exchange rates (AER) and 7% at constant exchange rates (CER).

p.4 · 10 more from this specialist

Capital Structure & Borrowings

Net debt is £14.5bn — up £1.4bn in the year

Net debt at 31 December 2025 was £14,453m, up from £13,095m at end 2024. Gross debt was £17.9bn against cash and liquid investments of £3.4bn.

p.101 · 10 more from this specialist

          + Show all 30 specialist findings
        

Segmental Analysis (8)

Specialty Medicines is the fastest-growing division at +14% AER

Specialty Medicines turnover was £13.5bn in 2025, up from £11.8bn in 2024 (+14% AER, +17% CER). This represents 41% of Group turnover.

Why it matters: This is the fastest-growing part of the business and is becoming a bigger slice of total sales, so investors should watch it closely as a key driver of future growth.

p.88 important conf 95%

General Medicines is shrinking — sales fell 4% AER to £10.0bn

General Medicines turnover was £10.0bn in 2025, down from £10.4bn in 2024 (-4% AER, -1% CER). This is 31% of Group turnover.

Why it matters: This division is getting smaller due to generic competition eating into older products, which means the group has to rely more heavily on its newer drugs to keep overall sales growing.

p.91 important conf 95%

US is the largest geography at £16.9bn — but growing only 3% AER

US turnover was £16,859m in 2025 versus £16,384m in 2024, growth of 3% AER and 6% CER. The US accounts for roughly 52% of total Group turnover.

Why it matters: The US is by far the biggest market and its slow growth — partly due to the IRA Medicare Part D redesign — means the group is increasingly dependent on Europe and International markets to hit its overall growth targets.

p.91 important conf 95%

Europe grew strongly at +13% AER to £7.5bn

Europe turnover was £7,533m in 2025 versus £6,666m in 2024, growth of 13% AER and 12% CER.

Why it matters: Europe is picking up speed and growing much faster than the US, driven by Shingrix launch uptake in France and strong Specialty Medicines performance, which reduces the group's reliance on the US market.

p.91 important conf 95%

Total Core operating profit rose to £9,783m from £9,148m (+7%)

Core operating profit was £9,783m in 2025 versus £9,148m in 2024 and £8,786m in 2023. Total operating profit (IFRS) was £7,932m in 2025 versus £4,021m in 2024.

Why it matters: The big jump in Total (IFRS) operating profit from £4,021m to £7,932m is largely due to lower adjusting items in 2025 versus 2024, not just trading improvement — investors need to look at Core profit for a cleaner picture of underlying performance.

p.85 important conf 95%

Vaccines sales were flat at £9.2bn — US demand dragged performance

Vaccines turnover was £9.2bn in 2025, stable at AER (+2% CER) versus £9.1bn in 2024. This is 28% of Group turnover. US Shingrix and Arexvy demand was lower, partly offset by strong ex-US performance.

Why it matters: Vaccines growth has stalled in the US, which is the largest single market, meaning further growth will need to come from outside the US or from new products.

p.90 useful conf 95%

International geography was broadly flat — declined 1% AER

International turnover was £8,275m in 2025 versus £8,326m in 2024, a decline of 1% AER (+4% CER).

Why it matters: At actual exchange rates International sales barely moved, suggesting currency headwinds are masking real underlying growth of 4% in this region.

p.91 useful conf 90%

Segment-level operating profit is not separately disclosed in these pages

The pages provided do not break down operating profit by business division (Specialty Medicines, Vaccines, General Medicines) separately. Only Group-level Total and Core operating profit is shown.

Why it matters: Without divisional profit splits it is not possible to judge which product group is most or least profitable, making it harder to assess where the group should focus investment.

p.85, p.88, p.89, p.90, p.91 useful conf 85%

Strategic KPIs (11)

Group sales up 4% to £32.7bn, driven by Specialty Medicines

Group turnover rose from £31.4bn in 2024 to £32.7bn in 2025, up 4% at actual exchange rates (AER) and 7% at constant exchange rates (CER).

Why it matters: Sales are growing steadily, meaning GSK is winning more customers and selling more products, which is a good sign for anyone doing business with them.

p.4 important conf 98%

Specialty Medicines sales up 14% to £13.5bn — the growth engine

Specialty Medicines turnover hit £13.5bn in 2025, up 14% AER and 17% CER, compared to prior year.

Why it matters: This is the part of GSK's business growing fastest, showing their newer, higher-value drugs are being adopted widely — very positive for future income.

p.4 important conf 97%

Total operating profit nearly doubled to £7.9bn

Total operating profit rose from £4.0bn in 2024 to £7.9bn in 2025, up 97% AER. The 2024 figure was depressed by a £1.8bn Zantac legal settlement charge.

Why it matters: Profits look spectacular this year, but the jump is mainly because last year included a big one-off legal cost — so the improvement is partly real and partly a recovery from that hit.

p.4 important conf 96%

Core operating profit up 7% to £9.8bn — the underlying picture

Core operating profit (which strips out one-off items) grew from £9.1bn in 2024 to £9.8bn in 2025, up 7% AER and 11% CER.

Why it matters: This is the cleaner measure of how much profit the business is really making — a steady 7-11% rise shows the underlying business is genuinely getting more profitable.

p.4 important conf 97%

R&D spending at £6.6bn — about 20% of group sales

GSK invested £6.6bn in R&D in 2025. Group turnover was £32.7bn, implying R&D as roughly 20% of revenue.

Why it matters: Spending a fifth of sales on research is high even for pharma, showing GSK is betting heavily on future new drugs — which protects long-term revenues but is a big ongoing cost.

p.4, p.5 important conf 90%

58 drugs in the pipeline with 17 in late-stage trials

GSK has 58 assets in its pipeline, of which 17 are in Phase III or registration stage, and achieved 5 major US FDA approvals in 2025.

Why it matters: A large late-stage pipeline means more potential new products coming to market soon, reducing the risk that today's bestsellers run out of patent protection with nothing to replace them.

p.5 important conf 96%

£8bn in sales from products launched or expanded in last 5 years

GSK reports £8bn of 'innovation sales' from products launched, or with major lifecycle innovation expansion, in the last five years.

Why it matters: This shows GSK's new products are already generating big revenues, which means they are successfully replacing older drugs and reducing their exposure to patent cliffs.

p.5 important conf 94%

Free cash flow improved to £4.0bn from £2.9bn

Free cash flow rose from £2.9bn in 2024 to £4.0bn in 2025, a 38% increase.

Why it matters: More free cash means GSK can more easily pay dividends, cut debt, or invest in new deals — a stronger financial safety cushion for suppliers and partners.

p.4 important conf 97%

Vaccines sales flat; General Medicines sales fell 4%

Vaccines turnover was £9.2bn (0% AER, +2% CER). General Medicines fell to £10.0bn, down 4% AER and 1% CER.

Why it matters: Two of GSK's three product groups are not growing or are shrinking slightly, meaning the whole company is relying heavily on Specialty Medicines to carry sales growth.

p.4 useful conf 95%

14 new partnerships and acquisitions — pipeline being topped up

GSK completed 14 new partnerships and acquisitions in 2025, including three announced in early 2026 (Noetik, RAPT Therapeutics, Alteogen).

Why it matters: Actively buying and partnering to add new drugs to the pipeline shows GSK is not relying only on internal research, which helps manage the risk of future patent losses.

p.5 useful conf 92%

14% cut in carbon emissions since 2024 (Scope 1 & 2)

Operational carbon emissions fell 14% year on year on a Scope 1 and 2 basis.

Why it matters: A double-digit drop in emissions in one year is fast progress, which matters for ESG-focused investors and large customers with their own sustainability targets.

p.5 useful conf 90%

Capital Structure & Borrowings (11)

Net debt is £14.5bn — up £1.4bn in the year

Net debt at 31 December 2025 was £14,453m, up from £13,095m at end 2024. Gross debt was £17.9bn against cash and liquid investments of £3.4bn.

Why it matters: Debt grew by £1.4bn mainly because GSK spent heavily on buying new businesses, paid dividends and ran a share buyback — so anyone trading with GSK should know the company is carrying a large but manageable debt load.

p.101 important conf 95%

Short-term debt of £3bn falls due within 12 months

Short-term borrowings at 31 December 2025 were £3,012m, including overdrafts and lease liabilities repayable within 12 months. Long-term borrowings were £14,708m.

Why it matters: GSK has to repay or refinance £3bn of debt in the next year, but with £3.4bn of cash on hand this looks covered without needing new borrowing.

p.1, p.101 important conf 92%

Share buyback programme of £1.4bn running in 2025

GSK purchased shares worth £1.4bn as part of a share buyback programme during 2025, disclosed as one of the main reasons net debt rose.

Why it matters: Spending £1.4bn buying back its own shares while also taking on debt to fund acquisitions shows GSK is returning cash to shareholders — confidence from management, but it does add to borrowings.

p.101 important conf 90%

Dividends paid to shareholders were £2.6bn in 2025

GSK paid £2.6bn in dividends to shareholders during 2025, cited as one of the main uses of cash that increased net debt.

Why it matters: A £2.6bn dividend payout alongside a £1.4bn buyback shows the company is giving significant cash back to investors even while its debt is rising.

p.101 important conf 90%

Debt rose mainly due to acquisitions costing £1.7bn in total

Net acquisition costs for IDRx Inc., BP Asset IX Inc. and Cellphenomics GmbH totalled £1.7bn and were the primary driver of the £1.4bn rise in net debt during 2025.

Why it matters: GSK chose to spend on buying new drug companies rather than pay down debt — investors and suppliers should understand that growth spending, not losses, drove the debt increase.

p.101 important conf 90%

Interest cover is about 11x — no stress on debt repayments

Operating profit was £7,932m and finance costs were £701m, giving interest cover of approximately 11.3x.

Why it matters: GSK earns over eleven times what it pays in interest, so there is a very wide safety buffer before debt repayments become a problem.

p.1, p.208 useful conf 95%

Debt maturity spreads out to 2045 — no big single cliff

The bond maturity profile chart shows debt spread across years 2026 to 2045 in US dollars, Euros, Sterling and Japanese yen. £1.5bn of long-term borrowings matures within the next year.

Why it matters: Because debt matures gradually over 20 years rather than all at once, the risk of GSK being unable to repay a single large lump is low.

p.101 useful conf 85%

Fixed-rate debt is £16.3bn vs only £1.5bn floating-rate

Gross debt after hedging: fixed-rate £16,317m, floating-rate £1,542m, non-interest bearing £nil (2025).

Why it matters: Most of GSK's debt carries a fixed interest rate, so rising interest rates would have only a small impact on what the company pays each year.

p.101 useful conf 95%

IFRS 16 lease liabilities sit inside gross debt figures

Lease liabilities are included within short-term and long-term borrowings. Right-of-use assets were £726m at 31 December 2025 (2024: £846m). Contractual lease liability cash flows totalled £830m gross over the debt maturity schedule.

Why it matters: Lease obligations are a real cash commitment but are not large relative to the total debt pile, so they do not add meaningful extra risk.

p.1, p.264 useful conf 85%

A 1% rise in Sterling interest rates would boost income by £71m

Sensitivity analysis shows a 1% (100 basis points) rise in Sterling interest rates increases income by £71m; a 1% rise in US Dollar rates reduces income by £52m; a 1% rise in Euro rates reduces income by £21m.

Why it matters: GSK is only mildly sensitive to interest rate changes because most of its debt is fixed-rate, so rate moves will not suddenly push up its borrowing costs much.

p.264 useful conf 90%

No covenant breaches or waivers mentioned anywhere

The annual report contains no disclosure of covenant breaches, waivers, or credit rating changes in the sections reviewed.

Why it matters: The absence of any covenant problems means lenders have not restricted what GSK can do with its money — the company is not in financial difficulty.

p.99, p.100, p.101 useful conf 80%

Specialist deep panels · Structured price capture

Every figure the specialists extracted

Below the prose findings, each agent publishes a structured numeric metrics block. Segmental revenue, named KPIs with YoY %, and capital-structure metrics — direct from the source filings.

Segmental analysis

Revenue & operating profit by business division

Segment Revenue (latest) Operating profit Rev YoY

Specialty Medicines €13.5bn — +14.4%

Vaccines €9.2bn — +1.1%

General Medicines €10.0bn — -3.8%

US €16.9bn — +2.9%

Europe €7.5bn — +13.0%

International €8.3bn — -0.6%

Top-segment revenue concentration: 51.6% · Segment totals reconcile to the group P&L

Strategic KPIs

10 flagship metrics · 10 supporting

Group turnover

£32.7bn

+4.1% YoY

Specialty Medicines turnover

£13.5bn

+14.0% YoY

Core operating profit

£9.8bn

+7.7% YoY

Core EPS

£172

+8.0% YoY

Free cash flow

£4bn

+37.9% YoY

R&D investment

£6.6bn

R&D as % of revenue (implied)

20.2%

Pipeline assets total

£58

Phase III / registration assets

£17

+ Show 10 supporting KPIs

Vaccines turnover

£9.2bn

0.0% YoY

General Medicines turnover

£10bn

-4.0% YoY

Total operating profit

£7.9bn

+97.5% YoY

Total EPS

£141

+123.3% YoY

Cash generated from operations

£8.9bn

+12.7% YoY

Major US FDA approvals in 2025

£5

New partnerships and acquisitions

£14

Dividend per share

£66

Carbon emission reduction (Scope 1&2)

14%

GSK employees

£67k

Capital structure

Debt, cover, and dividend posture

Net debt

£14.5bn

Interest cover

11.3×

Drawn debt

£17.9bn

Management questions · Open inquiry

What management would need to answer next

Generated by the AI from the disclosure gaps it detected. Hover or tap each card to surface the underlying evidence that triggered the question.

Q01

How exposed is GSK to the US Inflation Reduction Act Medicare drug-price negotiations, and which Specialty Medicines products are most at risk of mandated price cuts in the next two to three years?

↻ Flip for trigger

Why we'd ask this

Q02

With General Medicines shrinking and Vaccines stalled in the US, what is the realistic timeline for new pipeline drugs to fill the revenue gap if patent cliffs hit existing bestsellers sooner than expected?

↻ Flip for trigger

Why we'd ask this

Q03

Net debt rose even as free cash flow jumped — how much further acquisition spending is planned, and at what point does management consider the balance sheet too stretched to sustain both buybacks and deal-making?

↻ Flip for trigger

Why we'd ask this

Q04

R&D is running at 20% of sales: what is the expected hit rate on the 17 late-stage assets, and how many Phase III failures would materially change the growth outlook for 2027 and beyond?

↻ Flip for trigger

Why we'd ask this

Verification gaps

What the filings don't disclose

High-trust analysis names its own blind spots. These are metrics the AI looked for and couldn't find — anything material to the summary needs management or independent verification.

08 · Documents

The filing trail

100 filings · Companies House

Filing distribution

SH01

48%

SH03

39%

ANNOTATION

RESOLUTIONS

SH04

AP01

CS01

TM01

Latest filings

2 Jul 2026 SH03 Capital return purchase own shares treasury capital date

30 Jun 2026 SH01 Capital allotment shares

22 Jun 2026 SH01 Capital allotment shares

20 Jun 2026 SH03 Capital return purchase own shares treasury capital date

17 Jun 2026 SH01 Capital allotment shares

8 Jun 2026 SH01 Capital allotment shares

5 Jun 2026 SH03 Capital return purchase own shares treasury capital date

3 Jun 2026 SH03 Capital return purchase own shares treasury capital date

1 Jun 2026 SH01 Capital allotment shares

27 May 2026 SH01 Capital allotment shares

Catalyst timeline

Filing pattern + upcoming windows

100 filings · 2025 → 2027

Accounts Officers Capital Resolutions Other

2027Annual accounts

Next annual accounts due

Due at Companies House by 30 June 2027 for the period ending 31 December 2026.

2026Confirmation

Next confirmation statement due

Annual confirmation due by 18 August 2026 (made up to 4 August 2026).

Final chapter — What we found

What we found

65 MIXED SIGNALS

Verif-AI Synthesis

Mixed signals

A pharmaceutical giant rebuilding after demerger — profits doubled, equity growing, cash conversion strong; the balance sheet is doing exactly what it should.

FY2025 accounts

The five plain-English briefing questions are on Origin — read the story first, then return here for the TrustScore scorecard.

Signal Radar

How the score breaks down

Financial completeness 60/100

Operational disclosure 66/100

Compliance signals 70/100

Data confidence 70/100

Decisive findings

What decided this summary

FY2022 PAT of £15.6bn — likely a demerger disposal gain

Creditor days of -172 — a very large trade creditor position

Director appointment dates all listed as unknown

Positive signal

£1.23 of cash for every £1 of reported profit. Earnings are not an accounting story.

Positive signal

Unqualified Deloitte LLP opinion — the cleanest outcome an audit can produce.

What to watch

Group sales up 4% to £32.7bn, driven by Specialty Medicines. Sales are growing steadily, meaning GSK is winning more customers and selling more products, which is a good sign for anyone doing business with them.

What to watch

Specialty Medicines sales up 14% to £13.5bn — the growth engine. This is the part of GSK's business growing fastest, showing their newer, higher-value drugs are being adopted widely — very positive for future income.

10 · Verification

How we know

100 filings · 12 directors · 316 pages

This report reads the full filing package — digital iXBRL where available, the filed PDF (including notes), and the Companies House register — not a single uploaded document.

Figures are as filed by the company — Companies House does not verify the accuracy of information filed. Verif-AI checks internal consistency and flags anomalies, but cannot confirm the underlying figures are correct.

Reconciliation

All 30 reconciled lines tie exactly to the audited iXBRL filing

Every balance-sheet and profit & loss line traced to where we read it in the filing. iXBRL — read straight from the company's audited machine-readable tags, so it ties exactly. PDF — read from the filed accounts document, with the supporting note cited so you can check it. Flagged — our consistency check marked it for a closer look.

Line Our figure Source in filing Reconciliation

Profit & loss · p.186

Turnover £32.7bn iXBRL ✓ Ties to filing

Cost of sales −£9bn iXBRL ✓ Ties to filing

Gross profit £23.6bn iXBRL ✓ Ties to filing

Administrative expenses −£9.1bn iXBRL ✓ Ties to filing

Operating profit £7.9bn iXBRL ✓ Ties to filing

Finance income £169m iXBRL ✓ Ties to filing

Finance costs −£701m iXBRL ✓ Ties to filing

Profit before tax £7.4bn iXBRL ✓ Ties to filing

Tax −£1.1bn iXBRL ✓ Ties to filing

Profit after tax £6.3bn iXBRL ✓ Ties to filing

Balance sheet · p.187

Intangible assets £23.8bn iXBRL ✓ Ties to filing

Tangible assets £9.3bn iXBRL ✓ Ties to filing

Fixed assets £43.6bn iXBRL ✓ Ties to filing

Stock £5.9bn iXBRL ✓ Ties to filing

Trade debtors £7.5bn iXBRL ✓ Ties to filing

Cash £3.4bn iXBRL ✓ Ties to filing

Current assets £17.5bn iXBRL ✓ Ties to filing

Total assets £61.1bn iXBRL ✓ Ties to filing

Trade creditors −£15.4bn iXBRL ✓ Ties to filing

Current liabilities £21.4bn iXBRL ✓ Ties to filing

Net current assets −£3.9bn iXBRL ✓ Ties to filing

Total assets less current liabilities £16bn iXBRL ✓ Ties to filing

Bank loans (current) −£3bn iXBRL ✓ Ties to filing

Bank loans (non-current) −£14.7bn iXBRL ✓ Ties to filing

Deferred tax −£291m iXBRL ✓ Ties to filing

Long-term liabilities £23.8bn iXBRL ✓ Ties to filing

Provisions £2.9bn iXBRL ✓ Ties to filing

Net assets £16bn iXBRL ✓ Ties to filing

Share capital £1.3bn iXBRL ✓ Ties to filing

Profit & loss reserves £10.2bn iXBRL ✓ Ties to filing

30 read from audited iXBRL tags · 0 from the filed PDF.

What we read

Companies House filings

Total filings 100 2025 → 2026

Accounts filings 1 audited financial statements

Officer events 2 appointments + terminations

Capital events 89 share allotments + buybacks

Who we cross-checked

UK director appointment network

Directors verified 12 incl. 1 corporate officer

Records cross-referenced 27.8m UK appointments dataset

Avg failure rate 0.0% across prior appointments

Phoenix scan 0 directors flagged

Screening status

Independent checks completed

No critical risk flagsNo kill switches fired Sanctions check · ClearFCDO + OFAC + EU screen Potential sanctions · 5 reviewsLow-confidence name overlap Politically-exposed persons · None foundPEP screen · 0 hits Audit opinion · UnqualifiedUnqualified ISA-700 opinion Auditor · Deloitte LLP Status · Active

Screened 69 names (registered company + officers/PSCs) against live lists: FCDO Consolidated UK Sanctions List — 57503 entries, refreshed 04 July 2026 · OFAC SDN (US Treasury) + akaName aliases + relationship graph — 39437 entries, refreshed 04 July 2026 · EU Consolidated Financial Sanctions — 29880 entries, refreshed 04 July 2026 · UK Parliament — current Members of Commons & Lords — 1441 entries, refreshed 04 July 2026 · Companies House — Disqualified Directors register, checked 04 July 2026.

Steps we ran

How the report was assembled

Pages read 316 PDF pages analysed

Steps run 9 0 skipped · 9 completed

AI checks 3 independent reviews

Years analysed 8 audited filings trended

Pipeline — what ran on this report

Read PDF accounts 316 pages Classify filing Extract audit notes Compliance screening Cross-check directors Build company timeline Plain-English analysis Capital structure review Processing filing

Limits and caveats

What this report doesn't claim

Persons with significant control

No PSCs are recorded against this entity — typical for listed PLCs (widely held by institutional investors) and for dormant / micro-entity filings.

Principal risks register

The filed accounts did not surface a structured principal-risks register, or one was not extracted by the parser. Small / micro-entity filings are not required to disclose this.

        Plain-English glossary · 10 terms
      

Net Assets: What the company owns minus everything it owes — the owners' share of the business.
In this filing: GSK's net assets rose from £13.1bn to £16.0bn in FY2025, meaning the business added nearly £3bn of value for shareholders in one year.
PBT (Profit Before Tax): How much money the company made after all running costs but before paying the government its share.
In this filing: GSK's PBT more than doubled from £3.5bn to £7.4bn — the strongest result since FY2020.
Gross Profit: What's left from sales after paying the direct cost of making or buying the products — before any other expenses like salaries, rent, or marketing.
In this filing: GSK kept £23.7bn from £32.7bn in sales — a gross margin of about 72p in every £1.
Current Liabilities: Bills and debts that must be paid within the next 12 months.
In this filing: GSK owes £21.4bn in the short term — a large but slightly shrinking number, down 1.4% from last year.
Fixed Assets: Long-term things the company owns and uses to run the business — factories, equipment, patents, and goodwill.
In this filing: GSK's fixed assets are £43.6bn, of which 46.3% are intangibles (patents, goodwill) that have no hard recovery value if the business ever needed to sell up.
Cash Conversion: How much of the profit the company actually collects as real cash — a ratio above 100% means it's collecting even more cash than it recorded as profit.
In this filing: At 123.1%, GSK is converting its profit into cash efficiently — the reported earnings are not just accounting entries.
Debtor Days: On average, how many days it takes customers to pay their invoices.
In this filing: GSK's customers take 83 days to pay — quite long, reflecting typical pharmaceutical distribution and government-payer cycles.
Working Capital Gap: The number of days between when you pay your suppliers and when your customers pay you — if you pay before you get paid, you need cash to bridge the gap.
In this filing: GSK's gap is 255 days, requiring over £22.8bn to fund — normal for a global pharma group, but enormous in absolute terms.
Long-Term Liabilities: Debts and obligations that don't need to be paid for more than a year — usually bonds, long-dated loans, or pension obligations.
In this filing: GSK's long-term liabilities have fallen from £31.9bn to £23.8bn since FY2018, showing gradual deleveraging.
Asset Fragility: The share of a company's total assets that are intangible (like patents or goodwill) or lease-based — these disappear in a wind-down and have no cash recovery value.
In this filing: 46.3% of GSK's assets are in this category, which is expected for a pharma company where patents ARE the business, but means the hard asset backing is lower than the headline numbers suggest.