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The financial statements on pages 186 to 273 were approved by the Board on 4\u00a0March 2026 and signed on its behalf by
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"2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-523": { "value": "78000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-524": { "value": "3207000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-525": { "value": "3403000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-526": { "value": "2858000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-528": { "value": "
1. Presentation of the financial statements
Description of business
GSK is a global biopharma group which prevents and treats
disease with specialty medicines, vaccines and general
medicines. GSK focuses on the science of the immune system
and advanced technologies, investing in four core therapeutic
areas: respiratory, immunology and inflammation; oncology;
HIV; and infectious diseases.
Compliance with applicable law and IFRS
The consolidated financial statements have been prepared in
accordance with UK-adopted international accounting
standards in conformity with the requirements of the
Companies Act 2006 and the IFRS Accounting Standards as
issued by the International Accounting Standards Board (IASB).
Composition of the consolidated financial
statements
The consolidated financial statements are for the Group
consisting of GSK plc and its subsidiaries. The consolidated
financial statements are drawn up in Sterling, the functional
currency of GSK plc, and in accordance with the presentation
requirements of IFRS Accounting Standards. The consolidated
financial statements comprise:
\u2013 Consolidated income statement
\u2013 Consolidated statement of comprehensive income
\u2013 Consolidated balance sheet
\u2013 Consolidated statement of changes in equity
\u2013 Consolidated cash flow statement
\u2013 Notes to the financial statements
Composition of the Group
A list of the subsidiaries and associates which, in the opinion of
the Directors, principally affected the amount of profit or net
assets of the Group is given in Note 45, \u2018Principal Group
companies\u2019.
Financial period
These consolidated financial statements cover the financial
year from 1 January to 31\u00a0December 2025, with comparative
figures for the financial years from 1 January to 31\u00a0December
2024 and, where appropriate, from 1 January to 31\u00a0December
2023.
Accounting principles and policies
The Directors have, at the time of approving the consolidated
financial statements, a reasonable expectation that the Group
has adequate resources to continue in operational existence for
the foreseeable future. Thus, the financial statements have
been prepared on a going concern basis and using the
historical cost convention, modified to include revaluation to fair
value of certain financial instruments, contingent consideration
liabilities, pension assets and liabilities and employee share
plans, as stated in the accounting policies.
The consolidated financial statements have been prepared in
accordance with the Group\u2019s accounting policies approved by
the Board as described in Note 2, \u2018Accounting principles and
policies\u2019.
The preparation of the consolidated financial statements in
conformity with generally accepted accounting principles
requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
consolidated financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual
results could differ from those estimates. Note 3, \u2018Critical
accounting judgments and key sources of estimation
uncertainty\u2019 provides details on the critical judgements that
management have applied that have the most significant
effect on the consolidated financial statements and the key
sources of estimation uncertainty that have a significant risk of
resulting in a material adjustment to the carrying amount of
assets and liabilities within the next financial year.
In preparing the consolidated financial statements, the Group
has evaluated the potential effects of both physical and
transition climate-related risks, along with planned mitigation
efforts, on the valuation of assets and liabilities; with
consideration of the risks outlined in our climate-related
financial disclosures.
As of 31\u00a0December 2025, the Group has determined that
climate-related risks do not have a material impact on the
significant judgements and estimates and, as a result, the
valuation of the assets or liabilities have not been impacted.
The Group has reviewed the recoverable values of key assets
impacted such as property, plant and equipment, inventories,
goodwill, and intangible assets given their potential exposure to
climate-related risks, as well as the Group\u2019s planned transition
efforts.
Among the risks identified is our reliever MDI medication
(Ventolin). The Group is responding to this risk by transitioning
to a lower-carbon propellant. This transition is not anticipated
to materially affect the recoverable amounts, or estimated
useful lives, of related property, plant and equipment.
Additional information can be found in Note 17, 'Property, plant
and equipment'.
While the Group does not foresee any significant medium-term
impact at present, it remains aware of the evolving nature of
climate-related risks. The Group continues to evaluate the
implications on judgements and estimates, as well as on any
potential effects on the preparation of the consolidated
financial statements.
Parent company financial statements
The financial statements of the parent company, GSK plc (\u2018the
Company\u2019), have been prepared in accordance with FRS 101
\u2018Reduced Disclosure Framework\u2019 and the Companies Act 2006.
The Company balance sheet is presented on page 274 and the
accounting policies are given on pages 275 to 278.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-527": { "value": "
1. Presentation of the financial statements
Description of business
GSK is a global biopharma group which prevents and treats
disease with specialty medicines, vaccines and general
medicines. GSK focuses on the science of the immune system
and advanced technologies, investing in four core therapeutic
areas: respiratory, immunology and inflammation; oncology;
HIV; and infectious diseases.
Compliance with applicable law and IFRS
The consolidated financial statements have been prepared in
accordance with UK-adopted international accounting
standards in conformity with the requirements of the
Companies Act 2006 and the IFRS Accounting Standards as
issued by the International Accounting Standards Board (IASB).
Composition of the consolidated financial
statements
The consolidated financial statements are for the Group
consisting of GSK plc and its subsidiaries. The consolidated
financial statements are drawn up in Sterling, the functional
currency of GSK plc, and in accordance with the presentation
requirements of IFRS Accounting Standards. The consolidated
financial statements comprise:
\u2013 Consolidated income statement
\u2013 Consolidated statement of comprehensive income
\u2013 Consolidated balance sheet
\u2013 Consolidated statement of changes in equity
\u2013 Consolidated cash flow statement
\u2013 Notes to the financial statements
Composition of the Group
A list of the subsidiaries and associates which, in the opinion of
the Directors, principally affected the amount of profit or net
assets of the Group is given in Note 45, \u2018Principal Group
companies\u2019.
Financial period
These consolidated financial statements cover the financial
year from 1 January to 31\u00a0December 2025, with comparative
figures for the financial years from 1 January to 31\u00a0December
2024 and, where appropriate, from 1 January to 31\u00a0December
2023.
Accounting principles and policies
The Directors have, at the time of approving the consolidated
financial statements, a reasonable expectation that the Group
has adequate resources to continue in operational existence for
the foreseeable future. Thus, the financial statements have
been prepared on a going concern basis and using the
historical cost convention, modified to include revaluation to fair
value of certain financial instruments, contingent consideration
liabilities, pension assets and liabilities and employee share
plans, as stated in the accounting policies.
The consolidated financial statements have been prepared in
accordance with the Group\u2019s accounting policies approved by
the Board as described in Note 2, \u2018Accounting principles and
policies\u2019.
The preparation of the consolidated financial statements in
conformity with generally accepted accounting principles
requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
consolidated financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual
results could differ from those estimates. Note 3, \u2018Critical
accounting judgments and key sources of estimation
uncertainty\u2019 provides details on the critical judgements that
management have applied that have the most significant
effect on the consolidated financial statements and the key
sources of estimation uncertainty that have a significant risk of
resulting in a material adjustment to the carrying amount of
assets and liabilities within the next financial year.
In preparing the consolidated financial statements, the Group
has evaluated the potential effects of both physical and
transition climate-related risks, along with planned mitigation
efforts, on the valuation of assets and liabilities; with
consideration of the risks outlined in our climate-related
financial disclosures.
As of 31\u00a0December 2025, the Group has determined that
climate-related risks do not have a material impact on the
significant judgements and estimates and, as a result, the
valuation of the assets or liabilities have not been impacted.
The Group has reviewed the recoverable values of key assets
impacted such as property, plant and equipment, inventories,
goodwill, and intangible assets given their potential exposure to
climate-related risks, as well as the Group\u2019s planned transition
efforts.
Among the risks identified is our reliever MDI medication
(Ventolin). The Group is responding to this risk by transitioning
to a lower-carbon propellant. This transition is not anticipated
to materially affect the recoverable amounts, or estimated
useful lives, of related property, plant and equipment.
Additional information can be found in Note 17, 'Property, plant
and equipment'.
While the Group does not foresee any significant medium-term
impact at present, it remains aware of the evolving nature of
climate-related risks. The Group continues to evaluate the
implications on judgements and estimates, as well as on any
potential effects on the preparation of the consolidated
financial statements.
Parent company financial statements
The financial statements of the parent company, GSK plc (\u2018the
Company\u2019), have been prepared in accordance with FRS 101
\u2018Reduced Disclosure Framework\u2019 and the Companies Act 2006.
The Company balance sheet is presented on page 274 and the
accounting policies are given on pages 275 to 278.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-529": { "value": "GSK is a global biopharma group which prevents and treats disease with specialty medicines, vaccines and general medicines. GSK focuses on the science of the immune system and advanced technologies, investing in four core therapeutic areas: respiratory, immunology and inflammation; oncology; HIV; and infectious diseases.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-530": { "value": "
Compliance with applicable law and IFRS
The consolidated financial statements have been prepared in
accordance with UK-adopted international accounting
standards in conformity with the requirements of the
Companies Act 2006 and the IFRS Accounting Standards as
issued by the International Accounting Standards Board (IASB).", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-531": { "value": "
The consolidated financial statements are for the Group
consisting of GSK plc and its subsidiaries. The consolidated
financial statements are drawn up in Sterling, the functional
currency of GSK plc, and in accordance with the presentation
requirements of IFRS Accounting Standards", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-532": { "value": "
The Directors have, at the time of approving the consolidated
financial statements, a reasonable expectation that the Group
has adequate resources to continue in operational existence for
the foreseeable future. Thus, the financial statements have
been prepared on a going concern basis and using the
historical cost convention, modified to include revaluation to fair
value of certain financial instruments, contingent consideration
liabilities, pension assets and liabilities and employee share
plans, as stated in the accounting policies.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-533": { "value": "
The financial statements of the parent company, GSK plc (\u2018the
Company\u2019), have been prepared in accordance with FRS 101
\u2018Reduced Disclosure Framework\u2019 and the Companies Act 2006.
The Company balance sheet is presented on page 274 and the
accounting policies are given on pages 275 to 278.
", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-534": { "value": "GSK plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-535": { "value": "
2. Accounting principles and policies
Consolidation
The consolidated financial statements include:
\u2013 the assets and liabilities, and the results and cash flows, of
the company and its subsidiaries, including ESOP Trusts;
\u2013 the Group\u2019s share of the results and net assets of associates
and joint ventures; and
\u2013 the Group\u2019s share of assets, liabilities, revenue and expenses
of joint operations
The financial statements of entities consolidated are made up
to 31 December each year.
Entities over which the Group has control are accounted for as
subsidiaries and consolidated in the Group financial
statements. Control is achieved when an entity in the Group:
\u2013 has power over the investee;
\u2013 is exposed, or has rights, to variable returns from its
involvement with the investee; and
\u2013 has the ability to use its power to affect its returns
This is generally through control over the financial and
operating policies of the subsidiary.
Where the Group has the ability to exercise joint control over,
and rights to, the net assets of entities, the entities are
accounted for as joint ventures. Where the Group has the ability
to exercise joint control over an arrangement, but has rights to
specified assets and obligations for specified liabilities of the
arrangement, the arrangement is accounted for as a joint
operation. Where the Group has the ability to exercise
significant influence over entities, they are accounted for as
associates. The results, assets and liabilities of associates and
joint ventures are incorporated into the consolidated financial
statements using the equity method of accounting. The assets,
liabilities, revenue and expenses of joint operations are included
in the consolidated financial statements in accordance with the
Group\u2019s rights and obligations. Interests acquired in entities are
consolidated from the date the Group acquires control and
interests sold are deconsolidated from the date control ceases.
Transactions and balances between subsidiaries are eliminated
and no profit before tax is taken on sales between subsidiaries
until the products are sold to customers outside the Group. The
relevant proportion of profits on transactions with joint ventures,
joint operations and associates is also deferred until the
products are sold to third parties. Transactions with non-
controlling interests are recorded directly in equity. Deferred tax
relief on unrealised intra-Group profit is accounted for only to
the extent that it is considered recoverable.
Business combinations
Business combinations are accounted for using the acquisition
accounting method. Identifiable assets, liabilities and
contingent liabilities acquired are measured at fair value at
acquisition date. The consideration transferred is measured at
fair value and includes the fair value of any contingent
consideration.
The fair value of contingent consideration liabilities is
reassessed at each balance sheet date with changes
recognised in the income statement. Payments of contingent
consideration reduce the balance sheet liability and as a result
are not recorded in the income statement.
The part of each payment relating to the original estimate of
the fair value of the contingent consideration on acquisition is
reported within investing activities in the cash flow statement
and the part of each payment relating to the increase in the
liability since the acquisition date is reported within operating
cash flows.
Where fair value of the consideration transferred, together with
the non-controlling interest, exceeds the fair value of the assets,
liabilities and contingent liabilities acquired, the excess is
recorded as goodwill. The costs of effecting an acquisition are
charged to the income statement in the period in which they
are incurred.
Goodwill is capitalised as a separate item in the case of
subsidiaries and as part of the cost of investment in the case of
joint ventures and associates. Goodwill is denominated in the
currency of the operation acquired.
Where fair value of the consideration transferred is below the
Group\u2019s interest in the net assets acquired, the difference is
recognised directly in the income statement.
Where not all of the equity of a subsidiary is acquired, the non-
controlling interest is recognised either at fair value or at the
non-controlling interest\u2019s share of the net assets of the
subsidiary, on a case-by-case basis. Changes in the Group\u2019s
ownership percentage of subsidiaries where control is not lost
are accounted for within equity.
Foreign currency translation
Foreign currency transactions are booked in the functional
currency of the Group company at the exchange rate ruling on
the date of transaction. Foreign currency monetary assets and
liabilities are retranslated into the functional currency at rates of
exchange ruling at the balance sheet date. Exchange
differences are included in the income statement.
On consolidation, assets and liabilities, including related
goodwill, of overseas subsidiaries, associates and joint ventures,
are translated into Sterling at rates of exchange ruling at the
balance sheet date. The results and cash flows of overseas
subsidiaries, associates and joint ventures are translated into
Sterling using average rates of exchange which approximate to
the actual exchange rates on the date of the transactions.
Exchange adjustments arising when the opening net assets and
the profits for the year retained by overseas subsidiaries,
associates and joint ventures are translated into Sterling, less
exchange differences arising on related foreign currency
borrowings which hedge the Group\u2019s net investment in these
operations are recognised in other comprehensive income and
accumulated in a separate component of equity within retained
earnings. Foreign currency borrowings used to hedge net
investments in foreign operations are accounted for in
accordance with IFRS 9, with hedge documentation and
effectiveness testing maintained as required.
When translating into Sterling the assets, liabilities, results and
cash flows of overseas subsidiaries, associates and joint
ventures which are reported in currencies of hyper-inflationary
economies, adjustments are made where material to reflect
current price levels. Any gain or loss on net monetary position is
charged to the consolidated income statement.
Revenue
Turnover
The Group receives revenue for supply of goods to external
customers against orders received. The majority of contracts
that GSK enters into relate to sales orders containing single
performance obligations for the delivery of pharmaceutical and
vaccine products. The average duration of a sales order is less
than 12 months so there is no significant element of financing.
Revenue from the product sales is recognised when control of
the goods is passed to the customer. The point at which control
passes is determined by each customer arrangement, but
generally occurs on delivery to the customer.
Revenue from the product sales represents net invoice value
including fixed and variable consideration. Variable
consideration arises on the sale of goods as a result of
discounts and allowances given and accruals for estimated
future returns and rebates. Revenue is not recognised in full until
it is highly probable that a significant reversal in the amount of
cumulative revenue recognised will not occur. The methodology
and assumptions used to estimate rebates and returns are
monitored and adjusted regularly in the light of contractual and
legal obligations, historical trends, past experience and
projected market conditions. Estimates associated with returns
and rebates are revisited at each reporting date or when they
are resolved and revenue is adjusted accordingly. Please refer
to Note 3, 'Critical accounting judgements and key sources of
estimation uncertainty' for the details on rebates, discounts and
allowances.
The Group has entered into collaboration agreements, typically
with other pharmaceutical or biotechnology companies to
develop, produce and market medicines and vaccines that do
not qualify as joint arrangements. When GSK has control over
the commercialisation activities and considers itself as a
principal in the arrangement, the Group recognises turnover
and cost of sales on a gross basis. Profit sharing amounts and
royalties due to the counterparty are recorded within cost of
sales. Cost of sales includes net recoveries of cost of \u00a31\u00a0million
(2024: cost of \u00a37\u00a0million; 2023: net recoveries of cost of
\u00a345\u00a0million) from profit sharing arrangements and royalties due
to the counterparty. When the counterparty controls the
commercialisation activities and records the sale, the Group is
not the principal in the customer contract and instead records
its share of gross profit as co-promotion income, on a net basis,
within turnover. The nature of co-promotion activities is such
that the Group records no costs of sales. Reimbursements to
and from the counterparty under collaboration agreements for
\u2018selling, general and administration\u2019 and \u2018research and
development\u2019 costs are recorded net in the respective lines in
the income statement.
Other operating income and royalty income
GSK enters into development and marketing collaborations and
out-licenses of the Group\u2019s compounds or products to other
parties. These contracts give rise to fixed and variable
consideration from upfront payments, development milestones,
sales-based milestones and royalties.
Income dependent on the achievement of a development
milestone is recognised when it is highly probable that a
significant reversal in the amount of cumulative revenue
recognised will not occur, which is usually when the related
event occurs. Sales-based milestone income is recognised when
it is highly probable that the sales threshold will be reached.
Sales-based royalties on a licence of intellectual property are
not recognised until the relevant product sale occurs.
For all revenue, if the time between the recognition of revenue
and payment from the customer is expected to be more than
one year and the impact is material, the amount of
consideration is discounted using appropriate discount rates.
Value added tax and other sales taxes are excluded from
revenue.
Expenditure
Expenditure is recognised in respect of goods and services
received when supplied in accordance with contractual terms in
the period to which they relate. Provision is made when an
obligation exists for a future liability in respect of a past event,
the amount of the obligation can be reliably estimated and it is
probable that an outflow of economic benefits will be required
to settle the obligation.
Manufacturing start-up costs between validation and the
achievement of normal production are expensed as incurred.
Advertising and promotion expenditure is charged to the
income statement as incurred.
Shipment costs on inter-company transfers are charged to cost
of sales; distribution costs on sales to customers are included in
selling, general and administration expenditure.
Restructuring costs are recognised and provided for, where
appropriate, in respect of the direct expenditure of a business
reorganisation where the plans are sufficiently detailed and well
advanced, and where appropriate communication to those
affected has been undertaken.
Software as a service (SaaS) configuration costs are expensed
as they are incurred where the software being configured is
controlled by the SaaS provider.
Research and development
Research and development expenditure is charged to the
income statement in the period in which it is incurred.
Development expenditure is capitalised when the criteria for
recognising an asset are met, usually when a regulatory filing
has been made in a major market and approval is considered
highly probable. Intangible assets and property, plant and
equipment used for research and development are capitalised
and amortised/depreciated in accordance with the Group\u2019s
policy.
Legal and other disputes
Provision is made for the anticipated settlement costs of legal
or other disputes against the Group where an outflow of
resources is considered probable and a reliable estimate can
be made of the likely outcome. In respect of product liability
claims related to certain products, provision is made when there
is sufficient history of claims made and settlements to enable
management to make a reliable estimate of the provision
required to cover asserted and unasserted claims.
In certain cases, an incurred but not reported (IBNR) actuarial
technique is used to determine this estimate. In addition,
provision is made for legal or other expenses arising from claims
received or other disputes.
The Group may become involved in legal proceedings, in
respect of which it is not possible to meaningfully assess
whether the outcome will result in a probable outflow, or to
quantify or reliably estimate the liability. In these cases,
appropriate disclosure about such cases is included but no
provision is made.
Costs associated with claims made by the Group against third
parties are charged to the income statement as they are
incurred.
Pensions and other post-employment benefits
The costs of providing pensions under defined benefit schemes
are calculated using the projected unit credit method and
spread over the period during which benefit is expected to be
derived from the employees\u2019 services, consistent with the advice
of qualified actuaries.
Pension obligations are measured as the present value of
estimated future cash flows discounted at rates reflecting the
yields of high-quality corporate bonds. Pension scheme assets
are measured at fair value at the balance sheet date.
The costs of other post-employment liabilities are calculated in
a similar way to defined benefit pension schemes and spread
over the period during which benefit is expected to be derived
from the employees\u2019 services, in accordance with the advice of
qualified actuaries.
The service cost of providing retirement benefits to employees
during the year, cost of plans, net interest (income)/cost and
the cost of any curtailment, is charged to operating profit in the
year.
Actuarial gains and losses and the effect of changes in
actuarial assumptions are recognised in the statement of
comprehensive income in the year in which they arise.
The Group\u2019s contributions to defined contribution plans are
charged to the income statement as incurred.
Employee share plans
Incentives in the form of shares are provided to employees
under share option and share award schemes.
The fair values of these options and awards are calculated at
their grant dates using a Black-Scholes option pricing model
and charged to the income statement over the relevant vesting
periods after adjusting for expected forfeitures and any non-
market based performance conditions.
The Group provides finance to ESOP Trusts to purchase
Company shares to meet the obligation to provide shares when
employees exercise their options or awards. Costs of running the
ESOP Trusts are charged to the income statement.
Shares held by the ESOP Trusts are deducted from other
reserves. A transfer is made between other reserves and
retained earnings over the vesting periods of the related share
options or awards to reflect the ultimate proceeds receivable
from employees on exercise.
Property, plant and equipment
Property, plant and equipment (PP&E) is stated at the historical
cost of purchase or construction, less accumulated depreciation
and accumulated impairment. Financing costs are capitalised
within the cost of qualifying assets under construction.
Subsequent costs are added in the asset\u2019s carrying amount or
recognised as a separate asset, as appropriate, only if the
spending results in a real enhancement in the value, capacity,
performance or useful economic life of the asset. All other
repairs and maintenance are charged to the income statement
during the reporting period in which they are incurred.
Depreciation is calculated to write off the cost less residual
value of PP&E, excluding freehold land and assets under
construction, using the straight-line basis over the expected
useful life. Residual values and expected useful lives are
reviewed, and where appropriate adjusted annually. The
normal expected useful lives of the major categories of PP&E
are:
Freehold buildings
20 to 50 years
Leasehold land and buildings
Lease term or 20 to 50 years
Plant and machinery
10 to 20 years
Equipment and vehicles
3 to 10 years
On disposal of PP&E, the cost and related accumulated
depreciation and impairments are removed from the financial
statements and the net amount, less any proceeds, is taken to
the income statement.
Leases
The Group recognises right of use assets under lease
arrangements in which it is the lessee, except for short-term
leases (defined as leases with a lease term of 12 months or less)
and leases of low value assets. Rights to use assets owned by
third parties under lease agreements are capitalised at the
inception of the lease and recognised on the balance sheet.
Right of use assets are initially measured at the amount of the
corresponding lease liability plus lease payments made at or
before the commencement day, initial incremental direct costs,
asset retirement obligations and less any lease incentives
received. They are subsequently measured at cost less
accumulated depreciation and impairment losses.
The corresponding liability to the lessor is recognised as a lease
obligation within short- and long-term borrowings. The lease
liability is initially measured at the discounted present value of
the lease payments that are not paid at the commencement
date. The carrying amount of the lease liability is subsequently
increased to reflect interest on the liability and reduced by lease
payments made.
For calculating the discounted lease liability on leases with
annual payments of \u00a32\u00a0million or more, or a non-cancellable
term of more than 10 years, the implicit rate in the lease is used.
If this is not available, the incremental borrowing rate with a
lease specific adjustment is used. If neither of these is available,
and for leases with annual payments of less than \u00a32 million, or a
non-cancellable term of 10 years or less, the incremental
borrowing rate is used. The incremental borrowing rate is the
rate of interest at which GSK would have been able to borrow
for a similar term and with a similar security the funds necessary
to obtain a similar asset in a similar market.
Finance costs are charged to the income statement so as to
produce a constant periodic rate of charge on the remaining
balance of the obligations for each accounting period.
Variable rents which are not linked to an index or a rate are not
part of the lease liability and the right of use asset. These
payments are charged to the income statement as incurred.
Lease rental costs for short-term and low-value leases which
are not capitalised are also charged to the income statement
as incurred.
Non-lease components are accounted for separately from the
lease components in plant and equipment leases. For land and
buildings or vehicle leases the lease and non-lease components
are accounted for together in the lease when the non-lease
components can be reliably determined in advance and are
charged directly by the lessor.
If modifications or reassessments of lease obligations occur, the
lease liability and right of use asset are remeasured.
Right of use assets where title is expected to pass to GSK at a
point in the future are depreciated on a basis consistent with
similar owned assets. In other cases, right of use assets are
depreciated over the shorter of the useful life of the asset or the
lease term.
Goodwill
Goodwill is stated at cost less accumulated impairments.
Goodwill is deemed to have an indefinite useful life and is
tested for impairment at least annually.
Where the fair value of the interest acquired in an entity\u2019s
assets, liabilities and contingent liabilities exceeds the
consideration paid, this excess is recognised immediately as a
gain in the income statement.
Other intangible assets
Intangible assets have a finite life and are stated at cost less
accumulated amortisation and accumulated impairments.
Licences, patents, know-how and marketing rights separately
acquired or acquired as part of a business combination are
amortised over their estimated useful lives, generally not
exceeding 30 years, using the straight-line basis, from the time
they are available for use. The estimated useful lives for
determining the amortisation charge take into account patent
lives (exclusivity period), where applicable, as well as the value
obtained from periods of non-exclusivity. For Pharmaceutical
intangible assets, depending on the characteristics, competitive
environment and estimated long-term profits of the asset,
between 80% to 90% of the book value is amortised over the
exclusivity period on a straight-line basis and the remaining
book value is amortised over a non-exclusivity period of 5-15
years on a straight-line basis. For Vaccines intangible assets,
cost is usually amortised over the patent period plus 10 years, or
30 years if no patent is granted, on a straight-line basis. Asset
lives are reviewed, and where appropriate adjusted, annually.
Contingent milestone payments are recognised at the point
that the contingent event becomes probable. Any development
costs incurred by the Group subsequent to the acquisition of
licences, patents, know-how or marketing rights are written off
to the income statement when incurred, unless the criteria for
recognition of an internally generated intangible asset are met,
usually when a regulatory filing has been made in a major
market and approval is considered highly probable.
Acquired in-process R&D and marketed products are valued
independently as part of the fair value of businesses acquired
from third parties where they have a value which is substantial
and long term and where the assets either are contractual or
legal in nature or can be sold separately from the rest of the
businesses acquired.
The costs of acquiring and developing computer software for
internal use are capitalised as other intangible assets where the
software supports a significant business system and the
expenditure leads to the creation of a durable asset controlled
by the Group. ERP systems software is amortised over 7-10 years
and other computer software over 2-5 years using the straight-
line basis.
The Group capitalises certain implementation costs related to
cloud computing arrangements when it has control over the
underlying software.
Impairment of non-current assets
The carrying amounts of all non-current assets are reviewed for
impairment, either on a stand-alone basis or as part of a larger
cash generating unit, when there is an indication that the assets
might be impaired. Additionally, goodwill and intangible assets
which are not yet available for use are tested for impairment
annually. Any provision for impairment is charged to the income
statement in the year concerned.
Impairments of goodwill are not reversed. Impairment losses on
other non-current assets are only reversed if there has been a
change in estimates used to determine recoverable amounts
and only to the extent that the revised recoverable amounts do
not exceed the carrying amounts that would have existed, net
of depreciation or amortisation, had no impairments been
recognised.
Investments in associates, joint ventures and
joint operations
Investments in associates and joint ventures are carried in the
consolidated balance sheet at the Group\u2019s share of their net
assets at date of acquisition and of their post-acquisition
retained profits or losses and other comprehensive income
together with any goodwill arising on the acquisition.
Distributions received/receivable from the associates are
accounted for as a reduction in the investment in associates
carrying amount. The Group recognises the assets, liabilities,
revenue and expenses of joint operations in accordance with its
rights and obligations.
Inventories
Inventories are included in the consolidated financial
statements at the lower of cost (including raw materials, direct
labour, other direct costs and related production overheads)
and net realisable value. Cost is generally determined on a first
in, first out basis. Pre-launch inventory is held as an asset when
there is a high probability of regulatory approval for the
product. Before that point a provision is made against the
carrying amount to reduce it to its net realisable value; the
provision is then reversed at the point when a high probability of
regulatory approval is determined.
Financial instruments
Financial assets
Financial assets are measured at amortised cost, fair value
through other comprehensive income (FVTOCI) or fair value
through profit or loss (FVTPL). The measurement basis is
determined by reference to both the business model for
managing the financial asset and the contractual cash flow
characteristics of the financial asset. For financial assets other
than trade receivables a 12-month expected credit loss (ECL)
allowance is recorded on initial recognition. If there is
subsequent evidence of a significant increase in the credit risk
of an asset, the allowance is increased to reflect the full lifetime
ECL. If there is no realistic prospect of recovery, the asset is
written off.
Expected credit losses are recognised in the income statement
on financial assets measured at amortised cost and at fair
value through other comprehensive income apart from equity
investments.
Other investments
Other investments comprise equity investments and investments
in limited life funds. The Group has elected to designate the
majority of its equity investments as measured at FVTOCI. They
are initially recorded at fair value plus transaction costs and
then remeasured at subsequent reporting dates to fair value.
Unrealised gains and losses are recognised in other
comprehensive income. On disposal of the equity investment,
gains and losses that have been deferred in other
comprehensive income are transferred directly to retained
earnings.
Investments in limited life funds are measured at FVTPL. They
are initially recorded at fair value and then remeasured at
subsequent reporting dates to fair value. Unrealised gains and
losses are recognised in the income statement.
Dividends on equity investments and distributions from funds
are recognised in the income statement when the Group\u2019s right
to receive payment is established.
Purchases and sales of other investments are generally
accounted for on the settlement date, except for regular-way
purchases and sales of listed investments traded on a regulated
stock exchange, which are accounted for on the trade date.
Trade receivables
Trade receivables are measured in accordance with the
business model under which each portfolio of trade receivables
is held. The Group has portfolios in each of the three business
models under IFRS 9: to collect the contractual cash flows
where there is no factoring agreement in place (measured at
amortised cost); to sell the contractual cash flows where the
trade receivables will be sold under a factoring agreement
(measured at FVTPL); and both to collect and to sell the
contractual cash flows where the trade receivables may be sold
under a factoring arrangement (measured at FVTOCI). Trade
receivables measured at amortised cost are carried at the
original invoice amount less allowances for expected credit
losses.
In accordance with IFRS 9, trade receivables under factoring
arrangements are derecognised when the Group has
transferred substantially all the risks and rewards of the
receivables, including credit risk. Consistent with the underlying
nature of the activity, the cash inflows from factoring
arrangements are recognised within cash flows from operating
activities.
Expected credit losses are calculated in accordance with the
simplified approach permitted by IFRS 9, using a provision
matrix applying lifetime historical credit loss experience to the
trade receivables. The expected credit loss rate varies
depending on whether, and the extent to which, settlement of
the trade receivables is overdue and it is also adjusted as
appropriate to reflect current economic conditions and
estimates of future conditions. For the purpose of determining
credit loss rates, customers are classified into groupings that
have similar loss patterns. The key drivers of the loss rate are the
nature of the business unit and the location and type of
customer.
When a trade receivable is determined to have no reasonable
expectation of recovery it is written off, firstly against any
expected credit loss allowance available and then to the
income statement.
Subsequent recoveries of amounts previously provided for or
written off are credited to the income statement. Long-term
receivables are discounted where the effect is material.
Cash and cash equivalents
Cash comprises cash in hand and on-demand deposits at
bank.
Cash equivalents include cash in transit, deposits made with
banks or financial institutions with a maturity of three months or
less from the date of acquisition and are measured at
amortised cost. Investments in money market funds are held at
fair value through profit or loss because the funds fail the solely
payments of principal and interest on principal outstanding
(SPPI) test.
Borrowings
All borrowings are initially recorded at fair value, being the
amount of proceeds received, net of directly attributable
transaction costs. Borrowings are subsequently carried at
amortised cost, using the effective interest method. Borrowing
costs (including the amortisation of transaction costs) are
recognised in profit or loss over the term of the borrowing,
except to the extent that they are directly attributable to the
acquisition, construction, or production of a qualifying asset, in
which case they are capitalised as part of the cost of that asset.
Derivative financial instruments
Derivative financial instruments are used to manage exposure to
market risks. The principal derivative instruments used by GSK are
foreign currency swaps, interest rate swaps, foreign exchange
forward contracts and options. The Group does not hold or issue
derivative financial instruments for trading or speculative
purposes.
Derivative financial assets and liabilities, including derivatives
embedded in host contracts which have been separated from
the host contract, are measured at fair value. Changes in the fair
value of any derivative instruments that do not qualify for hedge
accounting are recognised immediately in the income statement.
Hedge accounting
Derivatives designated as hedging instruments are classified at
the inception of the hedge relationship as cash flow hedges, net
investment hedges or fair value hedges. At inception, the Group
documents the relationship between the hedging instrument
and the hedged item, the risk management objective and the
strategy for undertaking the hedge. Hedge effectiveness is
assessed on an ongoing basis to ensure the hedge continues to
meet IFRS 9 criteria.
Changes in the fair value of derivatives designated as cash flow
hedges are recognised in other comprehensive income to the
extent that the hedges are effective and accumulated in the
cash flow hedge reserve. Ineffective portions are recognised in
profit or loss immediately. Amounts deferred in the cash flow
hedge reserve are reclassified to the income statement when
the hedged item affects profit or loss, or if the hedged forecast
transaction is to purchase a non-financial asset, the amount
deferred in the cash flow hedge reserve is transferred directly
from equity and included in the carrying amount of the
recognised non-financial asset.
Net investment hedges are accounted for in a similar way to
cash flow hedges. Amounts deferred in the net investment
hedge reserve are only reclassified to the income statement on
disposal (or partial disposal) of the foreign operation.
Changes in the fair value of derivatives designated as fair value
hedges are recorded in the income statement, together with the
changes in the fair value of the hedged asset or liability.
Hedge accounting is discontinued when the hedging
instrument expires, is sold, is terminated, or no longer qualifies
for hedge accounting.
Taxation
Current tax is provided at the amounts expected to be paid,
applying tax rates that have been enacted or substantively
enacted by the balance sheet date. The tax charge for the
period is recognised in the consolidated income statement, the
consolidated statement of comprehensive income or directly in
equity, according to the accounting treatment of the related
transaction.
Deferred tax is provided in full, using the liability method, on
temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the consolidated
financial statements. Deferred tax assets are recognised to the
extent that it is probable that future taxable profits will be
available against which the temporary differences can be
utilised. Deferred tax is provided on temporary differences
arising on investments in subsidiaries, associates and joint
ventures, except where the timing of the reversal of the
temporary difference can be controlled and it is probable that
the temporary difference will not reverse in the foreseeable
future. Deferred tax is provided using rates of tax that have
been enacted or substantively enacted by the balance sheet date.
Deferred tax assets and liabilities are offset when there is a legally
enforceable right to offset current tax assets against current tax
liabilities and when they relate to income taxes levied by the same
tax authority and the company and its subsidiaries intend to settle
their current tax assets and liabilities on a net basis.
Deferred tax assets and liabilities are not recognised if the
temporary differences arise from the initial recognition of
goodwill or from the initial recognition of other assets and
liabilities in a transaction (other than a business combination)
that affects neither the accounting nor the taxable profit or loss.
The exception to this is situations where there are equal taxable
and deductible temporary differences arising from the same
transaction. Unrecognised deferred tax assets are reassessed
at each reporting date and are recognised to the extent that it
has become probable that future taxable profits will allow the
deferred tax asset to be recovered.
Where an uncertain tax position is identified, management will
make a judgement as to what the probable outcome will be,
assuming the relevant tax authority has full knowledge of the
situation. Where it is assessed that an economic outflow is
probable to arise, a provision is made for the best estimate of
the liability. In estimating any such liability GSK applies a risk-
based approach which takes into account, as appropriate, the
probability that the Group would be able to obtain
compensatory adjustments under international tax treaties.
These estimates take into account the specific circumstances of
each dispute and relevant external advice.
Restructuring
Costs of restructuring arise from restructuring programmes that
are planned and controlled by the Group. A provision for
restructuring is recognised when there is a detailed formal plan
in place, and management has created a valid expectation by\u00a0
announcing the main features of the plan to those affected by
it, or has started implementation.
Discounting
Where the time value of money is material, balances are
discounted to current values using appropriate discount rates.
The unwinding of the discounts is recorded in finance income
and finance expense.
Assets and liabilities held for sale or distribution
and discontinued operations
Non-current assets or disposal groups are classified as held for
sale or distribution if their carrying amount will be recovered
principally through sale or a distribution to shareholders rather
than through continuing use, they are available for immediate sale
or distribution in their present condition and the sale or distribution
is considered highly probable and expected to be completed
within one year. Assets classified as held for sale or distribution are
measured at the lower of their carrying amount and fair value less
costs to sell or distribute. Assets classified as held for sale or
distribution are not depreciated or amortised. Assets and liabilities
classified as held for sale or distribution are presented in current
assets and current liabilities separately from the other assets and
liabilities in the balance sheet.
A discontinued operation is a component of the Group that has
been disposed of, distributed or is classified as held for sale or
distribution and that represents a separate major line of
business or geographical area of operations. The results of
discontinued operations are presented separately in the
consolidated income statement, the consolidated statement of
comprehensive income and the consolidated statement of cash
flows and comparatives are restated on a consistent basis.
Share buyback
Where the Group purchases the Company\u2019s equity instruments, for
example as a result of a share buyback programme, the
consideration paid, including any directly attributable incremental
costs (net of income taxes), is deducted from retained earnings as
Treasury shares until the shares are cancelled or re-issued. Where
such ordinary shares are subsequently re-issued, any consideration
received, net of any directly attributable incremental transaction
costs and the related income tax effects, is included in
shareholders\u2019 equity. Where it is determined that the terms and
conditions of a contract to purchase the Company\u2019s shares results
in the Group being unable to cancel the obligation arising under
the contract, a financial liability is recognised for the unavoidable
obligation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-536": { "value": "
Consolidation
The consolidated financial statements include:
\u2013 the assets and liabilities, and the results and cash flows, of
the company and its subsidiaries, including ESOP Trusts;
\u2013 the Group\u2019s share of the results and net assets of associates
and joint ventures; and
\u2013 the Group\u2019s share of assets, liabilities, revenue and expenses
of joint operations
The financial statements of entities consolidated are made up
to 31 December each year.
Entities over which the Group has control are accounted for as
subsidiaries and consolidated in the Group financial
statements. Control is achieved when an entity in the Group:
\u2013 has power over the investee;
\u2013 is exposed, or has rights, to variable returns from its
involvement with the investee; and
\u2013 has the ability to use its power to affect its returns
This is generally through control over the financial and
operating policies of the subsidiary.
Where the Group has the ability to exercise joint control over,
and rights to, the net assets of entities, the entities are
accounted for as joint ventures. Where the Group has the ability
to exercise joint control over an arrangement, but has rights to
specified assets and obligations for specified liabilities of the
arrangement, the arrangement is accounted for as a joint
operation. Where the Group has the ability to exercise
significant influence over entities, they are accounted for as
associates. The results, assets and liabilities of associates and
joint ventures are incorporated into the consolidated financial
statements using the equity method of accounting. The assets,
liabilities, revenue and expenses of joint operations are included
in the consolidated financial statements in accordance with the
Group\u2019s rights and obligations. Interests acquired in entities are
consolidated from the date the Group acquires control and
interests sold are deconsolidated from the date control ceases.
Transactions and balances between subsidiaries are eliminated
and no profit before tax is taken on sales between subsidiaries
until the products are sold to customers outside the Group. The
relevant proportion of profits on transactions with joint ventures,
joint operations and associates is also deferred until the
products are sold to third parties. Transactions with non-
controlling interests are recorded directly in equity. Deferred tax
relief on unrealised intra-Group profit is accounted for only to
the extent that it is considered recoverable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-537": { "value": "
Entities over which the Group has control are accounted for as
subsidiaries and consolidated in the Group financial
statements. Control is achieved when an entity in the Group:
\u2013 has power over the investee;
\u2013 is exposed, or has rights, to variable returns from its
involvement with the investee; and
\u2013 has the ability to use its power to affect its returns
This is generally through control over the financial and
operating policies of the subsidiary.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-540": { "value": "
Where the Group has the ability to exercise joint control over,
and rights to, the net assets of entities, the entities are
accounted for as joint ventures. Where the Group has the ability
to exercise joint control over an arrangement, but has rights to
specified assets and obligations for specified liabilities of the
arrangement, the arrangement is accounted for as a joint
operation. Where the Group has the ability to exercise
significant influence over entities, they are accounted for as
associates. The results, assets and liabilities of associates and
joint ventures are incorporated into the consolidated financial
statements using the equity method of accounting. The assets,
liabilities, revenue and expenses of joint operations are included
in the consolidated financial statements in accordance with the
Group\u2019s rights and obligations. Interests acquired in entities are
consolidated from the date the Group acquires control and
interests sold are deconsolidated from the date control ceases.
Transactions and balances between subsidiaries are eliminated
and no profit before tax is taken on sales between subsidiaries
until the products are sold to customers outside the Group. The
relevant proportion of profits on transactions with joint ventures,
joint operations and associates is also deferred until the
products are sold to third parties. Transactions with non-
controlling interests are recorded directly in equity. Deferred tax
relief on unrealised intra-Group profit is accounted for only to
the extent that it is considered recoverable.
Investments in associates, joint ventures and
joint operations
Investments in associates and joint ventures are carried in the
consolidated balance sheet at the Group\u2019s share of their net
assets at date of acquisition and of their post-acquisition
retained profits or losses and other comprehensive income
together with any goodwill arising on the acquisition.
Distributions received/receivable from the associates are
accounted for as a reduction in the investment in associates
carrying amount. The Group recognises the assets, liabilities,
revenue and expenses of joint operations in accordance with its
rights and obligations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-539": { "value": "
Where the Group has the ability to exercise joint control over,
and rights to, the net assets of entities, the entities are
accounted for as joint ventures. Where the Group has the ability
to exercise joint control over an arrangement, but has rights to
specified assets and obligations for specified liabilities of the
arrangement, the arrangement is accounted for as a joint
operation. Where the Group has the ability to exercise
significant influence over entities, they are accounted for as
associates. The results, assets and liabilities of associates and
joint ventures are incorporated into the consolidated financial
statements using the equity method of accounting. The assets,
liabilities, revenue and expenses of joint operations are included
in the consolidated financial statements in accordance with the
Group\u2019s rights and obligations. Interests acquired in entities are
consolidated from the date the Group acquires control and
interests sold are deconsolidated from the date control ceases.
Transactions and balances between subsidiaries are eliminated
and no profit before tax is taken on sales between subsidiaries
until the products are sold to customers outside the Group. The
relevant proportion of profits on transactions with joint ventures,
joint operations and associates is also deferred until the
products are sold to third parties. Transactions with non-
controlling interests are recorded directly in equity. Deferred tax
relief on unrealised intra-Group profit is accounted for only to
the extent that it is considered recoverable.
Investments in associates, joint ventures and
joint operations
Investments in associates and joint ventures are carried in the
consolidated balance sheet at the Group\u2019s share of their net
assets at date of acquisition and of their post-acquisition
retained profits or losses and other comprehensive income
together with any goodwill arising on the acquisition.
Distributions received/receivable from the associates are
accounted for as a reduction in the investment in associates
carrying amount. The Group recognises the assets, liabilities,
revenue and expenses of joint operations in accordance with its
rights and obligations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-538": { "value": "
Where the Group has the ability to exercise joint control over,
and rights to, the net assets of entities, the entities are
accounted for as joint ventures. Where the Group has the ability
to exercise joint control over an arrangement, but has rights to
specified assets and obligations for specified liabilities of the
arrangement, the arrangement is accounted for as a joint
operation. Where the Group has the ability to exercise
significant influence over entities, they are accounted for as
associates. The results, assets and liabilities of associates and
joint ventures are incorporated into the consolidated financial
statements using the equity method of accounting. The assets,
liabilities, revenue and expenses of joint operations are included
in the consolidated financial statements in accordance with the
Group\u2019s rights and obligations. Interests acquired in entities are
consolidated from the date the Group acquires control and
interests sold are deconsolidated from the date control ceases.
Investments in associates, joint ventures and
joint operations
Investments in associates and joint ventures are carried in the
consolidated balance sheet at the Group\u2019s share of their net
assets at date of acquisition and of their post-acquisition
retained profits or losses and other comprehensive income
together with any goodwill arising on the acquisition.
Distributions received/receivable from the associates are
accounted for as a reduction in the investment in associates
carrying amount. The Group recognises the assets, liabilities,
revenue and expenses of joint operations in accordance with its
rights and obligations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-542": { "value": "
Business combinations
Business combinations are accounted for using the acquisition
accounting method. Identifiable assets, liabilities and
contingent liabilities acquired are measured at fair value at
acquisition date. The consideration transferred is measured at
fair value and includes the fair value of any contingent
consideration.
The fair value of contingent consideration liabilities is
reassessed at each balance sheet date with changes
recognised in the income statement. Payments of contingent
consideration reduce the balance sheet liability and as a result
are not recorded in the income statement.
The part of each payment relating to the original estimate of
the fair value of the contingent consideration on acquisition is
reported within investing activities in the cash flow statement
and the part of each payment relating to the increase in the
liability since the acquisition date is reported within operating
cash flows.
Where fair value of the consideration transferred, together with
the non-controlling interest, exceeds the fair value of the assets,
liabilities and contingent liabilities acquired, the excess is
recorded as goodwill. The costs of effecting an acquisition are
charged to the income statement in the period in which they
are incurred.
Goodwill is capitalised as a separate item in the case of
subsidiaries and as part of the cost of investment in the case of
joint ventures and associates. Goodwill is denominated in the
currency of the operation acquired.
Where fair value of the consideration transferred is below the
Group\u2019s interest in the net assets acquired, the difference is
recognised directly in the income statement.
Where not all of the equity of a subsidiary is acquired, the non-
controlling interest is recognised either at fair value or at the
non-controlling interest\u2019s share of the net assets of the
subsidiary, on a case-by-case basis. Changes in the Group\u2019s
ownership percentage of subsidiaries where control is not lost
are accounted for within equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-541": { "value": "
Business combinations
Business combinations are accounted for using the acquisition
accounting method. Identifiable assets, liabilities and
contingent liabilities acquired are measured at fair value at
acquisition date. The consideration transferred is measured at
fair value and includes the fair value of any contingent
consideration.
The fair value of contingent consideration liabilities is
reassessed at each balance sheet date with changes
recognised in the income statement. Payments of contingent
consideration reduce the balance sheet liability and as a result
are not recorded in the income statement.
The part of each payment relating to the original estimate of
the fair value of the contingent consideration on acquisition is
reported within investing activities in the cash flow statement
and the part of each payment relating to the increase in the
liability since the acquisition date is reported within operating
cash flows.
Where fair value of the consideration transferred, together with
the non-controlling interest, exceeds the fair value of the assets,
liabilities and contingent liabilities acquired, the excess is
recorded as goodwill. The costs of effecting an acquisition are
charged to the income statement in the period in which they
are incurred.
Goodwill is capitalised as a separate item in the case of
subsidiaries and as part of the cost of investment in the case of
joint ventures and associates. Goodwill is denominated in the
currency of the operation acquired.
Where fair value of the consideration transferred is below the
Group\u2019s interest in the net assets acquired, the difference is
recognised directly in the income statement.
Where not all of the equity of a subsidiary is acquired, the non-
controlling interest is recognised either at fair value or at the
non-controlling interest\u2019s share of the net assets of the
subsidiary, on a case-by-case basis. Changes in the Group\u2019s
ownership percentage of subsidiaries where control is not lost
are accounted for within equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-544": { "value": "
Where fair value of the consideration transferred, together with
the non-controlling interest, exceeds the fair value of the assets,
liabilities and contingent liabilities acquired, the excess is
recorded as goodwill. The costs of effecting an acquisition are
charged to the income statement in the period in which they
are incurred.
Goodwill is capitalised as a separate item in the case of
subsidiaries and as part of the cost of investment in the case of
joint ventures and associates. Goodwill is denominated in the
currency of the operation acquired
Goodwill
Goodwill is stated at cost less accumulated impairments.
Goodwill is deemed to have an indefinite useful life and is
tested for impairment at least annually.
Where the fair value of the interest acquired in an entity\u2019s
assets, liabilities and contingent liabilities exceeds the
consideration paid, this excess is recognised immediately as a
gain in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-543": { "value": "
Where fair value of the consideration transferred, together with
the non-controlling interest, exceeds the fair value of the assets,
liabilities and contingent liabilities acquired, the excess is
recorded as goodwill. The costs of effecting an acquisition are
charged to the income statement in the period in which they
are incurred.
Goodwill is capitalised as a separate item in the case of
subsidiaries and as part of the cost of investment in the case of
joint ventures and associates. Goodwill is denominated in the
currency of the operation acquired
Goodwill
Goodwill is stated at cost less accumulated impairments.
Goodwill is deemed to have an indefinite useful life and is
tested for impairment at least annually.
Where the fair value of the interest acquired in an entity\u2019s
assets, liabilities and contingent liabilities exceeds the
consideration paid, this excess is recognised immediately as a
gain in the income statement.
Other intangible assets
Intangible assets have a finite life and are stated at cost less
accumulated amortisation and accumulated impairments.
Licences, patents, know-how and marketing rights separately
acquired or acquired as part of a business combination are
amortised over their estimated useful lives, generally not
exceeding 30 years, using the straight-line basis, from the time
they are available for use. The estimated useful lives for
determining the amortisation charge take into account patent
lives (exclusivity period), where applicable, as well as the value
obtained from periods of non-exclusivity. For Pharmaceutical
intangible assets, depending on the characteristics, competitive
environment and estimated long-term profits of the asset,
between 80% to 90% of the book value is amortised over the
exclusivity period on a straight-line basis and the remaining
book value is amortised over a non-exclusivity period of 5-15
years on a straight-line basis. For Vaccines intangible assets,
cost is usually amortised over the patent period plus 10 years, or
30 years if no patent is granted, on a straight-line basis. Asset
lives are reviewed, and where appropriate adjusted, annually.
Contingent milestone payments are recognised at the point
that the contingent event becomes probable. Any development
costs incurred by the Group subsequent to the acquisition of
licences, patents, know-how or marketing rights are written off
to the income statement when incurred, unless the criteria for
recognition of an internally generated intangible asset are met,
usually when a regulatory filing has been made in a major
market and approval is considered highly probable.
Acquired in-process R&D and marketed products are valued
independently as part of the fair value of businesses acquired
from third parties where they have a value which is substantial
and long term and where the assets either are contractual or
legal in nature or can be sold separately from the rest of the
businesses acquired.
The costs of acquiring and developing computer software for
internal use are capitalised as other intangible assets where the
software supports a significant business system and the
expenditure leads to the creation of a durable asset controlled
by the Group. ERP systems software is amortised over 7-10 years
and other computer software over 2-5 years using the straight-
line basis.
The Group capitalises certain implementation costs related to
cloud computing arrangements when it has control over the
underlying software.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-545": { "value": "
Foreign currency translation
Foreign currency transactions are booked in the functional
currency of the Group company at the exchange rate ruling on
the date of transaction. Foreign currency monetary assets and
liabilities are retranslated into the functional currency at rates of
exchange ruling at the balance sheet date. Exchange
differences are included in the income statement.
On consolidation, assets and liabilities, including related
goodwill, of overseas subsidiaries, associates and joint ventures,
are translated into Sterling at rates of exchange ruling at the
balance sheet date. The results and cash flows of overseas
subsidiaries, associates and joint ventures are translated into
Sterling using average rates of exchange which approximate to
the actual exchange rates on the date of the transactions.
Exchange adjustments arising when the opening net assets and
the profits for the year retained by overseas subsidiaries,
associates and joint ventures are translated into Sterling, less
exchange differences arising on related foreign currency
borrowings which hedge the Group\u2019s net investment in these
operations are recognised in other comprehensive income and
accumulated in a separate component of equity within retained
earnings. Foreign currency borrowings used to hedge net
investments in foreign operations are accounted for in
accordance with IFRS 9, with hedge documentation and
effectiveness testing maintained as required.
When translating into Sterling the assets, liabilities, results and
cash flows of overseas subsidiaries, associates and joint
ventures which are reported in currencies of hyper-inflationary
economies, adjustments are made where material to reflect
current price levels. Any gain or loss on net monetary position is
charged to the consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-546": { "value": "
Revenue
Turnover
The Group receives revenue for supply of goods to external
customers against orders received. The majority of contracts
that GSK enters into relate to sales orders containing single
performance obligations for the delivery of pharmaceutical and
vaccine products. The average duration of a sales order is less
than 12 months so there is no significant element of financing.
Revenue from the product sales is recognised when control of
the goods is passed to the customer. The point at which control
passes is determined by each customer arrangement, but
generally occurs on delivery to the customer.
Revenue from the product sales represents net invoice value
including fixed and variable consideration. Variable
consideration arises on the sale of goods as a result of
discounts and allowances given and accruals for estimated
future returns and rebates. Revenue is not recognised in full until
it is highly probable that a significant reversal in the amount of
cumulative revenue recognised will not occur. The methodology
and assumptions used to estimate rebates and returns are
monitored and adjusted regularly in the light of contractual and
legal obligations, historical trends, past experience and
projected market conditions. Estimates associated with returns
and rebates are revisited at each reporting date or when they
are resolved and revenue is adjusted accordingly. Please refer
to Note 3, 'Critical accounting judgements and key sources of
estimation uncertainty' for the details on rebates, discounts and
allowances.
The Group has entered into collaboration agreements, typically
with other pharmaceutical or biotechnology companies to
develop, produce and market medicines and vaccines that do
not qualify as joint arrangements. When GSK has control over
the commercialisation activities and considers itself as a
principal in the arrangement, the Group recognises turnover
and cost of sales on a gross basis. Profit sharing amounts and
royalties due to the counterparty are recorded within cost of
sales. Cost of sales includes net recoveries of cost of \u00a31\u00a0million
(2024: cost of \u00a37\u00a0million; 2023: net recoveries of cost of
\u00a345\u00a0million) from profit sharing arrangements and royalties due
to the counterparty. When the counterparty controls the
commercialisation activities and records the sale, the Group is
not the principal in the customer contract and instead records
its share of gross profit as co-promotion income, on a net basis,
within turnover. The nature of co-promotion activities is such
that the Group records no costs of sales. Reimbursements to
and from the counterparty under collaboration agreements for
\u2018selling, general and administration\u2019 and \u2018research and
development\u2019 costs are recorded net in the respective lines in
the income statement.
Other operating income and royalty income
GSK enters into development and marketing collaborations and
out-licenses of the Group\u2019s compounds or products to other
parties. These contracts give rise to fixed and variable
consideration from upfront payments, development milestones,
sales-based milestones and royalties.
Income dependent on the achievement of a development
milestone is recognised when it is highly probable that a
significant reversal in the amount of cumulative revenue
recognised will not occur, which is usually when the related
event occurs. Sales-based milestone income is recognised when
it is highly probable that the sales threshold will be reached.
Sales-based royalties on a licence of intellectual property are
not recognised until the relevant product sale occurs.
For all revenue, if the time between the recognition of revenue
and payment from the customer is expected to be more than
one year and the impact is material, the amount of
consideration is discounted using appropriate discount rates.
Value added tax and other sales taxes are excluded from
revenue.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-547": { "value": "
Revenue from the product sales represents net invoice value
including fixed and variable consideration. Variable
consideration arises on the sale of goods as a result of
discounts and allowances given and accruals for estimated
future returns and rebates. Revenue is not recognised in full until
it is highly probable that a significant reversal in the amount of
cumulative revenue recognised will not occur. The methodology
and assumptions used to estimate rebates and returns are
monitored and adjusted regularly in the light of contractual and
legal obligations, historical trends, past experience and
projected market conditions. Estimates associated with returns
and rebates are revisited at each reporting date or when they
are resolved and revenue is adjusted accordingly. Please refer
to Note 3, 'Critical accounting judgements and key sources of
estimation uncertainty' for the details on rebates, discounts and
allowances.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-548": { "value": "
Expenditure
Expenditure is recognised in respect of goods and services
received when supplied in accordance with contractual terms in
the period to which they relate. Provision is made when an
obligation exists for a future liability in respect of a past event,
the amount of the obligation can be reliably estimated and it is
probable that an outflow of economic benefits will be required
to settle the obligation.
Manufacturing start-up costs between validation and the
achievement of normal production are expensed as incurred.
Advertising and promotion expenditure is charged to the
income statement as incurred.
Shipment costs on inter-company transfers are charged to cost
of sales; distribution costs on sales to customers are included in
selling, general and administration expenditure.
Restructuring costs are recognised and provided for, where
appropriate, in respect of the direct expenditure of a business
reorganisation where the plans are sufficiently detailed and well
advanced, and where appropriate communication to those
affected has been undertaken.
Software as a service (SaaS) configuration costs are expensed
as they are incurred where the software being configured is
controlled by the SaaS provider.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-549": { "value": "
Research and development
Research and development expenditure is charged to the
income statement in the period in which it is incurred.
Development expenditure is capitalised when the criteria for
recognising an asset are met, usually when a regulatory filing
has been made in a major market and approval is considered
highly probable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-550": { "value": "
Provision is made for the anticipated settlement costs of legal
or other disputes against the Group where an outflow of
resources is considered probable and a reliable estimate can
be made of the likely outcome. In respect of product liability
claims related to certain products, provision is made when there
is sufficient history of claims made and settlements to enable
management to make a reliable estimate of the provision
required to cover asserted and unasserted claims.
In certain cases, an incurred but not reported (IBNR) actuarial
technique is used to determine this estimate. In addition,
provision is made for legal or other expenses arising from claims
received or other disputes.
Costs of restructuring arise from restructuring programmes that
are planned and controlled by the Group. A provision for
restructuring is recognised when there is a detailed formal plan
in place, and management has created a valid expectation by\u00a0
announcing the main features of the plan to those affected by
it, or has started implementation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-551": { "value": "
The Group may become involved in legal proceedings, in
respect of which it is not possible to meaningfully assess
whether the outcome will result in a probable outflow, or to
quantify or reliably estimate the liability. In these cases,
appropriate disclosure about such cases is included but no
provision is made.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-552": { "value": "
Pensions and other post-employment benefits
The costs of providing pensions under defined benefit schemes
are calculated using the projected unit credit method and
spread over the period during which benefit is expected to be
derived from the employees\u2019 services, consistent with the advice
of qualified actuaries.
Pension obligations are measured as the present value of
estimated future cash flows discounted at rates reflecting the
yields of high-quality corporate bonds. Pension scheme assets
are measured at fair value at the balance sheet date.
The costs of other post-employment liabilities are calculated in
a similar way to defined benefit pension schemes and spread
over the period during which benefit is expected to be derived
from the employees\u2019 services, in accordance with the advice of
qualified actuaries.
The service cost of providing retirement benefits to employees
during the year, cost of plans, net interest (income)/cost and
the cost of any curtailment, is charged to operating profit in the
year.
Actuarial gains and losses and the effect of changes in
actuarial assumptions are recognised in the statement of
comprehensive income in the year in which they arise.
The Group\u2019s contributions to defined contribution plans are
charged to the income statement as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-553": { "value": "
Employee share plans
Incentives in the form of shares are provided to employees
under share option and share award schemes.
The fair values of these options and awards are calculated at
their grant dates using a Black-Scholes option pricing model
and charged to the income statement over the relevant vesting
periods after adjusting for expected forfeitures and any non-
market based performance conditions.
The Group provides finance to ESOP Trusts to purchase
Company shares to meet the obligation to provide shares when
employees exercise their options or awards. Costs of running the
ESOP Trusts are charged to the income statement.
Shares held by the ESOP Trusts are deducted from other
reserves. A transfer is made between other reserves and
retained earnings over the vesting periods of the related share
options or awards to reflect the ultimate proceeds receivable
from employees on exercise.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-554": { "value": "
Property, plant and equipment
Property, plant and equipment (PP&E) is stated at the historical
cost of purchase or construction, less accumulated depreciation
and accumulated impairment. Financing costs are capitalised
within the cost of qualifying assets under construction.
Subsequent costs are added in the asset\u2019s carrying amount or
recognised as a separate asset, as appropriate, only if the
spending results in a real enhancement in the value, capacity,
performance or useful economic life of the asset. All other
repairs and maintenance are charged to the income statement
during the reporting period in which they are incurred.
Depreciation is calculated to write off the cost less residual
value of PP&E, excluding freehold land and assets under
construction, using the straight-line basis over the expected
useful life. Residual values and expected useful lives are
reviewed, and where appropriate adjusted annually. The
normal expected useful lives of the major categories of PP&E
are:
Freehold buildings
20 to 50 years
Leasehold land and buildings
Lease term or 20 to 50 years
Plant and machinery
10 to 20 years
Equipment and vehicles
3 to 10 years
On disposal of PP&E, the cost and related accumulated
depreciation and impairments are removed from the financial
statements and the net amount, less any proceeds, is taken to
the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-555": { "value": "Financing costs are capitalised
within the cost of qualifying assets under construction.
Subsequent costs are added in the asset\u2019s carrying amount or
recognised as a separate asset, as appropriate, only if the
spending results in a real enhancement in the value, capacity,
performance or useful economic life of the asset. All other
repairs and maintenance are charged to the income statement
during the reporting period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-556": { "value": "
Depreciation is calculated to write off the cost less residual
value of PP&E, excluding freehold land and assets under
construction, using the straight-line basis over the expected
useful life. Residual values and expected useful lives are
reviewed, and where appropriate adjusted annually. The
normal expected useful lives of the major categories of PP&E
are:
Freehold buildings
20 to 50 years
Leasehold land and buildings
Lease term or 20 to 50 years
Plant and machinery
10 to 20 years
Equipment and vehicles
3 to 10 years
On disposal of PP&E, the cost and related accumulated
depreciation and impairments are removed from the financial
statements and the net amount, less any proceeds, is taken to
the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-557": { "value": "
Leases
The Group recognises right of use assets under lease
arrangements in which it is the lessee, except for short-term
leases (defined as leases with a lease term of 12 months or less)
and leases of low value assets. Rights to use assets owned by
third parties under lease agreements are capitalised at the
inception of the lease and recognised on the balance sheet.
Right of use assets are initially measured at the amount of the
corresponding lease liability plus lease payments made at or
before the commencement day, initial incremental direct costs,
asset retirement obligations and less any lease incentives
received. They are subsequently measured at cost less
accumulated depreciation and impairment losses.
The corresponding liability to the lessor is recognised as a lease
obligation within short- and long-term borrowings. The lease
liability is initially measured at the discounted present value of
the lease payments that are not paid at the commencement
date. The carrying amount of the lease liability is subsequently
increased to reflect interest on the liability and reduced by lease
payments made.
For calculating the discounted lease liability on leases with
annual payments of \u00a32\u00a0million or more, or a non-cancellable
term of more than 10 years, the implicit rate in the lease is used.
If this is not available, the incremental borrowing rate with a
lease specific adjustment is used. If neither of these is available,
and for leases with annual payments of less than \u00a32 million, or a
non-cancellable term of 10 years or less, the incremental
borrowing rate is used. The incremental borrowing rate is the
rate of interest at which GSK would have been able to borrow
for a similar term and with a similar security the funds necessary
to obtain a similar asset in a similar market.
Finance costs are charged to the income statement so as to
produce a constant periodic rate of charge on the remaining
balance of the obligations for each accounting period.
Variable rents which are not linked to an index or a rate are not
part of the lease liability and the right of use asset. These
payments are charged to the income statement as incurred.
Lease rental costs for short-term and low-value leases which
are not capitalised are also charged to the income statement
as incurred.
Non-lease components are accounted for separately from the
lease components in plant and equipment leases. For land and
buildings or vehicle leases the lease and non-lease components
are accounted for together in the lease when the non-lease
components can be reliably determined in advance and are
charged directly by the lessor.
If modifications or reassessments of lease obligations occur, the
lease liability and right of use asset are remeasured.
Right of use assets where title is expected to pass to GSK at a
point in the future are depreciated on a basis consistent with
similar owned assets. In other cases, right of use assets are
depreciated over the shorter of the useful life of the asset or the
lease term.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-558": { "value": "
Other intangible assets
Intangible assets have a finite life and are stated at cost less
accumulated amortisation and accumulated impairments.
Licences, patents, know-how and marketing rights separately
acquired or acquired as part of a business combination are
amortised over their estimated useful lives, generally not
exceeding 30 years, using the straight-line basis, from the time
they are available for use. The estimated useful lives for
determining the amortisation charge take into account patent
lives (exclusivity period), where applicable, as well as the value
obtained from periods of non-exclusivity. For Pharmaceutical
intangible assets, depending on the characteristics, competitive
environment and estimated long-term profits of the asset,
between 80% to 90% of the book value is amortised over the
exclusivity period on a straight-line basis and the remaining
book value is amortised over a non-exclusivity period of 5-15
years on a straight-line basis. For Vaccines intangible assets,
cost is usually amortised over the patent period plus 10 years, or
30 years if no patent is granted, on a straight-line basis. Asset
lives are reviewed, and where appropriate adjusted, annually.
Contingent milestone payments are recognised at the point
that the contingent event becomes probable. Any development
costs incurred by the Group subsequent to the acquisition of
licences, patents, know-how or marketing rights are written off
to the income statement when incurred, unless the criteria for
recognition of an internally generated intangible asset are met,
usually when a regulatory filing has been made in a major
market and approval is considered highly probable.
Acquired in-process R&D and marketed products are valued
independently as part of the fair value of businesses acquired
from third parties where they have a value which is substantial
and long term and where the assets either are contractual or
legal in nature or can be sold separately from the rest of the
businesses acquired.
The costs of acquiring and developing computer software for
internal use are capitalised as other intangible assets where the
software supports a significant business system and the
expenditure leads to the creation of a durable asset controlled
by the Group. ERP systems software is amortised over 7-10 years
and other computer software over 2-5 years using the straight-
line basis.
The Group capitalises certain implementation costs related to
cloud computing arrangements when it has control over the
underlying software.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-560": { "value": "
Impairment of non-current assets
The carrying amounts of all non-current assets are reviewed for
impairment, either on a stand-alone basis or as part of a larger
cash generating unit, when there is an indication that the assets
might be impaired. Additionally, goodwill and intangible assets
which are not yet available for use are tested for impairment
annually. Any provision for impairment is charged to the income
statement in the year concerned.
Impairments of goodwill are not reversed. Impairment losses on
other non-current assets are only reversed if there has been a
change in estimates used to determine recoverable amounts
and only to the extent that the revised recoverable amounts do
not exceed the carrying amounts that would have existed, net
of depreciation or amortisation, had no impairments been
recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-559": { "value": "
Impairment of non-current assets
The carrying amounts of all non-current assets are reviewed for
impairment, either on a stand-alone basis or as part of a larger
cash generating unit, when there is an indication that the assets
might be impaired. Additionally, goodwill and intangible assets
which are not yet available for use are tested for impairment
annually. Any provision for impairment is charged to the income
statement in the year concerned.
Impairments of goodwill are not reversed. Impairment losses on
other non-current assets are only reversed if there has been a
change in estimates used to determine recoverable amounts
and only to the extent that the revised recoverable amounts do
not exceed the carrying amounts that would have existed, net
of depreciation or amortisation, had no impairments been
recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-561": { "value": "
Inventories
Inventories are included in the consolidated financial
statements at the lower of cost (including raw materials, direct
labour, other direct costs and related production overheads)
and net realisable value. Cost is generally determined on a first
in, first out basis. Pre-launch inventory is held as an asset when
there is a high probability of regulatory approval for the
product. Before that point a provision is made against the
carrying amount to reduce it to its net realisable value; the
provision is then reversed at the point when a high probability of
regulatory approval is determined.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-562": { "value": "
Financial instruments
Financial assets
Financial assets are measured at amortised cost, fair value
through other comprehensive income (FVTOCI) or fair value
through profit or loss (FVTPL). The measurement basis is
determined by reference to both the business model for
managing the financial asset and the contractual cash flow
characteristics of the financial asset. For financial assets other
than trade receivables a 12-month expected credit loss (ECL)
allowance is recorded on initial recognition. If there is
subsequent evidence of a significant increase in the credit risk
of an asset, the allowance is increased to reflect the full lifetime
ECL. If there is no realistic prospect of recovery, the asset is
written off.
Expected credit losses are recognised in the income statement
on financial assets measured at amortised cost and at fair
value through other comprehensive income apart from equity
investments.
Other investments
Other investments comprise equity investments and investments
in limited life funds. The Group has elected to designate the
majority of its equity investments as measured at FVTOCI. They
are initially recorded at fair value plus transaction costs and
then remeasured at subsequent reporting dates to fair value.
Unrealised gains and losses are recognised in other
comprehensive income. On disposal of the equity investment,
gains and losses that have been deferred in other
comprehensive income are transferred directly to retained
earnings.
Investments in limited life funds are measured at FVTPL. They
are initially recorded at fair value and then remeasured at
subsequent reporting dates to fair value. Unrealised gains and
losses are recognised in the income statement.
Dividends on equity investments and distributions from funds
are recognised in the income statement when the Group\u2019s right
to receive payment is established.
Purchases and sales of other investments are generally
accounted for on the settlement date, except for regular-way
purchases and sales of listed investments traded on a regulated
stock exchange, which are accounted for on the trade date.
Trade receivables
Trade receivables are measured in accordance with the
business model under which each portfolio of trade receivables
is held. The Group has portfolios in each of the three business
models under IFRS 9: to collect the contractual cash flows
where there is no factoring agreement in place (measured at
amortised cost); to sell the contractual cash flows where the
trade receivables will be sold under a factoring agreement
(measured at FVTPL); and both to collect and to sell the
contractual cash flows where the trade receivables may be sold
under a factoring arrangement (measured at FVTOCI). Trade
receivables measured at amortised cost are carried at the
original invoice amount less allowances for expected credit
losses.
In accordance with IFRS 9, trade receivables under factoring
arrangements are derecognised when the Group has
transferred substantially all the risks and rewards of the
receivables, including credit risk. Consistent with the underlying
nature of the activity, the cash inflows from factoring
arrangements are recognised within cash flows from operating
activities.
Expected credit losses are calculated in accordance with the
simplified approach permitted by IFRS 9, using a provision
matrix applying lifetime historical credit loss experience to the
trade receivables. The expected credit loss rate varies
depending on whether, and the extent to which, settlement of
the trade receivables is overdue and it is also adjusted as
appropriate to reflect current economic conditions and
estimates of future conditions. For the purpose of determining
credit loss rates, customers are classified into groupings that
have similar loss patterns. The key drivers of the loss rate are the
nature of the business unit and the location and type of
customer.
When a trade receivable is determined to have no reasonable
expectation of recovery it is written off, firstly against any
expected credit loss allowance available and then to the
income statement.
Subsequent recoveries of amounts previously provided for or
written off are credited to the income statement. Long-term
receivables are discounted where the effect is material.
Cash and cash equivalents
Cash comprises cash in hand and on-demand deposits at
bank.
Cash equivalents include cash in transit, deposits made with
banks or financial institutions with a maturity of three months or
less from the date of acquisition and are measured at
amortised cost. Investments in money market funds are held at
fair value through profit or loss because the funds fail the solely
payments of principal and interest on principal outstanding
(SPPI) test.
Borrowings
All borrowings are initially recorded at fair value, being the
amount of proceeds received, net of directly attributable
transaction costs. Borrowings are subsequently carried at
amortised cost, using the effective interest method. Borrowing
costs (including the amortisation of transaction costs) are
recognised in profit or loss over the term of the borrowing,
except to the extent that they are directly attributable to the
acquisition, construction, or production of a qualifying asset, in
which case they are capitalised as part of the cost of that asset.
Derivative financial instruments
Derivative financial instruments are used to manage exposure to
market risks. The principal derivative instruments used by GSK are
foreign currency swaps, interest rate swaps, foreign exchange
forward contracts and options. The Group does not hold or issue
derivative financial instruments for trading or speculative
purposes.
Derivative financial assets and liabilities, including derivatives
embedded in host contracts which have been separated from
the host contract, are measured at fair value. Changes in the fair
value of any derivative instruments that do not qualify for hedge
accounting are recognised immediately in the income statement.
Hedge accounting
Derivatives designated as hedging instruments are classified at
the inception of the hedge relationship as cash flow hedges, net
investment hedges or fair value hedges. At inception, the Group
documents the relationship between the hedging instrument
and the hedged item, the risk management objective and the
strategy for undertaking the hedge. Hedge effectiveness is
assessed on an ongoing basis to ensure the hedge continues to
meet IFRS 9 criteria.
Changes in the fair value of derivatives designated as cash flow
hedges are recognised in other comprehensive income to the
extent that the hedges are effective and accumulated in the
cash flow hedge reserve. Ineffective portions are recognised in
profit or loss immediately. Amounts deferred in the cash flow
hedge reserve are reclassified to the income statement when
the hedged item affects profit or loss, or if the hedged forecast
transaction is to purchase a non-financial asset, the amount
deferred in the cash flow hedge reserve is transferred directly
from equity and included in the carrying amount of the
recognised non-financial asset.
Net investment hedges are accounted for in a similar way to
cash flow hedges. Amounts deferred in the net investment
hedge reserve are only reclassified to the income statement on
disposal (or partial disposal) of the foreign operation.
Changes in the fair value of derivatives designated as fair value
hedges are recorded in the income statement, together with the
changes in the fair value of the hedged asset or liability.
Hedge accounting is discontinued when the hedging
instrument expires, is sold, is terminated, or no longer qualifies
for hedge accounting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-563": { "value": "
Financial assets
Financial assets are measured at amortised cost, fair value
through other comprehensive income (FVTOCI) or fair value
through profit or loss (FVTPL). The measurement basis is
determined by reference to both the business model for
managing the financial asset and the contractual cash flow
characteristics of the financial asset. For financial assets other
than trade receivables a 12-month expected credit loss (ECL)
allowance is recorded on initial recognition. If there is
subsequent evidence of a significant increase in the credit risk
of an asset, the allowance is increased to reflect the full lifetime
ECL. If there is no realistic prospect of recovery, the asset is
written off.
Expected credit losses are recognised in the income statement
on financial assets measured at amortised cost and at fair
value through other comprehensive income apart from equity
investments.
Other investments
Other investments comprise equity investments and investments
in limited life funds. The Group has elected to designate the
majority of its equity investments as measured at FVTOCI. They
are initially recorded at fair value plus transaction costs and
then remeasured at subsequent reporting dates to fair value.
Unrealised gains and losses are recognised in other
comprehensive income. On disposal of the equity investment,
gains and losses that have been deferred in other
comprehensive income are transferred directly to retained
earnings.
Investments in limited life funds are measured at FVTPL. They
are initially recorded at fair value and then remeasured at
subsequent reporting dates to fair value. Unrealised gains and
losses are recognised in the income statement.
Dividends on equity investments and distributions from funds
are recognised in the income statement when the Group\u2019s right
to receive payment is established.
Purchases and sales of other investments are generally
accounted for on the settlement date, except for regular-way
purchases and sales of listed investments traded on a regulated
stock exchange, which are accounted for on the trade date.
Trade receivables
Trade receivables are measured in accordance with the
business model under which each portfolio of trade receivables
is held. The Group has portfolios in each of the three business
models under IFRS 9: to collect the contractual cash flows
where there is no factoring agreement in place (measured at
amortised cost); to sell the contractual cash flows where the
trade receivables will be sold under a factoring agreement
(measured at FVTPL); and both to collect and to sell the
contractual cash flows where the trade receivables may be sold
under a factoring arrangement (measured at FVTOCI). Trade
receivables measured at amortised cost are carried at the
original invoice amount less allowances for expected credit
losses.
In accordance with IFRS 9, trade receivables under factoring
arrangements are derecognised when the Group has
transferred substantially all the risks and rewards of the
receivables, including credit risk. Consistent with the underlying
nature of the activity, the cash inflows from factoring
arrangements are recognised within cash flows from operating
activities.
Expected credit losses are calculated in accordance with the
simplified approach permitted by IFRS 9, using a provision
matrix applying lifetime historical credit loss experience to the
trade receivables. The expected credit loss rate varies
depending on whether, and the extent to which, settlement of
the trade receivables is overdue and it is also adjusted as
appropriate to reflect current economic conditions and
estimates of future conditions. For the purpose of determining
credit loss rates, customers are classified into groupings that
have similar loss patterns. The key drivers of the loss rate are the
nature of the business unit and the location and type of
customer.
When a trade receivable is determined to have no reasonable
expectation of recovery it is written off, firstly against any
expected credit loss allowance available and then to the
income statement.
Subsequent recoveries of amounts previously provided for or
written off are credited to the income statement. Long-term
receivables are discounted where the effect is material.
Cash and cash equivalents
Cash comprises cash in hand and on-demand deposits at
bank.
Cash equivalents include cash in transit, deposits made with
banks or financial institutions with a maturity of three months or
less from the date of acquisition and are measured at
amortised cost. Investments in money market funds are held at
fair value through profit or loss because the funds fail the solely
payments of principal and interest on principal outstanding
(SPPI) test.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-564": { "value": "
Financial assets
Financial assets are measured at amortised cost, fair value
through other comprehensive income (FVTOCI) or fair value
through profit or loss (FVTPL). The measurement basis is
determined by reference to both the business model for
managing the financial asset and the contractual cash flow
characteristics of the financial asset. For financial assets other
than trade receivables a 12-month expected credit loss (ECL)
allowance is recorded on initial recognition. If there is
subsequent evidence of a significant increase in the credit risk
of an asset, the allowance is increased to reflect the full lifetime
ECL. If there is no realistic prospect of recovery, the asset is
written off.
Expected credit losses are recognised in the income statement
on financial assets measured at amortised cost and at fair
value through other comprehensive income apart from equity
investments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-565": { "value": "
Other investments
Other investments comprise equity investments and investments
in limited life funds. The Group has elected to designate the
majority of its equity investments as measured at FVTOCI. They
are initially recorded at fair value plus transaction costs and
then remeasured at subsequent reporting dates to fair value.
Unrealised gains and losses are recognised in other
comprehensive income. On disposal of the equity investment,
gains and losses that have been deferred in other
comprehensive income are transferred directly to retained
earnings.
Investments in limited life funds are measured at FVTPL. They
are initially recorded at fair value and then remeasured at
subsequent reporting dates to fair value. Unrealised gains and
losses are recognised in the income statement.
Dividends on equity investments and distributions from funds
are recognised in the income statement when the Group\u2019s right
to receive payment is established.
Purchases and sales of other investments are generally
accounted for on the settlement date, except for regular-way
purchases and sales of listed investments traded on a regulated
stock exchange, which are accounted for on the trade date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-566": { "value": "
Investments in limited life funds are measured at FVTPL. They
are initially recorded at fair value and then remeasured at
subsequent reporting dates to fair value. Unrealised gains and
losses are recognised in the income statement.
Trade receivables
Trade receivables are measured in accordance with the
business model under which each portfolio of trade receivables
is held. The Group has portfolios in each of the three business
models under IFRS 9: to collect the contractual cash flows
where there is no factoring agreement in place (measured at
amortised cost); to sell the contractual cash flows where the
trade receivables will be sold under a factoring agreement
(measured at FVTPL); and both to collect and to sell the
contractual cash flows where the trade receivables may be sold
under a factoring arrangement (measured at FVTOCI). Trade
receivables measured at amortised cost are carried at the
original invoice amount less allowances for expected credit
losses.
In accordance with IFRS 9, trade receivables under factoring
arrangements are derecognised when the Group has
transferred substantially all the risks and rewards of the
receivables, including credit risk. Consistent with the underlying
nature of the activity, the cash inflows from factoring
arrangements are recognised within cash flows from operating
activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-567": { "value": "
Dividends on equity investments and distributions from funds
are recognised in the income statement when the Group\u2019s right
to receive payment is established.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-568": { "value": "
Trade receivables
Trade receivables are measured in accordance with the
business model under which each portfolio of trade receivables
is held. The Group has portfolios in each of the three business
models under IFRS 9: to collect the contractual cash flows
where there is no factoring agreement in place (measured at
amortised cost); to sell the contractual cash flows where the
trade receivables will be sold under a factoring agreement
(measured at FVTPL); and both to collect and to sell the
contractual cash flows where the trade receivables may be sold
under a factoring arrangement (measured at FVTOCI). Trade
receivables measured at amortised cost are carried at the
original invoice amount less allowances for expected credit
losses.
In accordance with IFRS 9, trade receivables under factoring
arrangements are derecognised when the Group has
transferred substantially all the risks and rewards of the
receivables, including credit risk. Consistent with the underlying
nature of the activity, the cash inflows from factoring
arrangements are recognised within cash flows from operating
activities.
Expected credit losses are calculated in accordance with the
simplified approach permitted by IFRS 9, using a provision
matrix applying lifetime historical credit loss experience to the
trade receivables. The expected credit loss rate varies
depending on whether, and the extent to which, settlement of
the trade receivables is overdue and it is also adjusted as
appropriate to reflect current economic conditions and
estimates of future conditions. For the purpose of determining
credit loss rates, customers are classified into groupings that
have similar loss patterns. The key drivers of the loss rate are the
nature of the business unit and the location and type of
customer.
When a trade receivable is determined to have no reasonable
expectation of recovery it is written off, firstly against any
expected credit loss allowance available and then to the
income statement.
Subsequent recoveries of amounts previously provided for or
written off are credited to the income statement. Long-term
receivables are discounted where the effect is material.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-569": { "value": "
Cash and cash equivalents
Cash comprises cash in hand and on-demand deposits at
bank.
Cash equivalents include cash in transit, deposits made with
banks or financial institutions with a maturity of three months or
less from the date of acquisition and are measured at
amortised cost. Investments in money market funds are held at
fair value through profit or loss because the funds fail the solely
payments of principal and interest on principal outstanding
(SPPI) test", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-571": { "value": "
Borrowings
All borrowings are initially recorded at fair value, being the
amount of proceeds received, net of directly attributable
transaction costs. Borrowings are subsequently carried at
amortised cost, using the effective interest method. Borrowing
costs (including the amortisation of transaction costs) are
recognised in profit or loss over the term of the borrowing,
except to the extent that they are directly attributable to the
acquisition, construction, or production of a qualifying asset, in
which case they are capitalised as part of the cost of that asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-570": { "value": "
Borrowings
All borrowings are initially recorded at fair value, being the
amount of proceeds received, net of directly attributable
transaction costs. Borrowings are subsequently carried at
amortised cost, using the effective interest method. Borrowing
costs (including the amortisation of transaction costs) are
recognised in profit or loss over the term of the borrowing,
except to the extent that they are directly attributable to the
acquisition, construction, or production of a qualifying asset, in
which case they are capitalised as part of the cost of that asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-573": { "value": "
Derivative financial instruments
Derivative financial instruments are used to manage exposure to
market risks. The principal derivative instruments used by GSK are
foreign currency swaps, interest rate swaps, foreign exchange
forward contracts and options. The Group does not hold or issue
derivative financial instruments for trading or speculative
purposes.
Derivative financial assets and liabilities, including derivatives
embedded in host contracts which have been separated from
the host contract, are measured at fair value. Changes in the fair
value of any derivative instruments that do not qualify for hedge
accounting are recognised immediately in the income statement.
Hedge accounting
Derivatives designated as hedging instruments are classified at
the inception of the hedge relationship as cash flow hedges, net
investment hedges or fair value hedges. At inception, the Group
documents the relationship between the hedging instrument
and the hedged item, the risk management objective and the
strategy for undertaking the hedge. Hedge effectiveness is
assessed on an ongoing basis to ensure the hedge continues to
meet IFRS 9 criteria.
Changes in the fair value of derivatives designated as cash flow
hedges are recognised in other comprehensive income to the
extent that the hedges are effective and accumulated in the
cash flow hedge reserve. Ineffective portions are recognised in
profit or loss immediately. Amounts deferred in the cash flow
hedge reserve are reclassified to the income statement when
the hedged item affects profit or loss, or if the hedged forecast
transaction is to purchase a non-financial asset, the amount
deferred in the cash flow hedge reserve is transferred directly
from equity and included in the carrying amount of the
recognised non-financial asset.
Net investment hedges are accounted for in a similar way to
cash flow hedges. Amounts deferred in the net investment
hedge reserve are only reclassified to the income statement on
disposal (or partial disposal) of the foreign operation.
Changes in the fair value of derivatives designated as fair value
hedges are recorded in the income statement, together with the
changes in the fair value of the hedged asset or liability.
Hedge accounting is discontinued when the hedging
instrument expires, is sold, is terminated, or no longer qualifies
for hedge accounting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-572": { "value": "
Derivative financial instruments
Derivative financial instruments are used to manage exposure to
market risks. The principal derivative instruments used by GSK are
foreign currency swaps, interest rate swaps, foreign exchange
forward contracts and options. The Group does not hold or issue
derivative financial instruments for trading or speculative
purposes.
Derivative financial assets and liabilities, including derivatives
embedded in host contracts which have been separated from
the host contract, are measured at fair value. Changes in the fair
value of any derivative instruments that do not qualify for hedge
accounting are recognised immediately in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-574": { "value": "
Hedge accounting
Derivatives designated as hedging instruments are classified at
the inception of the hedge relationship as cash flow hedges, net
investment hedges or fair value hedges. At inception, the Group
documents the relationship between the hedging instrument
and the hedged item, the risk management objective and the
strategy for undertaking the hedge. Hedge effectiveness is
assessed on an ongoing basis to ensure the hedge continues to
meet IFRS 9 criteria.
Changes in the fair value of derivatives designated as cash flow
hedges are recognised in other comprehensive income to the
extent that the hedges are effective and accumulated in the
cash flow hedge reserve. Ineffective portions are recognised in
profit or loss immediately. Amounts deferred in the cash flow
hedge reserve are reclassified to the income statement when
the hedged item affects profit or loss, or if the hedged forecast
transaction is to purchase a non-financial asset, the amount
deferred in the cash flow hedge reserve is transferred directly
from equity and included in the carrying amount of the
recognised non-financial asset.
Net investment hedges are accounted for in a similar way to
cash flow hedges. Amounts deferred in the net investment
hedge reserve are only reclassified to the income statement on
disposal (or partial disposal) of the foreign operation.
Changes in the fair value of derivatives designated as fair value
hedges are recorded in the income statement, together with the
changes in the fair value of the hedged asset or liability.
Hedge accounting is discontinued when the hedging
instrument expires, is sold, is terminated, or no longer qualifies
for hedge accounting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-575": { "value": "
Taxation
Current tax is provided at the amounts expected to be paid,
applying tax rates that have been enacted or substantively
enacted by the balance sheet date. The tax charge for the
period is recognised in the consolidated income statement, the
consolidated statement of comprehensive income or directly in
equity, according to the accounting treatment of the related
transaction.
Deferred tax is provided in full, using the liability method, on
temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the consolidated
financial statements. Deferred tax assets are recognised to the
extent that it is probable that future taxable profits will be
available against which the temporary differences can be
utilised. Deferred tax is provided on temporary differences
arising on investments in subsidiaries, associates and joint
ventures, except where the timing of the reversal of the
temporary difference can be controlled and it is probable that
the temporary difference will not reverse in the foreseeable
future. Deferred tax is provided using rates of tax that have
been enacted or substantively enacted by the balance sheet date.
Deferred tax assets and liabilities are offset when there is a legally
enforceable right to offset current tax assets against current tax
liabilities and when they relate to income taxes levied by the same
tax authority and the company and its subsidiaries intend to settle
their current tax assets and liabilities on a net basis.
Deferred tax assets and liabilities are not recognised if the
temporary differences arise from the initial recognition of
goodwill or from the initial recognition of other assets and
liabilities in a transaction (other than a business combination)
that affects neither the accounting nor the taxable profit or loss.
The exception to this is situations where there are equal taxable
and deductible temporary differences arising from the same
transaction. Unrecognised deferred tax assets are reassessed
at each reporting date and are recognised to the extent that it
has become probable that future taxable profits will allow the
deferred tax asset to be recovered.
Where an uncertain tax position is identified, management will
make a judgement as to what the probable outcome will be,
assuming the relevant tax authority has full knowledge of the
situation. Where it is assessed that an economic outflow is
probable to arise, a provision is made for the best estimate of
the liability. In estimating any such liability GSK applies a risk-
based approach which takes into account, as appropriate, the
probability that the Group would be able to obtain
compensatory adjustments under international tax treaties.
These estimates take into account the specific circumstances of
each dispute and relevant external advice.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-576": { "value": "
Deferred tax assets and liabilities are not recognised if the
temporary differences arise from the initial recognition of
goodwill or from the initial recognition of other assets and
liabilities in a transaction (other than a business combination)
that affects neither the accounting nor the taxable profit or loss.
The exception to this is situations where there are equal taxable
and deductible temporary differences arising from the same
transaction. Unrecognised deferred tax assets are reassessed
at each reporting date and are recognised to the extent that it
has become probable that future taxable profits will allow the
deferred tax asset to be recovered.
Where an uncertain tax position is identified, management will
make a judgement as to what the probable outcome will be,
assuming the relevant tax authority has full knowledge of the
situation. Where it is assessed that an economic outflow is
probable to arise, a provision is made for the best estimate of
the liability. In estimating any such liability GSK applies a risk-
based approach which takes into account, as appropriate, the
probability that the Group would be able to obtain
compensatory adjustments under international tax treaties.
These estimates take into account the specific circumstances of
each dispute and relevant external advice.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-578": { "value": "
Assets and liabilities held for sale or distribution
and discontinued operations
Non-current assets or disposal groups are classified as held for
sale or distribution if their carrying amount will be recovered
principally through sale or a distribution to shareholders rather
than through continuing use, they are available for immediate sale
or distribution in their present condition and the sale or distribution
is considered highly probable and expected to be completed
within one year. Assets classified as held for sale or distribution are
measured at the lower of their carrying amount and fair value less
costs to sell or distribute. Assets classified as held for sale or
distribution are not depreciated or amortised. Assets and liabilities
classified as held for sale or distribution are presented in current
assets and current liabilities separately from the other assets and
liabilities in the balance sheet.
A discontinued operation is a component of the Group that has
been disposed of, distributed or is classified as held for sale or
distribution and that represents a separate major line of
business or geographical area of operations. The results of
discontinued operations are presented separately in the
consolidated income statement, the consolidated statement of
comprehensive income and the consolidated statement of cash
flows and comparatives are restated on a consistent basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-577": { "value": "
Assets and liabilities held for sale or distribution
and discontinued operations
Non-current assets or disposal groups are classified as held for
sale or distribution if their carrying amount will be recovered
principally through sale or a distribution to shareholders rather
than through continuing use, they are available for immediate sale
or distribution in their present condition and the sale or distribution
is considered highly probable and expected to be completed
within one year. Assets classified as held for sale or distribution are
measured at the lower of their carrying amount and fair value less
costs to sell or distribute. Assets classified as held for sale or
distribution are not depreciated or amortised. Assets and liabilities
classified as held for sale or distribution are presented in current
assets and current liabilities separately from the other assets and
liabilities in the balance sheet.
A discontinued operation is a component of the Group that has
been disposed of, distributed or is classified as held for sale or
distribution and that represents a separate major line of
business or geographical area of operations. The results of
discontinued operations are presented separately in the
consolidated income statement, the consolidated statement of
comprehensive income and the consolidated statement of cash
flows and comparatives are restated on a consistent basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-579": { "value": "
A discontinued operation is a component of the Group that has
been disposed of, distributed or is classified as held for sale or
distribution and that represents a separate major line of
business or geographical area of operations. The results of
discontinued operations are presented separately in the
consolidated income statement, the consolidated statement of
comprehensive income and the consolidated statement of cash
flows and comparatives are restated on a consistent basis", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-580": { "value": "
Share buyback
Where the Group purchases the Company\u2019s equity instruments, for
example as a result of a share buyback programme, the
consideration paid, including any directly attributable incremental
costs (net of income taxes), is deducted from retained earnings as
Treasury shares until the shares are cancelled or re-issued. Where
such ordinary shares are subsequently re-issued, any consideration
received, net of any directly attributable incremental transaction
costs and the related income tax effects, is included in
shareholders\u2019 equity. Where it is determined that the terms and
conditions of a contract to purchase the Company\u2019s shares results
in the Group being unable to cancel the obligation arising under
the contract, a financial liability is recognised for the unavoidable
obligation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-582": { "value": "
3. Critical accounting judgements and key sources of
\u00a0 \u00a0 estimation uncertainty
In preparing the financial statements, management is required
to make judgements about when or how items should be
recognised in the financial statements and estimates and
assumptions that affect the amounts of assets, liabilities,
revenue and expenses reported in the financial statements.
Actual amounts and results could differ from those estimates.
The following are considered to be the critical accounting
judgements and key sources of estimation uncertainty.
Turnover
Reported Group turnover for 2025 was \u00a332,667 million (2024:
\u00a331,376 million).
Estimate
Gross turnover is reduced by rebates, discounts, allowances and
product returns given or expected to be given, which vary by
product arrangements and buying groups. These arrangements
with purchasing organisations are dependent upon the
submission of claims some time after the initial recognition of
the sale. Accruals are made at the time of sale for the
estimated rebates, discounts or allowances payable or returns
to be made, based on available market information and
historical experience.
Sales of pharmaceutical and vaccine products in the US have
complex arrangements for rebates, discounts and allowances.
Turnover of Commercial Operations products in the US for 2025
of \u00a316,859 million (2024: \u00a316,384 million) was after recording
deductions of \u00a315,427 million (2024: \u00a314,100 million) for rebates,
allowances, returns and other discounts. At 31\u00a0December 2025,
the total accrual amounted to \u00a34,891 million (2024: \u00a35,235
million). Due to the nature of these accruals it is not practicable
to give meaningful sensitivity estimates due to the large volume
of variables that contribute to the overall rebates, chargebacks,
returns and other revenue accruals.
As there can be significant variability in final outcomes, the
Group applies a constraint when measuring the variable
element within revenue, so that revenue is recognised at a
suitably cautious amount. The objective of the constraint is to
ensure that it is highly probable that a significant reversal of
revenue will not occur when the uncertainties are resolved. The
constraint is applied by making suitably cautious estimates of
the inputs and assumptions used in estimating the variable
consideration. Because the amounts are estimated they may
not fully reflect the final outcome, and the amounts are subject
to change dependent upon, amongst other things, the types of
buying group and product sales mix. The constraints applied in
recognising revenue mean that the risk of a material downward
adjustment to revenue in the next financial year is low.
The level of accrual for rebates and returns is reviewed and
adjusted regularly in the light of contractual and legal
obligations, historical trends, past experience and projected
market conditions. Market conditions are evaluated using
wholesaler and other third-party analyses, market research
data and internally generated information. It is reasonably
possible that there could be a significant adjustment within the
next 12 months to recognise additional revenue, if actual
outcomes are better than the cautious constrained estimates.
Revenue is not recognised in full until it is highly probable that a
significant reversal in the amount of cumulative revenue
recognised will not occur. The amount of turnover recognised in
the year from performance obligations satisfied in previous
periods is set out in Note 6, \u2018Turnover and segment information\u2019,
and is an indication of the level of sensitivity in the estimate.
Future events could cause the assumptions on which the
accruals are based to change, which could materially affect the
future results of the Group.
Taxation
The tax charge for the year was \u00a31,112 million (2024 : \u00a3526
million). At 31\u00a0December 2025, current tax payable was \u00a3498
million (2024: \u00a3703 million), and current tax recoverable was
\u00a3288 million (2024: \u00a3489 million).
Judgement and estimate
The Group has open tax issues with a number of revenue
authorities. Management makes a judgement of whether there
is sufficient information to be able to make a reliable estimate
of the outcome of the dispute. If insufficient information is
available, no provision is made.
If sufficient information is available, in estimating a potential tax
liability GSK applies a risk-based approach which takes into
account, as appropriate, the probability that the Group would
be able to obtain compensatory adjustments under
international tax treaties. These estimates take into account the
specific circumstances of each dispute and relevant external
advice, are inherently judgemental and could change
substantially over time as each dispute progresses and new
facts emerge.
At 31\u00a0December 2025, the Group had recognised provisions of
\u00a3649 million in respect of uncertain tax positions (2024: \u00a3636
million). Due to the number of uncertain tax positions held and
the number of jurisdictions to which these relate, it is not
practicable to give meaningful sensitivity estimates. No
uncertain tax position is individually material to the Group.
Factors affecting the tax charge in future years are set out in
Note 14, \u2018Taxation\u2019. GSK continues to believe that it has made
adequate provision for the liabilities likely to arise from open
assessments. Where open issues exist, the ultimate liability for
such matters may vary from the amounts provided and is
dependent upon the outcome of negotiations with the relevant
tax authorities or, if necessary, litigation proceedings.
Legal and other disputes
Legal costs for the year were \u00a3192 million (2024: \u00a31,964 million).
At 31\u00a0December 2025 provisions for legal and other disputes
amounted to \u00a3210\u00a0million (2024: \u00a31,446 million).
Judgement
Management makes a judgement of whether there is sufficient
information to be able to make a reliable estimate of the likely
outcome of the dispute and the legal and other expenses
arising from claims against the Group. If insufficient information
is available, no provision is made and disclosure of the claim is
given.
The estimated provisions take into account the specific
circumstances of each dispute and relevant external advice, are
inherently judgemental and could change substantially over
time as each dispute progresses and new facts emerge. Details
of the status and various uncertainties involved in the significant
unresolved disputes are set out in Note 46, \u2018Legal proceedings\u2019.
The company\u2019s Directors, having taken legal advice, have
established provisions after taking into account the relevant
facts and circumstances of each matter and in accordance
with accounting requirements. In respect of product liability
claims related to certain products, there is sufficient history of
claims made and settlements to enable management to make
a reliable estimate of the provision required to cover unasserted
claims.
The Group may become involved in legal proceedings, in
respect of which it is not possible to meaningfully assess
whether the outcome will result in a probable outflow, or to
quantify or reliably estimate the liability. In these cases,
appropriate disclosure about such cases would be provided,
but no provision would be made and no contingent liability can
be quantified.
The ultimate liability for legal claims may vary from the amounts
provided and is dependent upon the outcome of litigation
proceedings, investigations and possible settlement
negotiations. The position could change over time and,
therefore, there can be no assurance that any losses that result
from the outcome of any legal proceedings will not exceed the
amount of the provisions reported in the Group\u2019s financial
statements by a material amount.
Contingent consideration
The 2025 income statement charge for contingent
consideration was \u00a3556 million (2024: \u00a31,762 million).
At 31\u00a0December 2025, the liability for contingent consideration
amounted to \u00a36,733\u00a0million (2024: \u00a37,280 million). Of this
amount, \u00a35,433\u00a0million (2024: \u00a36,061\u00a0million) related to the
acquisition of the former Shionogi-ViiV Healthcare joint venture
in 2012.
Estimate
Any contingent consideration included in the consideration
payable for a business combination is recorded at fair value at
the date of acquisition. These fair values are generally based on
risk-adjusted future cash flows discounted using appropriate
post-tax discount rates. The fair values are reviewed on a
regular basis, and any changes are reflected in the income
statement. The key sources of estimation uncertainty are sales
forecasts and discount rate. Refer to Note 32, \u2018Contingent
consideration liabilities\u2019 for further information and sensitivity
analysis.
Pensions and other post-employment benefits
Judgement
Where a surplus on a defined benefit scheme arises, or there is
potential for a surplus to arise from committed future
contributions, the rights of the Trustees to prevent the Group
obtaining a refund of that surplus in the future are considered in
determining whether it is necessary to restrict the amount of the
surplus that is recognised. Three UK schemes are in surplus
(2024: three), with a combined surplus of \u00a3848 million at
31\u00a0December 2025 (2024: \u00a3725 million). There are further
recognised pension surpluses totalling \u00a3267 million spread
across six countries (2024 : \u00a3173 million across five countries).
GSK has made the judgement that these amounts would be
recoverable.
Estimate
The costs of providing pensions and other post-employment
benefits are assessed on the basis of assumptions selected by
management. These assumptions include future earnings and
pension increases, discount rates, expected long-term rates of
return on assets and mortality rates. The key source of
estimation uncertainty is the discount rate. Refer to Note 30,
\u2018Pensions and other post-employment benefits\u2019 for further
information and sensitivity analysis.
Impairment of intangible assets
The Group's intangible assets primarily comprise acquired
licences, patents, amortised brands, and product development
costs. At 31\u00a0December 2025, these assets have a carrying
amount of \u00a316,141 million (2024: \u00a314,936 million). Intangible
assets are tested for impairment when indicators of impairment
arise, or annually where the asset is not yet in use.
Estimate
The recoverable amount of intangible assets is determined as
the higher of their fair value less costs of disposal and their
value in use. Given the inherent uncertainty in pharmaceutical
development and commercialisation, there is significant
estimation involved in determining the recoverable amount of
intangible assets. The value in use is estimated using
discounted cash flow models, which require estimates such as
future sales forecasts, discount rates, probability of technical
and regulatory success (PTRS) and the results from research
and development activities. The key sources of estimation
uncertainty are sales forecasts and PTRS. The key sources of
estimation uncertainty are in relation to the portfolio of
intangible assets as a whole and based on the number of
assets held and the different assumptions for each asset, it is
not practicable to give a meaningful sensitivity analysis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-581": { "value": "
3. Critical accounting judgements and key sources of
\u00a0 \u00a0 estimation uncertainty
In preparing the financial statements, management is required
to make judgements about when or how items should be
recognised in the financial statements and estimates and
assumptions that affect the amounts of assets, liabilities,
revenue and expenses reported in the financial statements.
Actual amounts and results could differ from those estimates.
The following are considered to be the critical accounting
judgements and key sources of estimation uncertainty.
Turnover
Reported Group turnover for 2025 was \u00a332,667 million (2024:
\u00a331,376 million).
Estimate
Gross turnover is reduced by rebates, discounts, allowances and
product returns given or expected to be given, which vary by
product arrangements and buying groups. These arrangements
with purchasing organisations are dependent upon the
submission of claims some time after the initial recognition of
the sale. Accruals are made at the time of sale for the
estimated rebates, discounts or allowances payable or returns
to be made, based on available market information and
historical experience.
Sales of pharmaceutical and vaccine products in the US have
complex arrangements for rebates, discounts and allowances.
Turnover of Commercial Operations products in the US for 2025
of \u00a316,859 million (2024: \u00a316,384 million) was after recording
deductions of \u00a315,427 million (2024: \u00a314,100 million) for rebates,
allowances, returns and other discounts. At 31\u00a0December 2025,
the total accrual amounted to \u00a34,891 million (2024: \u00a35,235
million). Due to the nature of these accruals it is not practicable
to give meaningful sensitivity estimates due to the large volume
of variables that contribute to the overall rebates, chargebacks,
returns and other revenue accruals.
As there can be significant variability in final outcomes, the
Group applies a constraint when measuring the variable
element within revenue, so that revenue is recognised at a
suitably cautious amount. The objective of the constraint is to
ensure that it is highly probable that a significant reversal of
revenue will not occur when the uncertainties are resolved. The
constraint is applied by making suitably cautious estimates of
the inputs and assumptions used in estimating the variable
consideration. Because the amounts are estimated they may
not fully reflect the final outcome, and the amounts are subject
to change dependent upon, amongst other things, the types of
buying group and product sales mix. The constraints applied in
recognising revenue mean that the risk of a material downward
adjustment to revenue in the next financial year is low.
The level of accrual for rebates and returns is reviewed and
adjusted regularly in the light of contractual and legal
obligations, historical trends, past experience and projected
market conditions. Market conditions are evaluated using
wholesaler and other third-party analyses, market research
data and internally generated information. It is reasonably
possible that there could be a significant adjustment within the
next 12 months to recognise additional revenue, if actual
outcomes are better than the cautious constrained estimates.
Revenue is not recognised in full until it is highly probable that a
significant reversal in the amount of cumulative revenue
recognised will not occur. The amount of turnover recognised in
the year from performance obligations satisfied in previous
periods is set out in Note 6, \u2018Turnover and segment information\u2019,
and is an indication of the level of sensitivity in the estimate.
Future events could cause the assumptions on which the
accruals are based to change, which could materially affect the
future results of the Group.
Taxation
The tax charge for the year was \u00a31,112 million (2024 : \u00a3526
million). At 31\u00a0December 2025, current tax payable was \u00a3498
million (2024: \u00a3703 million), and current tax recoverable was
\u00a3288 million (2024: \u00a3489 million).
Judgement and estimate
The Group has open tax issues with a number of revenue
authorities. Management makes a judgement of whether there
is sufficient information to be able to make a reliable estimate
of the outcome of the dispute. If insufficient information is
available, no provision is made.
If sufficient information is available, in estimating a potential tax
liability GSK applies a risk-based approach which takes into
account, as appropriate, the probability that the Group would
be able to obtain compensatory adjustments under
international tax treaties. These estimates take into account the
specific circumstances of each dispute and relevant external
advice, are inherently judgemental and could change
substantially over time as each dispute progresses and new
facts emerge.
At 31\u00a0December 2025, the Group had recognised provisions of
\u00a3649 million in respect of uncertain tax positions (2024: \u00a3636
million). Due to the number of uncertain tax positions held and
the number of jurisdictions to which these relate, it is not
practicable to give meaningful sensitivity estimates. No
uncertain tax position is individually material to the Group.
Factors affecting the tax charge in future years are set out in
Note 14, \u2018Taxation\u2019. GSK continues to believe that it has made
adequate provision for the liabilities likely to arise from open
assessments. Where open issues exist, the ultimate liability for
such matters may vary from the amounts provided and is
dependent upon the outcome of negotiations with the relevant
tax authorities or, if necessary, litigation proceedings.
Legal and other disputes
Legal costs for the year were \u00a3192 million (2024: \u00a31,964 million).
At 31\u00a0December 2025 provisions for legal and other disputes
amounted to \u00a3210\u00a0million (2024: \u00a31,446 million).
Judgement
Management makes a judgement of whether there is sufficient
information to be able to make a reliable estimate of the likely
outcome of the dispute and the legal and other expenses
arising from claims against the Group. If insufficient information
is available, no provision is made and disclosure of the claim is
given.
The estimated provisions take into account the specific
circumstances of each dispute and relevant external advice, are
inherently judgemental and could change substantially over
time as each dispute progresses and new facts emerge. Details
of the status and various uncertainties involved in the significant
unresolved disputes are set out in Note 46, \u2018Legal proceedings\u2019.
The company\u2019s Directors, having taken legal advice, have
established provisions after taking into account the relevant
facts and circumstances of each matter and in accordance
with accounting requirements. In respect of product liability
claims related to certain products, there is sufficient history of
claims made and settlements to enable management to make
a reliable estimate of the provision required to cover unasserted
claims.
The Group may become involved in legal proceedings, in
respect of which it is not possible to meaningfully assess
whether the outcome will result in a probable outflow, or to
quantify or reliably estimate the liability. In these cases,
appropriate disclosure about such cases would be provided,
but no provision would be made and no contingent liability can
be quantified.
The ultimate liability for legal claims may vary from the amounts
provided and is dependent upon the outcome of litigation
proceedings, investigations and possible settlement
negotiations. The position could change over time and,
therefore, there can be no assurance that any losses that result
from the outcome of any legal proceedings will not exceed the
amount of the provisions reported in the Group\u2019s financial
statements by a material amount.
Contingent consideration
The 2025 income statement charge for contingent
consideration was \u00a3556 million (2024: \u00a31,762 million).
At 31\u00a0December 2025, the liability for contingent consideration
amounted to \u00a36,733\u00a0million (2024: \u00a37,280 million). Of this
amount, \u00a35,433\u00a0million (2024: \u00a36,061\u00a0million) related to the
acquisition of the former Shionogi-ViiV Healthcare joint venture
in 2012.
Estimate
Any contingent consideration included in the consideration
payable for a business combination is recorded at fair value at
the date of acquisition. These fair values are generally based on
risk-adjusted future cash flows discounted using appropriate
post-tax discount rates. The fair values are reviewed on a
regular basis, and any changes are reflected in the income
statement. The key sources of estimation uncertainty are sales
forecasts and discount rate. Refer to Note 32, \u2018Contingent
consideration liabilities\u2019 for further information and sensitivity
analysis.
Pensions and other post-employment benefits
Judgement
Where a surplus on a defined benefit scheme arises, or there is
potential for a surplus to arise from committed future
contributions, the rights of the Trustees to prevent the Group
obtaining a refund of that surplus in the future are considered in
determining whether it is necessary to restrict the amount of the
surplus that is recognised. Three UK schemes are in surplus
(2024: three), with a combined surplus of \u00a3848 million at
31\u00a0December 2025 (2024: \u00a3725 million). There are further
recognised pension surpluses totalling \u00a3267 million spread
across six countries (2024 : \u00a3173 million across five countries).
GSK has made the judgement that these amounts would be
recoverable.
Estimate
The costs of providing pensions and other post-employment
benefits are assessed on the basis of assumptions selected by
management. These assumptions include future earnings and
pension increases, discount rates, expected long-term rates of
return on assets and mortality rates. The key source of
estimation uncertainty is the discount rate. Refer to Note 30,
\u2018Pensions and other post-employment benefits\u2019 for further
information and sensitivity analysis.
Impairment of intangible assets
The Group's intangible assets primarily comprise acquired
licences, patents, amortised brands, and product development
costs. At 31\u00a0December 2025, these assets have a carrying
amount of \u00a316,141 million (2024: \u00a314,936 million). Intangible
assets are tested for impairment when indicators of impairment
arise, or annually where the asset is not yet in use.
Estimate
The recoverable amount of intangible assets is determined as
the higher of their fair value less costs of disposal and their
value in use. Given the inherent uncertainty in pharmaceutical
development and commercialisation, there is significant
estimation involved in determining the recoverable amount of
intangible assets. The value in use is estimated using
discounted cash flow models, which require estimates such as
future sales forecasts, discount rates, probability of technical
and regulatory success (PTRS) and the results from research
and development activities. The key sources of estimation
uncertainty are sales forecasts and PTRS. The key sources of
estimation uncertainty are in relation to the portfolio of
intangible assets as a whole and based on the number of
assets held and the different assumptions for each asset, it is
not practicable to give a meaningful sensitivity analysis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-583": { "value": "3. Critical accounting judgements and key sources of\u00a0 \u00a0 estimation uncertainty In preparing the financial statements, management is required to make judgements about when or how items should be recognised in the financial statements and estimates and assumptions that affect the amounts of assets, liabilities, revenue and expenses reported in the financial statements. Actual amounts and results could differ from those estimates. The following are considered to be the critical accounting judgements and key sources of estimation uncertainty. TurnoverReported Group turnover for 2025 was \u00a332,667 million (2024: \u00a331,376 million). EstimateGross turnover is reduced by rebates, discounts, allowances and product returns given or expected to be given, which vary by product arrangements and buying groups. These arrangements with purchasing organisations are dependent upon the submission of claims some time after the initial recognition of the sale. Accruals are made at the time of sale for the estimated rebates, discounts or allowances payable or returns to be made, based on available market information and historical experience.Sales of pharmaceutical and vaccine products in the US have complex arrangements for rebates, discounts and allowances. Turnover of Commercial Operations products in the US for 2025 of \u00a316,859 million (2024: \u00a316,384 million) was after recording deductions of \u00a315,427 million (2024: \u00a314,100 million) for rebates, allowances, returns and other discounts. At 31\u00a0December 2025, the total accrual amounted to \u00a34,891 million (2024: \u00a35,235 million). Due to the nature of these accruals it is not practicable to give meaningful sensitivity estimates due to the large volume of variables that contribute to the overall rebates, chargebacks, returns and other revenue accruals.As there can be significant variability in final outcomes, the Group applies a constraint when measuring the variable element within revenue, so that revenue is recognised at a suitably cautious amount. The objective of the constraint is to ensure that it is highly probable that a significant reversal of revenue will not occur when the uncertainties are resolved. The constraint is applied by making suitably cautious estimates of the inputs and assumptions used in estimating the variable consideration. Because the amounts are estimated they may not fully reflect the final outcome, and the amounts are subject to change dependent upon, amongst other things, the types of buying group and product sales mix. The constraints applied in recognising revenue mean that the risk of a material downward adjustment to revenue in the next financial year is low.The level of accrual for rebates and returns is reviewed and adjusted regularly in the light of contractual and legal obligations, historical trends, past experience and projected market conditions. Market conditions are evaluated using wholesaler and other third-party analyses, market research data and internally generated information. It is reasonably possible that there could be a significant adjustment within the next 12 months to recognise additional revenue, if actual outcomes are better than the cautious constrained estimates. Revenue is not recognised in full until it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur. The amount of turnover recognised in the year from performance obligations satisfied in previous periods is set out in Note 6, \u2018Turnover and segment information\u2019, and is an indication of the level of sensitivity in the estimate.Future events could cause the assumptions on which the accruals are based to change, which could materially affect the future results of the Group.TaxationThe tax charge for the year was \u00a31,112 million (2024 : \u00a3526 million). At 31\u00a0December 2025, current tax payable was \u00a3498 million (2024: \u00a3703 million), and current tax recoverable was \u00a3288 million (2024: \u00a3489 million). Judgement and estimate The Group has open tax issues with a number of revenue authorities. Management makes a judgement of whether there is sufficient information to be able to make a reliable estimate of the outcome of the dispute. If insufficient information is available, no provision is made.If sufficient information is available, in estimating a potential tax liability GSK applies a risk-based approach which takes into account, as appropriate, the probability that the Group would be able to obtain compensatory adjustments under international tax treaties. These estimates take into account the specific circumstances of each dispute and relevant external advice, are inherently judgemental and could change substantially over time as each dispute progresses and new facts emerge. At 31\u00a0December 2025, the Group had recognised provisions of \u00a3649 million in respect of uncertain tax positions (2024: \u00a3636 million). Due to the number of uncertain tax positions held and the number of jurisdictions to which these relate, it is not practicable to give meaningful sensitivity estimates. No uncertain tax position is individually material to the Group.Factors affecting the tax charge in future years are set out in Note 14, \u2018Taxation\u2019. GSK continues to believe that it has made adequate provision for the liabilities likely to arise from open assessments. Where open issues exist, the ultimate liability for such matters may vary from the amounts provided and is dependent upon the outcome of negotiations with the relevant tax authorities or, if necessary, litigation proceedings.Legal and other disputesLegal costs for the year were \u00a3192 million (2024: \u00a31,964 million). At 31\u00a0December 2025 provisions for legal and other disputes amounted to \u00a3210\u00a0million (2024: \u00a31,446 million).JudgementManagement makes a judgement of whether there is sufficient information to be able to make a reliable estimate of the likely outcome of the dispute and the legal and other expenses arising from claims against the Group. If insufficient information is available, no provision is made and disclosure of the claim is given.The estimated provisions take into account the specific circumstances of each dispute and relevant external advice, are inherently judgemental and could change substantially over time as each dispute progresses and new facts emerge. Details of the status and various uncertainties involved in the significant unresolved disputes are set out in Note 46, \u2018Legal proceedings\u2019.The company\u2019s Directors, having taken legal advice, have established provisions after taking into account the relevant facts and circumstances of each matter and in accordance with accounting requirements. In respect of product liability claims related to certain products, there is sufficient history of claims made and settlements to enable management to make a reliable estimate of the provision required to cover unasserted claims. The Group may become involved in legal proceedings, in respect of which it is not possible to meaningfully assess whether the outcome will result in a probable outflow, or to quantify or reliably estimate the liability. In these cases, appropriate disclosure about such cases would be provided, but no provision would be made and no contingent liability can be quantified. The ultimate liability for legal claims may vary from the amounts provided and is dependent upon the outcome of litigation proceedings, investigations and possible settlement negotiations. The position could change over time and, therefore, there can be no assurance that any losses that result from the outcome of any legal proceedings will not exceed the amount of the provisions reported in the Group\u2019s financial statements by a material amount.Contingent considerationThe 2025 income statement charge for contingent consideration was \u00a3556 million (2024: \u00a31,762 million).At 31\u00a0December 2025, the liability for contingent consideration amounted to \u00a36,733\u00a0million (2024: \u00a37,280 million). Of this amount, \u00a35,433\u00a0million (2024: \u00a36,061\u00a0million) related to the acquisition of the former Shionogi-ViiV Healthcare joint venture in 2012.EstimateAny contingent consideration included in the consideration payable for a business combination is recorded at fair value at the date of acquisition. These fair values are generally based on risk-adjusted future cash flows discounted using appropriate post-tax discount rates. The fair values are reviewed on a regular basis, and any changes are reflected in the income statement. The key sources of estimation uncertainty are sales forecasts and discount rate. Refer to Note 32, \u2018Contingent consideration liabilities\u2019 for further information and sensitivity analysis.Pensions and other post-employment benefitsJudgementWhere a surplus on a defined benefit scheme arises, or there is potential for a surplus to arise from committed future contributions, the rights of the Trustees to prevent the Group obtaining a refund of that surplus in the future are considered in determining whether it is necessary to restrict the amount of the surplus that is recognised. Three UK schemes are in surplus (2024: three), with a combined surplus of \u00a3848 million at 31\u00a0December 2025 (2024: \u00a3725 million). There are further recognised pension surpluses totalling \u00a3267 million spread across six countries (2024 : \u00a3173 million across five countries). GSK has made the judgement that these amounts would be recoverable.EstimateThe costs of providing pensions and other post-employment benefits are assessed on the basis of assumptions selected by management. These assumptions include future earnings and pension increases, discount rates, expected long-term rates of return on assets and mortality rates. The key source of estimation uncertainty is the discount rate. Refer to Note 30, \u2018Pensions and other post-employment benefits\u2019 for further information and sensitivity analysis. Impairment of intangible assetsThe Group's intangible assets primarily comprise acquired licences, patents, amortised brands, and product development costs. At 31\u00a0December 2025, these assets have a carrying amount of \u00a316,141 million (2024: \u00a314,936 million). Intangible assets are tested for impairment when indicators of impairment arise, or annually where the asset is not yet in use. EstimateThe recoverable amount of intangible assets is determined as the higher of their fair value less costs of disposal and their value in use. Given the inherent uncertainty in pharmaceutical development and commercialisation, there is significant estimation involved in determining the recoverable amount of intangible assets. The value in use is estimated using discounted cash flow models, which require estimates such as future sales forecasts, discount rates, probability of technical and regulatory success (PTRS) and the results from research and development activities. The key sources of estimation uncertainty are sales forecasts and PTRS. The key sources of estimation uncertainty are in relation to the portfolio of intangible assets as a whole and based on the number of assets held and the different assumptions for each asset, it is not practicable to give a meaningful sensitivity analysis.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-585": { "value": "
4. New accounting requirements
Amendments to IFRS Accounting Standards applicable
from 1 January 2025
GSK has adopted the following amendments to IFRS
Accounting Standards, with no material impact to the Group in
the year ended 31\u00a0December 2025:
\u2013 Lack of Exchangeability - Amendments to IAS 21.
New IFRS Accounting Standards and amendments issued
but not yet effective
Certain amendments to IFRS Accounting Standards and
interpretations have been published that are not mandatory for
the 31\u00a0December 2025 reporting period and have not been
early adopted by the Group. The amendments and
interpretations that are not expected to have a material impact
on the results or financial position of the Group in future
reporting periods are:
\u2013 Annual Improvements to IFRS Accounting Standards -
Volume 11 (effective from 1 January 2026, endorsed by the
United Kingdom Endorsement Board (UKEB));
\u2013 Classification and Measurement of Financial Instruments -
Amendments to IFRS 9 and IFRS 7 (effective from 1 January
2026, endorsed by the UKEB);
\u2013 Contracts Referencing Nature-dependent Electricity -
Amendments to IFRS 9 and IFRS 7 (effective from 1 January
2026, endorsed by the (UKEB);
\u2013 IFRS 19 Subsidiaries without Public Accountability: Disclosures
(effective from 1 January 2027, not yet endorsed by the
UKEB).
IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019
was issued by the IASB in April 2024 and has been endorsed by
the UKEB. IFRS 18 replaces IAS 1 \u2018Presentation of Financial
Statements\u2019 and introduces new presentation and disclosure
requirements, particularly for the income statement. IFRS 18
does not affect the recognition or measurement of items in the
financial statements.
The requirements are effective for periods beginning on or after
1 January 2027, with retrospective application required,
including specified reconciliations for comparative periods.
The Group is currently assessing the impact of IFRS 18 on
presentation and disclosures in the consolidated financial
statements. Although the adoption of IFRS 18 will have no
impact on the Group\u2019s profit after taxation, there will be an
impact on presentation of the primary financial statements and
certain disclosures. To date, the following potential impacts
have been identified:
\u2013 items of income and expenses presented in the Consolidated
income statement will be grouped into the new categories:
operating, investing, financing, income taxes, and
discontinued operations;
\u2013 an additional mandatory subtotal for \u2018Profit/ (loss) before
financing and income taxes\u2019 will be presented;
\u2013 the enhanced principles on aggregation and disaggregation,
and the \u2018useful structured summary\u2019 concept, will require
some changes to line items presented in the primary financial
statements, however this change is not expected to be
significant;
\u2013 certain new or enhanced disclosures will be required for:
\u2013 management-defined performance measures (MPMs),
most of which are currently disclosed in the Group
Financial Review;
\u2013 a breakdown of the nature of expenses for line items
presented by function in the operating category of the
Consolidated income statement;
\u2013 a reconciliation for each line item in the Consolidated
income statement between the restated amounts and
amounts previously published upon transition from IAS 1
to IFRS 18;
\u2013 there will be a minor impact on the presentation of the
Consolidated statement of cash flows as the starting point for
the cash flow statement will be the \u2018Operating profit/ (loss)\u2019
subtotal
The Group intends to adopt IFRS 18 for the reporting period
commencing 1 January 2027. Preparatory activities are
underway to ensure readiness for adoption, including updates
to reporting systems and chart of accounts.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-584": { "value": "
4. New accounting requirements
Amendments to IFRS Accounting Standards applicable
from 1 January 2025
GSK has adopted the following amendments to IFRS
Accounting Standards, with no material impact to the Group in
the year ended 31\u00a0December 2025:
\u2013 Lack of Exchangeability - Amendments to IAS 21.
New IFRS Accounting Standards and amendments issued
but not yet effective
Certain amendments to IFRS Accounting Standards and
interpretations have been published that are not mandatory for
the 31\u00a0December 2025 reporting period and have not been
early adopted by the Group. The amendments and
interpretations that are not expected to have a material impact
on the results or financial position of the Group in future
reporting periods are:
\u2013 Annual Improvements to IFRS Accounting Standards -
Volume 11 (effective from 1 January 2026, endorsed by the
United Kingdom Endorsement Board (UKEB));
\u2013 Classification and Measurement of Financial Instruments -
Amendments to IFRS 9 and IFRS 7 (effective from 1 January
2026, endorsed by the UKEB);
\u2013 Contracts Referencing Nature-dependent Electricity -
Amendments to IFRS 9 and IFRS 7 (effective from 1 January
2026, endorsed by the (UKEB);
\u2013 IFRS 19 Subsidiaries without Public Accountability: Disclosures
(effective from 1 January 2027, not yet endorsed by the
UKEB).
IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019
was issued by the IASB in April 2024 and has been endorsed by
the UKEB. IFRS 18 replaces IAS 1 \u2018Presentation of Financial
Statements\u2019 and introduces new presentation and disclosure
requirements, particularly for the income statement. IFRS 18
does not affect the recognition or measurement of items in the
financial statements.
The requirements are effective for periods beginning on or after
1 January 2027, with retrospective application required,
including specified reconciliations for comparative periods.
The Group is currently assessing the impact of IFRS 18 on
presentation and disclosures in the consolidated financial
statements. Although the adoption of IFRS 18 will have no
impact on the Group\u2019s profit after taxation, there will be an
impact on presentation of the primary financial statements and
certain disclosures. To date, the following potential impacts
have been identified:
\u2013 items of income and expenses presented in the Consolidated
income statement will be grouped into the new categories:
operating, investing, financing, income taxes, and
discontinued operations;
\u2013 an additional mandatory subtotal for \u2018Profit/ (loss) before
financing and income taxes\u2019 will be presented;
\u2013 the enhanced principles on aggregation and disaggregation,
and the \u2018useful structured summary\u2019 concept, will require
some changes to line items presented in the primary financial
statements, however this change is not expected to be
significant;
\u2013 certain new or enhanced disclosures will be required for:
\u2013 management-defined performance measures (MPMs),
most of which are currently disclosed in the Group
Financial Review;
\u2013 a breakdown of the nature of expenses for line items
presented by function in the operating category of the
Consolidated income statement;
\u2013 a reconciliation for each line item in the Consolidated
income statement between the restated amounts and
amounts previously published upon transition from IAS 1
to IFRS 18;
\u2013 there will be a minor impact on the presentation of the
Consolidated statement of cash flows as the starting point for
the cash flow statement will be the \u2018Operating profit/ (loss)\u2019
subtotal
The Group intends to adopt IFRS 18 for the reporting period
commencing 1 January 2027. Preparatory activities are
underway to ensure readiness for adoption, including updates
to reporting systems and chart of accounts.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-586": { "value": "
5. Exchange rates
The Group uses the average of exchange rates prevailing during the period to translate the results and cash flows of overseas
subsidiaries, joint ventures and associates into Sterling and period end rates to translate the net assets of those entities. The
currencies which most influence these translations and the relevant exchange rates were:
2025
2024
2023
Average rates:
US$/\u00a3
1.31
1.28
1.24
Euro/\u00a3
1.17
1.18
1.15
Yen/\u00a3
198
193
175
2025
2024
2023
Period end rates:
US$/\u00a3
1.35
1.25
1.27
Euro/\u00a3
1.15
1.20
1.15
Yen/\u00a3
211
197
180
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-589": { "value": "
6. Turnover and segment information
Operating segments are reported based on the financial information provided to the Chief Executive Officer, who is the Chief
Operating Decision Maker, and the responsibilities of the Executive Committee (ExCom). GSK reports under two segments;
Commercial Operations and Total R&D. Members of the ExCom are responsible for each segment.
R&D investment is essential for the sustainability of the business. However, for segment reporting the Commercial Operating profits
exclude allocations of globally funded R&D.
The Total R&D segment is the responsibility of the Chief Scientific Officer and is reported as a separate segment. The operating
costs of this segment include R&D activities across Specialty Medicines, including HIV and Vaccines. It includes R&D and some
Selling, General and Administrative (SG&A) costs relating to regulatory and other functions.
The Group\u2019s management reporting process allocates intra-Group profit on a product sale to the segment in which that sale is
recorded, and the profit analyses below have been presented on that basis.
Turnover by segment
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Commercial Operations
32,667
31,376
30,328
32,667
31,376
30,328
Product sales are reported within three product groups: Specialty Medicines, Vaccines and General Medicines.
Commercial Operations
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
HIV
7,687
7,089
6,444
Respiratory, Immunology & Inflammation
3,810
3,299
3,025
Oncology
1,977
1,410
731
13,474
11,798
10,200
Pandemic
\u2013
12
44
Specialty Medicines
13,474
11,810
10,244
Shingles
3,558
3,364
3,446
Meningitis
1,583
1,437
1,260
RSV (Arexvy)
593
590
1,238
Influenza
303
408
504
Established Vaccines
3,120
3,339
3,266
9,157
9,138
9,714
Pandemic Vaccines
\u2013
\u2013
150
Vaccines
9,157
9,138
9,864
Respiratory
7,068
7,213
6,825
Other General Medicines
2,968
3,215
3,395
General Medicines
10,036
10,428
10,220
Total Commercial Operations
32,667
31,376
30,328
Turnover by region
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
UK (the Group\u2019s country of domicile)
683
708
693
US
16,859
16,384
15,820
Europe
6,850
5,958
5,871
International
8,275
8,326
7,944
Total Commercial Operations
32,667
31,376
30,328
.
During 2025, sales were made to three US wholesalers of \u00a35,345 million (2024: \u00a34,538 million; 2023: \u00a34,494 million), \u00a34,802 million
(2024: \u00a34,792 million; 2023: \u00a34,498 million) and \u00a33,206 million ( 2024: \u00a33,366 million; 2023: \u00a33,531 million) respectively, after
allocating final-customer discounts to the wholesalers.
Revenue recognised in the year from performance obligations satisfied in previous periods impacting turnover arises from changes
to prior year estimates of returns and rebates accruals of \u00a3873 million (2024: \u00a3740 million).
Segment profit
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Commercial Operations
16,260
15,335
14,656
Research and Development
(6,251)
(5,845)
(5,607)
Segment profit
10,009
9,490
9,049
Corporate and other unallocated costs
(226)
(342)
(263)
Other reconciling items between segment profit and operating profit
(1,851)
(5,127)
(2,041)
Total Operating profit
7,932
4,021
6,745
Finance income
169
122
115
Finance costs
(701)
(669)
(792)
Share of after tax profit/(loss) of associates and joint ventures
1
(3)
(5)
Profit/(loss) on disposal of interests in associates and joint ventures
\u2013
6
1
Profit before taxation
7,401
3,477
6,064
Taxation
(1,112)
(526)
(756)
Profit after taxation for the year
6,289
2,951
5,308
Other reconciling items between segment profit and operating profit comprise items not specifically allocated to segment profit.
These include intangible asset amortisation (2025: \u00a3808\u00a0million; 2024: \u00a31,002\u00a0million; 2023: \u00a3719\u00a0million), intangible asset
impairment (2025: \u00a3880\u00a0million; 2024: \u00a3314\u00a0million; 2023: \u00a3398\u00a0million), major restructuring (2025: \u00a3109\u00a0million; 2024: \u00a3353\u00a0million;
2023: \u00a3382\u00a0million), transaction-related items (2025: \u00a3507\u00a0million; 2024: \u00a31,881\u00a0million; 2023: \u00a3572\u00a0million) and significant legal,
divestments and other items (2025: \u00a3453\u00a0million gain; 2024: \u00a31,577\u00a0million loss; 2023: \u00a330 million gain).
Depreciation and amortisation by segment
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Commercial Operations
874
906
893
Research and Development
553
569
572
Segment depreciation and amortisation
1,427
1,475
1,465
Corporate and other unallocated depreciation and amortisation
79
74
110
Other reconciling items between segment depreciation and amortisation and total depreciation and
\u00a0 amortisation
808
1,002
719
Total depreciation and amortisation
2,314
2,551
2,294
PP&E, intangible asset and goodwill impairment by segment
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Commercial Operations
149
102
27
Research and Development
49
22
13
Segment impairment
198
124
40
Corporate and other unallocated impairment
36
11
35
Other reconciling items between segment impairment and total impairment
880
302
432
Total impairment
1,114
437
507
PP&E and intangible asset impairment reversals by segment
Commercial Operations
(9)
(28)
(16)
Research and Development
(3)
(2)
(9)
Segment impairment reversals
(12)
(30)
(25)
Corporate and other unallocated impairment reversals
(1)
(3)
(14)
Other reconciling items between segment impairment reversals and total impairment reversals
(3)
\u2013
\u2013
Total impairment reversals
(16)
(33)
(39)
Net operating assets by segment
2025
\u00a3m
2024
\u00a3m
Commercial Operations
13,286
12,501
Research and Development
9,637
7,459
Segment net operating assets
22,923
19,960
Corporate and other unallocated net operating assets
1,099
43
Net operating assets
24,022
20,003
Net debt
(14,453)
(13,095)
Investments in associates and joint ventures
89
96
Derivative financial instruments
(21)
(82)
Current and deferred taxation
6,019
6,161
Assets held for sale (excluding cash and cash equivalents)
300
3
Net assets
15,956
13,086
The Commercial Operations segment includes the Shionogi-ViiV Healthcare contingent consideration liability of \u00a35,433\u00a0million
(2024: \u00a36,061\u00a0million) and the Pfizer put option of \u00a3822\u00a0million (2024: \u00a3915\u00a0million).
Geographical information
Non-current assets by location of subsidiary
2025
\u00a3m
2024
\u00a3m
UK
8,466
7,803
US
14,522
13,977
Belgium
5,453
5,378
Rest of World
5,532
5,588
Non-current assets
33,973
32,746
Non-current assets by location exclude amounts relating to other investments, deferred tax assets, derivative financial instruments,
pension assets, amounts receivable under insurance contracts and certain other non-current receivables. There are no other
countries with individually material non-current assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-588": { "value": "
6. Turnover and segment information
Operating segments are reported based on the financial information provided to the Chief Executive Officer, who is the Chief
Operating Decision Maker, and the responsibilities of the Executive Committee (ExCom). GSK reports under two segments;
Commercial Operations and Total R&D. Members of the ExCom are responsible for each segment.
R&D investment is essential for the sustainability of the business. However, for segment reporting the Commercial Operating profits
exclude allocations of globally funded R&D.
The Total R&D segment is the responsibility of the Chief Scientific Officer and is reported as a separate segment. The operating
costs of this segment include R&D activities across Specialty Medicines, including HIV and Vaccines. It includes R&D and some
Selling, General and Administrative (SG&A) costs relating to regulatory and other functions.
The Group\u2019s management reporting process allocates intra-Group profit on a product sale to the segment in which that sale is
recorded, and the profit analyses below have been presented on that basis.
Turnover by segment
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Commercial Operations
32,667
31,376
30,328
32,667
31,376
30,328
Product sales are reported within three product groups: Specialty Medicines, Vaccines and General Medicines.
Commercial Operations
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
HIV
7,687
7,089
6,444
Respiratory, Immunology & Inflammation
3,810
3,299
3,025
Oncology
1,977
1,410
731
13,474
11,798
10,200
Pandemic
\u2013
12
44
Specialty Medicines
13,474
11,810
10,244
Shingles
3,558
3,364
3,446
Meningitis
1,583
1,437
1,260
RSV (Arexvy)
593
590
1,238
Influenza
303
408
504
Established Vaccines
3,120
3,339
3,266
9,157
9,138
9,714
Pandemic Vaccines
\u2013
\u2013
150
Vaccines
9,157
9,138
9,864
Respiratory
7,068
7,213
6,825
Other General Medicines
2,968
3,215
3,395
General Medicines
10,036
10,428
10,220
Total Commercial Operations
32,667
31,376
30,328
Turnover by region
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
UK (the Group\u2019s country of domicile)
683
708
693
US
16,859
16,384
15,820
Europe
6,850
5,958
5,871
International
8,275
8,326
7,944
Total Commercial Operations
32,667
31,376
30,328
.
During 2025, sales were made to three US wholesalers of \u00a35,345 million (2024: \u00a34,538 million; 2023: \u00a34,494 million), \u00a34,802 million
(2024: \u00a34,792 million; 2023: \u00a34,498 million) and \u00a33,206 million ( 2024: \u00a33,366 million; 2023: \u00a33,531 million) respectively, after
allocating final-customer discounts to the wholesalers.
Revenue recognised in the year from performance obligations satisfied in previous periods impacting turnover arises from changes
to prior year estimates of returns and rebates accruals of \u00a3873 million (2024: \u00a3740 million).
Segment profit
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Commercial Operations
16,260
15,335
14,656
Research and Development
(6,251)
(5,845)
(5,607)
Segment profit
10,009
9,490
9,049
Corporate and other unallocated costs
(226)
(342)
(263)
Other reconciling items between segment profit and operating profit
(1,851)
(5,127)
(2,041)
Total Operating profit
7,932
4,021
6,745
Finance income
169
122
115
Finance costs
(701)
(669)
(792)
Share of after tax profit/(loss) of associates and joint ventures
1
(3)
(5)
Profit/(loss) on disposal of interests in associates and joint ventures
\u2013
6
1
Profit before taxation
7,401
3,477
6,064
Taxation
(1,112)
(526)
(756)
Profit after taxation for the year
6,289
2,951
5,308
Other reconciling items between segment profit and operating profit comprise items not specifically allocated to segment profit.
These include intangible asset amortisation (2025: \u00a3808\u00a0million; 2024: \u00a31,002\u00a0million; 2023: \u00a3719\u00a0million), intangible asset
impairment (2025: \u00a3880\u00a0million; 2024: \u00a3314\u00a0million; 2023: \u00a3398\u00a0million), major restructuring (2025: \u00a3109\u00a0million; 2024: \u00a3353\u00a0million;
2023: \u00a3382\u00a0million), transaction-related items (2025: \u00a3507\u00a0million; 2024: \u00a31,881\u00a0million; 2023: \u00a3572\u00a0million) and significant legal,
divestments and other items (2025: \u00a3453\u00a0million gain; 2024: \u00a31,577\u00a0million loss; 2023: \u00a330 million gain).
Depreciation and amortisation by segment
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Commercial Operations
874
906
893
Research and Development
553
569
572
Segment depreciation and amortisation
1,427
1,475
1,465
Corporate and other unallocated depreciation and amortisation
79
74
110
Other reconciling items between segment depreciation and amortisation and total depreciation and
\u00a0 amortisation
808
1,002
719
Total depreciation and amortisation
2,314
2,551
2,294
PP&E, intangible asset and goodwill impairment by segment
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Commercial Operations
149
102
27
Research and Development
49
22
13
Segment impairment
198
124
40
Corporate and other unallocated impairment
36
11
35
Other reconciling items between segment impairment and total impairment
880
302
432
Total impairment
1,114
437
507
PP&E and intangible asset impairment reversals by segment
Commercial Operations
(9)
(28)
(16)
Research and Development
(3)
(2)
(9)
Segment impairment reversals
(12)
(30)
(25)
Corporate and other unallocated impairment reversals
(1)
(3)
(14)
Other reconciling items between segment impairment reversals and total impairment reversals
(3)
\u2013
\u2013
Total impairment reversals
(16)
(33)
(39)
Net operating assets by segment
2025
\u00a3m
2024
\u00a3m
Commercial Operations
13,286
12,501
Research and Development
9,637
7,459
Segment net operating assets
22,923
19,960
Corporate and other unallocated net operating assets
1,099
43
Net operating assets
24,022
20,003
Net debt
(14,453)
(13,095)
Investments in associates and joint ventures
89
96
Derivative financial instruments
(21)
(82)
Current and deferred taxation
6,019
6,161
Assets held for sale (excluding cash and cash equivalents)
300
3
Net assets
15,956
13,086
The Commercial Operations segment includes the Shionogi-ViiV Healthcare contingent consideration liability of \u00a35,433\u00a0million
(2024: \u00a36,061\u00a0million) and the Pfizer put option of \u00a3822\u00a0million (2024: \u00a3915\u00a0million).
Geographical information
Non-current assets by location of subsidiary
2025
\u00a3m
2024
\u00a3m
UK
8,466
7,803
US
14,522
13,977
Belgium
5,453
5,378
Rest of World
5,532
5,588
Non-current assets
33,973
32,746
Non-current assets by location exclude amounts relating to other investments, deferred tax assets, derivative financial instruments,
pension assets, amounts receivable under insurance contracts and certain other non-current receivables. There are no other
countries with individually material non-current assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-587": { "value": "
6. Turnover and segment information
Operating segments are reported based on the financial information provided to the Chief Executive Officer, who is the Chief
Operating Decision Maker, and the responsibilities of the Executive Committee (ExCom). GSK reports under two segments;
Commercial Operations and Total R&D. Members of the ExCom are responsible for each segment.
R&D investment is essential for the sustainability of the business. However, for segment reporting the Commercial Operating profits
exclude allocations of globally funded R&D.
The Total R&D segment is the responsibility of the Chief Scientific Officer and is reported as a separate segment. The operating
costs of this segment include R&D activities across Specialty Medicines, including HIV and Vaccines. It includes R&D and some
Selling, General and Administrative (SG&A) costs relating to regulatory and other functions.
The Group\u2019s management reporting process allocates intra-Group profit on a product sale to the segment in which that sale is
recorded, and the profit analyses below have been presented on that basis.
Turnover by segment
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Commercial Operations
32,667
31,376
30,328
32,667
31,376
30,328
Product sales are reported within three product groups: Specialty Medicines, Vaccines and General Medicines.
Commercial Operations
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
HIV
7,687
7,089
6,444
Respiratory, Immunology & Inflammation
3,810
3,299
3,025
Oncology
1,977
1,410
731
13,474
11,798
10,200
Pandemic
\u2013
12
44
Specialty Medicines
13,474
11,810
10,244
Shingles
3,558
3,364
3,446
Meningitis
1,583
1,437
1,260
RSV (Arexvy)
593
590
1,238
Influenza
303
408
504
Established Vaccines
3,120
3,339
3,266
9,157
9,138
9,714
Pandemic Vaccines
\u2013
\u2013
150
Vaccines
9,157
9,138
9,864
Respiratory
7,068
7,213
6,825
Other General Medicines
2,968
3,215
3,395
General Medicines
10,036
10,428
10,220
Total Commercial Operations
32,667
31,376
30,328
Turnover by region
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
UK (the Group\u2019s country of domicile)
683
708
693
US
16,859
16,384
15,820
Europe
6,850
5,958
5,871
International
8,275
8,326
7,944
Total Commercial Operations
32,667
31,376
30,328
.
During 2025, sales were made to three US wholesalers of \u00a35,345 million (2024: \u00a34,538 million; 2023: \u00a34,494 million), \u00a34,802 million
(2024: \u00a34,792 million; 2023: \u00a34,498 million) and \u00a33,206 million ( 2024: \u00a33,366 million; 2023: \u00a33,531 million) respectively, after
allocating final-customer discounts to the wholesalers.
Revenue recognised in the year from performance obligations satisfied in previous periods impacting turnover arises from changes
to prior year estimates of returns and rebates accruals of \u00a3873 million (2024: \u00a3740 million).
Segment profit
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Commercial Operations
16,260
15,335
14,656
Research and Development
(6,251)
(5,845)
(5,607)
Segment profit
10,009
9,490
9,049
Corporate and other unallocated costs
(226)
(342)
(263)
Other reconciling items between segment profit and operating profit
(1,851)
(5,127)
(2,041)
Total Operating profit
7,932
4,021
6,745
Finance income
169
122
115
Finance costs
(701)
(669)
(792)
Share of after tax profit/(loss) of associates and joint ventures
1
(3)
(5)
Profit/(loss) on disposal of interests in associates and joint ventures
\u2013
6
1
Profit before taxation
7,401
3,477
6,064
Taxation
(1,112)
(526)
(756)
Profit after taxation for the year
6,289
2,951
5,308
Other reconciling items between segment profit and operating profit comprise items not specifically allocated to segment profit.
These include intangible asset amortisation (2025: \u00a3808\u00a0million; 2024: \u00a31,002\u00a0million; 2023: \u00a3719\u00a0million), intangible asset
impairment (2025: \u00a3880\u00a0million; 2024: \u00a3314\u00a0million; 2023: \u00a3398\u00a0million), major restructuring (2025: \u00a3109\u00a0million; 2024: \u00a3353\u00a0million;
2023: \u00a3382\u00a0million), transaction-related items (2025: \u00a3507\u00a0million; 2024: \u00a31,881\u00a0million; 2023: \u00a3572\u00a0million) and significant legal,
divestments and other items (2025: \u00a3453\u00a0million gain; 2024: \u00a31,577\u00a0million loss; 2023: \u00a330 million gain).
Depreciation and amortisation by segment
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Commercial Operations
874
906
893
Research and Development
553
569
572
Segment depreciation and amortisation
1,427
1,475
1,465
Corporate and other unallocated depreciation and amortisation
79
74
110
Other reconciling items between segment depreciation and amortisation and total depreciation and
\u00a0 amortisation
808
1,002
719
Total depreciation and amortisation
2,314
2,551
2,294
PP&E, intangible asset and goodwill impairment by segment
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Commercial Operations
149
102
27
Research and Development
49
22
13
Segment impairment
198
124
40
Corporate and other unallocated impairment
36
11
35
Other reconciling items between segment impairment and total impairment
880
302
432
Total impairment
1,114
437
507
PP&E and intangible asset impairment reversals by segment
Commercial Operations
(9)
(28)
(16)
Research and Development
(3)
(2)
(9)
Segment impairment reversals
(12)
(30)
(25)
Corporate and other unallocated impairment reversals
(1)
(3)
(14)
Other reconciling items between segment impairment reversals and total impairment reversals
(3)
\u2013
\u2013
Total impairment reversals
(16)
(33)
(39)
Net operating assets by segment
2025
\u00a3m
2024
\u00a3m
Commercial Operations
13,286
12,501
Research and Development
9,637
7,459
Segment net operating assets
22,923
19,960
Corporate and other unallocated net operating assets
1,099
43
Net operating assets
24,022
20,003
Net debt
(14,453)
(13,095)
Investments in associates and joint ventures
89
96
Derivative financial instruments
(21)
(82)
Current and deferred taxation
6,019
6,161
Assets held for sale (excluding cash and cash equivalents)
300
3
Net assets
15,956
13,086
The Commercial Operations segment includes the Shionogi-ViiV Healthcare contingent consideration liability of \u00a35,433\u00a0million
(2024: \u00a36,061\u00a0million) and the Pfizer put option of \u00a3822\u00a0million (2024: \u00a3915\u00a0million).
Geographical information
Non-current assets by location of subsidiary
2025
\u00a3m
2024
\u00a3m
UK
8,466
7,803
US
14,522
13,977
Belgium
5,453
5,378
Rest of World
5,532
5,588
Non-current assets
33,973
32,746
Non-current assets by location exclude amounts relating to other investments, deferred tax assets, derivative financial instruments,
pension assets, amounts receivable under insurance contracts and certain other non-current receivables. There are no other
countries with individually material non-current assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-590": { "value": "
Operating segments are reported based on the financial information provided to the Chief Executive Officer, who is the Chief
Operating Decision Maker, and the responsibilities of the Executive Committee (ExCom). GSK reports under two segments;
Commercial Operations and Total R&D. Members of the ExCom are responsible for each segment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-591": { "value": "
R&D investment is essential for the sustainability of the business. However, for segment reporting the Commercial Operating profits
exclude allocations of globally funded R&D.
The Total R&D segment is the responsibility of the Chief Scientific Officer and is reported as a separate segment. The operating
costs of this segment include R&D activities across Specialty Medicines, including HIV and Vaccines. It includes R&D and some
Selling, General and Administrative (SG&A) costs relating to regulatory and other functions.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-594": { "value": "
7. Other operating income/(expense)
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Fair value remeasurements of equity investments
(24)
51
(122)
Disposal of businesses and assets
106
246
61
Fair value remeasurements on contingent consideration recognised in business combinations(1)
(581)
(1,751)
(791)
Remeasurement of ViiV Healthcare put option liabilities and preferential dividends
93
(67)
245
Fair value adjustments on derivative financial instruments
\u2013
\u2013
7
Other income/(expense)
422
(9)
237
16
(1,530)
(363)
(1) Fair value remeasurements on contingent consideration disclosed above includes the fair value movements on related hedging contracts.
Disposal of businesses and assets in 2025, 2024 and 2023 primarily included milestone and royalty income.
Fair value remeasurements on contingent consideration recognised as business combinations included: a net charge of
\u00a3649\u00a0million (2024: \u00a31,533\u00a0million, 2023: \u00a3934\u00a0million) related to the acquisition of the former Shionogi-ViiV Healthcare joint venture;
a net credit of \u00a3254\u00a0million (2024: \u00a322\u00a0million, 2023: net charge \u00a344\u00a0million) relating to the acquisition of Affinivax; and a net charge
of \u00a3171\u00a0million (2024: \u00a3206\u00a0million, 2023: net credit \u00a3187\u00a0million) payable to Novartis related to the Vaccines acquisition, together
with fair value movements on related hedging contracts.
Other income in 2025 included \u00a3367\u00a0million ($500\u00a0million) of cash settlement from CureVac. Other income in 2023 primarily
included net income from dividends related to investments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-593": { "value": "
7. Other operating income/(expense)
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Fair value remeasurements of equity investments
(24)
51
(122)
Disposal of businesses and assets
106
246
61
Fair value remeasurements on contingent consideration recognised in business combinations(1)
(581)
(1,751)
(791)
Remeasurement of ViiV Healthcare put option liabilities and preferential dividends
93
(67)
245
Fair value adjustments on derivative financial instruments
\u2013
\u2013
7
Other income/(expense)
422
(9)
237
16
(1,530)
(363)
(1) Fair value remeasurements on contingent consideration disclosed above includes the fair value movements on related hedging contracts.
Disposal of businesses and assets in 2025, 2024 and 2023 primarily included milestone and royalty income.
Fair value remeasurements on contingent consideration recognised as business combinations included: a net charge of
\u00a3649\u00a0million (2024: \u00a31,533\u00a0million, 2023: \u00a3934\u00a0million) related to the acquisition of the former Shionogi-ViiV Healthcare joint venture;
a net credit of \u00a3254\u00a0million (2024: \u00a322\u00a0million, 2023: net charge \u00a344\u00a0million) relating to the acquisition of Affinivax; and a net charge
of \u00a3171\u00a0million (2024: \u00a3206\u00a0million, 2023: net credit \u00a3187\u00a0million) payable to Novartis related to the Vaccines acquisition, together
with fair value movements on related hedging contracts.
Other income in 2025 included \u00a3367\u00a0million ($500\u00a0million) of cash settlement from CureVac. Other income in 2023 primarily
included net income from dividends related to investments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-592": { "value": "
7. Other operating income/(expense)
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Fair value remeasurements of equity investments
(24)
51
(122)
Disposal of businesses and assets
106
246
61
Fair value remeasurements on contingent consideration recognised in business combinations(1)
(581)
(1,751)
(791)
Remeasurement of ViiV Healthcare put option liabilities and preferential dividends
93
(67)
245
Fair value adjustments on derivative financial instruments
\u2013
\u2013
7
Other income/(expense)
422
(9)
237
16
(1,530)
(363)
(1) Fair value remeasurements on contingent consideration disclosed above includes the fair value movements on related hedging contracts.
Disposal of businesses and assets in 2025, 2024 and 2023 primarily included milestone and royalty income.
Fair value remeasurements on contingent consideration recognised as business combinations included: a net charge of
\u00a3649\u00a0million (2024: \u00a31,533\u00a0million, 2023: \u00a3934\u00a0million) related to the acquisition of the former Shionogi-ViiV Healthcare joint venture;
a net credit of \u00a3254\u00a0million (2024: \u00a322\u00a0million, 2023: net charge \u00a344\u00a0million) relating to the acquisition of Affinivax; and a net charge
of \u00a3171\u00a0million (2024: \u00a3206\u00a0million, 2023: net credit \u00a3187\u00a0million) payable to Novartis related to the Vaccines acquisition, together
with fair value movements on related hedging contracts.
Other income in 2025 included \u00a3367\u00a0million ($500\u00a0million) of cash settlement from CureVac. Other income in 2023 primarily
included net income from dividends related to investments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-597": { "value": "
8. Operating profit
The following items have been included in operating profit:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Employee costs (Note 9)
8,772
8,759
8,473
Advertising
738
851
835
Distribution costs
202
198
199
Depreciation of property, plant and equipment
850
886
892
Impairment of property, plant and equipment, net of reversals
193
88
17
Depreciation of right of use assets
206
211
190
Impairment of right of use assets, net of reversals
17
(1)
10
Amortisation of intangible assets
1,258
1,454
1,212
Impairment of intangible assets, net of reversals
888
317
418
Impairment of tangible and intangible assets held for sale, net of reversals
\u2013
\u2013
23
Net foreign exchange (gains)/losses
(9)
13
11
Inventories:
Cost of inventories included in cost of sales
6,362
6,495
6,576
Write-down of inventories
1,064
1,046
979
Reversal of prior year write-down of inventories
(575)
(630)
(598)
The reversals of prior year write-downs of inventories principally arise from the reassessment of usage or demand expectations prior
to inventory expiration.
Net foreign exchange (gains)/losses include a net gain of \u00a312 million (2024 : \u00a387 million; 2023 : \u00a334 million) arising from the recycling
of exchange on liquidation or disposal of overseas subsidiaries. The recycling of exchange on disposal of overseas associates is \u00a3nil
( 2024: \u00a3nil ).
Included within operating profit are Major restructuring charges of \u00a3109\u00a0million (2024: \u00a3353 million; 2023: \u00a3382 million), see Note 10,
\u2018Major restructuring costs\u2019.
Fees payable to the company\u2019s auditor and its associates:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Audit of parent company and consolidated financial statements including attestation under
\u00a0 s.404 of Sarbanes-Oxley Act 2002
10.9
10.8
10.2
Audit of the company\u2019s subsidiaries
10.0
10.3
10.2
Total audit services
20.9
21.1
20.4
Audit-related and other assurance services
1.9
2.2
1.6
Total audit services, audit-related and other assurance services
22.8
23.3
22.0
The other assurance services provided by the auditor related to agreed-upon procedures and other assurance services outside of
statutory audit requirements.
In addition to the above, fees paid to the auditor in respect of the GSK pension schemes were:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Audit
0.2
0.2
0.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-596": { "value": "
8. Operating profit
The following items have been included in operating profit:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Employee costs (Note 9)
8,772
8,759
8,473
Advertising
738
851
835
Distribution costs
202
198
199
Depreciation of property, plant and equipment
850
886
892
Impairment of property, plant and equipment, net of reversals
193
88
17
Depreciation of right of use assets
206
211
190
Impairment of right of use assets, net of reversals
17
(1)
10
Amortisation of intangible assets
1,258
1,454
1,212
Impairment of intangible assets, net of reversals
888
317
418
Impairment of tangible and intangible assets held for sale, net of reversals
\u2013
\u2013
23
Net foreign exchange (gains)/losses
(9)
13
11
Inventories:
Cost of inventories included in cost of sales
6,362
6,495
6,576
Write-down of inventories
1,064
1,046
979
Reversal of prior year write-down of inventories
(575)
(630)
(598)
The reversals of prior year write-downs of inventories principally arise from the reassessment of usage or demand expectations prior
to inventory expiration.
Net foreign exchange (gains)/losses include a net gain of \u00a312 million (2024 : \u00a387 million; 2023 : \u00a334 million) arising from the recycling
of exchange on liquidation or disposal of overseas subsidiaries. The recycling of exchange on disposal of overseas associates is \u00a3nil
( 2024: \u00a3nil ).
Included within operating profit are Major restructuring charges of \u00a3109\u00a0million (2024: \u00a3353 million; 2023: \u00a3382 million), see Note 10,
\u2018Major restructuring costs\u2019.
Fees payable to the company\u2019s auditor and its associates:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Audit of parent company and consolidated financial statements including attestation under
\u00a0 s.404 of Sarbanes-Oxley Act 2002
10.9
10.8
10.2
Audit of the company\u2019s subsidiaries
10.0
10.3
10.2
Total audit services
20.9
21.1
20.4
Audit-related and other assurance services
1.9
2.2
1.6
Total audit services, audit-related and other assurance services
22.8
23.3
22.0
The other assurance services provided by the auditor related to agreed-upon procedures and other assurance services outside of
statutory audit requirements.
In addition to the above, fees paid to the auditor in respect of the GSK pension schemes were:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Audit
0.2
0.2
0.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-595": { "value": "
8. Operating profit
The following items have been included in operating profit:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Employee costs (Note 9)
8,772
8,759
8,473
Advertising
738
851
835
Distribution costs
202
198
199
Depreciation of property, plant and equipment
850
886
892
Impairment of property, plant and equipment, net of reversals
193
88
17
Depreciation of right of use assets
206
211
190
Impairment of right of use assets, net of reversals
17
(1)
10
Amortisation of intangible assets
1,258
1,454
1,212
Impairment of intangible assets, net of reversals
888
317
418
Impairment of tangible and intangible assets held for sale, net of reversals
\u2013
\u2013
23
Net foreign exchange (gains)/losses
(9)
13
11
Inventories:
Cost of inventories included in cost of sales
6,362
6,495
6,576
Write-down of inventories
1,064
1,046
979
Reversal of prior year write-down of inventories
(575)
(630)
(598)
The reversals of prior year write-downs of inventories principally arise from the reassessment of usage or demand expectations prior
to inventory expiration.
Net foreign exchange (gains)/losses include a net gain of \u00a312 million (2024 : \u00a387 million; 2023 : \u00a334 million) arising from the recycling
of exchange on liquidation or disposal of overseas subsidiaries. The recycling of exchange on disposal of overseas associates is \u00a3nil
( 2024: \u00a3nil ).
Included within operating profit are Major restructuring charges of \u00a3109\u00a0million (2024: \u00a3353 million; 2023: \u00a3382 million), see Note 10,
\u2018Major restructuring costs\u2019.
Fees payable to the company\u2019s auditor and its associates:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Audit of parent company and consolidated financial statements including attestation under
\u00a0 s.404 of Sarbanes-Oxley Act 2002
10.9
10.8
10.2
Audit of the company\u2019s subsidiaries
10.0
10.3
10.2
Total audit services
20.9
21.1
20.4
Audit-related and other assurance services
1.9
2.2
1.6
Total audit services, audit-related and other assurance services
22.8
23.3
22.0
The other assurance services provided by the auditor related to agreed-upon procedures and other assurance services outside of
statutory audit requirements.
In addition to the above, fees paid to the auditor in respect of the GSK pension schemes were:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Audit
0.2
0.2
0.2
10. Major restructuring costs
Within the pharmaceuticals sector, the highly regulated manufacturing operations and supply chains and long lifecycle of the
business mean that restructuring programmes, particularly those that involve the rationalisation or closure of manufacturing or R&D
sites, are likely to take several years to complete.
Major restructuring costs are those related to specific Board-approved Major restructuring programmes, including integration costs
following material acquisitions, which are structural and are of a significant scale where the costs of individual or related projects
exceed \u00a325\u00a0million.
In 2022, the Board approved a Major restructuring programme for the integration of significant acquisitions designed to integrate
and achieve synergies. Costs of significant acquisitions relate to integration costs of Affinivax Inc. acquired in Q3 2022, BELLUS
Health Inc. acquired in Q2 2023, Aiolos Bio Inc. acquired in Q1 2024, IDRx, Inc acquired in Q1 2025 and BP Asset IX, Inc. acquired to
access efimosfermin in Q3 2025.
The total restructuring costs of \u00a3109 million in 2025 (2024: \u00a3353 million; 2023: \u00a3382 million) were incurred in the following areas:
\u2013 Restructuring costs for separation of GSK into two companies aiming to provide a robust and sustainable state for the
pharmaceutical organisation which is now largely complete
\u2013 The integration of acquisitions
\u2013 Continued transformation of central functions, including GSK technology platforms and interfaces, to deliver greater digital
synergies, simplification of applications and staff reductions
The analysis of the costs charged to operating profit under these programmes was as follows:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Increase in provision for Major restructuring programmes (see Note 31)
67
195
172
Amount of provision reversed unused (see Note 31)
(51)
(51)
(55)
Impairment (reversals)/losses recognised
4
(12)
33
Other non-cash charges
18
58
86
Other cash costs
71
163
146
109
353
382
Provision reversals of \u00a351 million mainly relate to the Separation restructuring programme. Asset impairment of \u00a34 million and other
non-cash charges of \u00a318 million principally comprised fixed asset write-downs of manufacturing and accelerated depreciation
where asset lives have been shortened in the supply chain manufacturing network as a result of the Major restructuring
programmes. All other charges have been or will be settled in cash and include site closure costs, consultancy and project
management costs.
The analysis of Major restructuring charges by programme was as follows:
2025
Cash
\u00a3m
Non-cash
\u00a3m
Total
\u00a3m
Separation restructuring programme
48
14
62
Significant acquisitions
26
\u2013
26
Legacy programmes
13
8
21
87
22
109
2024
Cash
\u00a3m
Non-cash
\u00a3m
Total
\u00a3m
Separation restructuring programme
200
36
236
Significant acquisitions
59
1
60
Legacy programmes
48
9
57
307
46
353
The analysis of Major restructuring charges by income statement line was as follows:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Cost of sales
48
163
164
Selling, general and administration
44
160
216
Research and development
17
9
2
Other operating expense
\u2013
21
\u2013
109
353
382
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-598": { "value": "
Fees payable to the company\u2019s auditor and its associates:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Audit of parent company and consolidated financial statements including attestation under
\u00a0 s.404 of Sarbanes-Oxley Act 2002
10.9
10.8
10.2
Audit of the company\u2019s subsidiaries
10.0
10.3
10.2
Total audit services
20.9
21.1
20.4
Audit-related and other assurance services
1.9
2.2
1.6
Total audit services, audit-related and other assurance services
22.8
23.3
22.0
The other assurance services provided by the auditor related to agreed-upon procedures and other assurance services outside of
statutory audit requirements.
In addition to the above, fees paid to the auditor in respect of the GSK pension schemes were:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Audit
0.2
0.2
0.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-600": { "value": "
9. Employee costs
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Wages and salaries
6,843
6,750
6,706
Social security costs
865
862
818
Pension and other post-employment costs, including augmentations (Note 30)
300
368
356
Cost of share-based incentive plans
390
347
321
Severance and other costs from integration and restructuring activities
374
432
272
8,772
8,759
8,473
The Group provides benefits to employees, commensurate with local practice in individual countries, including in some markets,
healthcare insurance, subsidised car schemes and personal life assurance.
The cost of share-based incentive plans is analysed as follows:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Share Value Plan
288
260
244
Performance Share Plan
75
67
58
Share option plans
6
6
5
Cash settled and other plans
21
14
14
390
347
321
The average number of persons employed by the Group (including Directors) during the year:
2025
Number
2024
Number
2023
Number
Manufacturing
22,686
23,206
23,209
Selling, general and administration
32,743
33,503
34,446
Research and development
12,878
12,596
12,589
Total
68,307
69,305
70,244
The average monthly number of Group employees excludes temporary and contract staff. The numbers of Group employees at the
end of each financial year are given in the financial record on page 282.
The compensation of the Directors and senior management (members of the Executive Committee, formerly known as the GSK
Leadership Team) in aggregate, was as follows:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Wages and salaries
34
32
37
Social security costs
6
6
4
Pension and other post-employment costs
2
1
1
Cost of share-based incentive plans
39
38
32
81
77
74
Further information on the remuneration of the Directors is given in the sections of the Annual Report on remuneration labelled as
audited within pages 147 to 149.
30. Pensions and other post-employment benefits
Pension and other post-employment costs
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
UK pension schemes
83
120
96
US pension schemes
27
40
56
Other overseas pension schemes
130
151
146
Unfunded post-retirement healthcare schemes
60
57
58
300
368
356
Analysed as:
Funded defined benefit/hybrid pension schemes
83
132
134
Unfunded defined benefit pension schemes
27
29
35
Unfunded post-retirement healthcare schemes
60
57
58
Defined benefit schemes
170
218
227
Defined contribution pension schemes
130
150
129
300
368
356
The costs of the defined benefit pension and post-retirement healthcare schemes are charged in the income statement as follows:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Cost of sales
69
87
94
Selling, general and administration
69
92
91
Research and development
32
39
42
170
218
227
GSK entities operate pension arrangements which cover the Group\u2019s material obligations to provide pensions to retired employees.
These arrangements have been developed in accordance with local practices in the countries concerned. Pension benefits can be
provided by state schemes; by defined contribution schemes, whereby retirement benefits are determined by the value of funds
arising from contributions paid in respect of each employee; or by defined benefit schemes, whereby retirement benefits are based
on factors such as employee pensionable remuneration and length of service.
Pension costs of defined benefit schemes for accounting purposes have been calculated using the projected unit credit method. In
certain countries pension benefits are provided on an unfunded basis, some administered by trustee companies. Formal,
independent actuarial valuations of the Group\u2019s main plans are undertaken regularly, normally at least every three years.
Remeasurement movements in the year are recognised through the statement of comprehensive income. Discount rates are
derived from AA-rated corporate bond yields except in countries where there is no deep market in corporate bonds where
government bond yields are used. Discount rates are selected to reflect the term of the expected benefit payments. Projected
inflation rates and pension increases are long-term predictions based on the yield gap between long-term index-linked and fixed
interest government bonds. In the UK, mortality rates are determined by adjusting the SAPS S3 standard mortality tables to reflect
recent scheme experience. These rates are then projected to reflect improvements in life expectancy in line with the CMI 2024
projections with a long-term rate of improvement of 1.0% per year for both males and females. In the US, mortality rates are
calculated using the PRI-2012 white collar table adjusted to reflect recent experience. These rates are projected using MP-2020 to
allow for future improvements in life expectancy.
The average life expectancy assumed now for an individual at the age of 60 and projected to apply in 2045 for an individual then at the age of 60 is
as follows:
UK
US
Male
Years
Female
Years
Male
Years
Female
Years
Current
27.1
28.4
27.5
28.8
Projected for 2045
28.2
29.7
29.0
30.3
The assets of funded schemes are generally held in separately administered trusts, either as specific assets or as a proportion of a
general fund, or are insurance contracts. Assets are invested in different classes in order to maintain a balance between risk and
return. Investments are diversified to limit the financial effect of the failure of any individual investment. The target exposure for
three of the four UK plans is split 31% to return-seeking assets and 69% to liability-matching assets. During 2019, a buy-in insurance
contract was purchased to cover substantially all of the obligations of the other UK plan. At 31\u00a0December 2025, the value of the
insurance contract was \u00a3345 million (2024 : \u00a3340 million). The asset allocation of the US plan is currently set at 25% return-seeking
assets and 75% liability-matching assets.
The pension plans are exposed to risk that arises because the market value of the plans\u2019 assets might decline or the estimated value
of the plans\u2019 liabilities might increase.
Within the broad investment strategy outlined above, the return-seeking assets are primarily intended to generate future returns
while the liability-matching assets are intended to match future pension obligations. Each pool invests across a broad range of
assets. The main risks within the portfolios are against credit risk, interest rates, long-term inflation, equities, property, currency and
bank counterparty risk.
The plan liabilities are a series of future cash flows with relatively long duration. On an IAS 19 basis, these cash flows are sensitive to
changes in the expected long-term inflation rate and the discount rate (AA corporate bond yield curve) where an increase in long-
term inflation corresponds with an increase in the liabilities, and an increase in the discount rate corresponds with a decrease in the
liabilities.
For the UK plans, there is an interest rate and inflation hedging strategy in place. The targets are based on an economic measure of
the plan liabilities.The interest rate risk in the US is partially hedged with the target based on an accounting measure of the plan
liabilities.
Climate-related impacts, along with other environmental, social and governance (ESG) considerations, can be financially material
with regard both to expected returns and to risk implications. The incorporation of such considerations into investment policy is
subject to local regulations and fiduciary obligations.
In the UK, the defined benefit pension schemes operated for the benefit of former Glaxo Wellcome employees and former
SmithKline Beecham employees remain separate. These schemes were closed to new entrants in 2001 and subsequent UK
employees are entitled to join a defined contribution scheme. In addition, the Group operates a number of post-retirement
healthcare schemes, the principal one of which is in the US.
The UK defined benefit plans closed to future accrual effective from 31 March 2022. As a result, post closure the accrued benefits of
active participants are revalued in line with inflation (RPI for the legacy Glaxo Wellcome plans and CPI for the legacy SmithKline
Beecham plans subject to the relevant caps for each arrangement) rather than capped pay increases. From 1 April 2022, former
defined benefit plans employees were transferred to the defined contribution plans.
The US cash balance pension plan closed to future accrual from 1 January 2021.\u00a0
The Group has applied the following financial assumptions in assessing the defined benefit liabilities:
UK
US
Rest of World
2025
% pa
2024
% pa
2023
% pa
2025
% pa
2024
% pa
2023
% pa
2025
% pa
2024
% pa
2023
% pa
Rate of increase of future earnings
n/a
n/a
n/a
n/a
n/a
n/a
3.20
3.20
3.20
Discount rate
5.50
5.50
4.60
5.10
5.50
5.00
4.00
3.30
3.10
Expected pension increases
2.70
2.90
2.90
n/a
n/a
n/a
2.40
2.40
2.50
Cash balance credit/conversion rate
n/a
n/a
n/a
4.80
4.80
4.00
2.10
1.10
0.60
Inflation rate
2.70
2.90
2.90
2.50
2.50
2.50
2.00
1.90
2.00
The liability for the US post-retirement healthcare scheme has been assessed using the same assumptions as for the US pension
scheme, together with the assumption for future medical inflation of 7.00% in 2026 grading down to 5.0% in 2034 and thereafter
(2024: 6.50% in 2025, grading down to 5.0% in 2031 and thereafter).
Sensitivity analysis detailing the effect of changes in assumptions is provided on page 232. The analysis provided reflects the
assumption changes which have the most material impact on the results of the Group.
The amounts recorded in the income statement and statement of comprehensive income for the three years ended 31\u00a0December
2025 in relation to the defined benefit pension and post-retirement healthcare schemes were as follows:
Pensions
Post-retirement
benefits
2025
UK
\u00a3m
US
\u00a3m
Rest of World
\u00a3m
Group
\u00a3m
Group
\u00a3m
Amounts charged to operating profit
Current service cost
\u2013
3
89
92
17
Past service cost
2
1
\u2013
3
2
Net interest (income)/cost
(30)
17
9
(4)
41
Gains from settlements
\u2013
\u2013
\u2013
\u2013
\u2013
Expenses
13
6
\u2013
19
\u2013
(15)
27
98
110
60
Remeasurement gains/(losses) recorded in the statement of
\u00a0 comprehensive income
80
42
26
148
(15)
Pensions
Post-retirement
benefits
2024
UK
\u00a3m
US
\u00a3m
Rest of World
\u00a3m
Group
\u00a3m
Group
\u00a3m
Amounts charged to operating profit
Current service cost
\u2013
3
94
97
14
Past service cost
18
\u2013
\u2013
18
\u2013
Net interest (income)/cost
(15)
26
14
25
43
Gains from settlements
\u2013
\u2013
(2)
(2)
\u2013
Expenses
12
11
\u2013
23
\u2013
15
40
106
161
57
Remeasurement gains/(losses) recorded in the statement of
\u00a0 comprehensive income
237
90
129
456
50
Pensions
Post-retirement
benefits
2023
UK
\u00a3m
US
\u00a3m
Rest of World
\u00a3m
Group
\u00a3m
Group
\u00a3m
Amounts charged to operating profit
Current service cost
\u2013
5
91
96
12
Past service cost/(credit)
3
\u2013
\u2013
3
\u2013
Net interest (income)/cost
(5)
35
16
46
47
Gains from settlements
\u2013
\u2013
(6)
(6)
\u2013
Expenses
14
16
\u2014
30
(1)
12
56
101
169
58
Remeasurement gains/(losses) recorded in the statement of
\u00a0 comprehensive income
28
45
38
111
(40)
Past service cost in the UK included \u00a32 million (2024: \u00a318 million; 2023: \u00a33 million) of augmentation costs which arose from Major
restructuring programmes.
A summarised balance sheet presentation of the Group defined benefit pension schemes and other post-retirement benefits is set
out in the table below:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Recognised in other non-current assets (Note 23):
Pension schemes in surplus
1,115
898
634
Recognised in pensions and other post-employment benefits:
\u00a0 Pension schemes in deficit
(886)
(1,001)
(1,397)
\u00a0 Post-retirement benefits
(801)
(863)
(943)
(1,687)
(1,864)
(2,340)
In the event of a plan wind-up, GSK believes the UK pension scheme rules provide the company with the right to a refund of surplus
assets following the full settlement of plan liabilities. As a result, the net surplus in the UK defined benefit pension schemes is
recognised in full.
The fair values of the assets and liabilities of the UK and US defined benefit pension schemes, together with aggregated data for
other defined benefit pension schemes in the Group, are as follows:
At 31\u00a0December 2025
UK
\u00a3m
US
\u00a3m
Rest of World
\u00a3m
Group
\u00a3m
Equities:
\u2013\u00a0 listed
1,376
508
395
2,279
\u2013\u00a0 unlisted
\u2013
\u2013
\u2013
\u2013
Multi-asset funds
867
\u2013
\u2013
867
Property:
\u2013\u00a0 listed
\u2013
\u2013
\u2013
\u2013
\u2013\u00a0 unlisted
413
78
24
515
Corporate bonds:
\u2013\u00a0 listed
1,491
755
233
2,479
\u2013\u00a0 unlisted
\u2013
\u2013
\u2013
\u2013
Government bonds:
\u2013\u00a0 listed
4,553
739
456
5,748
Insurance contracts
878
\u2013
889
1,767
Other (liabilities)/assets
(759)
90
88
(581)
Fair value of assets
8,819
2,170
2,085
13,074
Present value of scheme obligations
(8,130)
(2,391)
(2,324)
(12,845)
Net surplus/(obligation)
689
(221)
(239)
229
Included in other non-current assets
848
\u2013
267
1,115
Included in pensions and other post-employment benefits
(159)
(221)
(506)
(886)
689
(221)
(239)
229
Actual return/(loss) on plan assets
538
215
(10)
743
The multi-asset funds comprise investments in pooled investment vehicles that are invested across a range of asset classes,
increasing diversification within the growth portfolio.
The \u2018Other (liabilities)/assets\u2019 category comprises cash and mark to market values of derivative positions.
Index-linked gilts held as part of a UK repo programme are included in government bonds. The related loan of \u00a31,857 million at
31\u00a0December 2025 (2024: \u00a31,634 million; 2023: \u00a31,853 million) is deducted within \u2018Other (liabilities)/assets\u2019.
At 31\u00a0December 2024
UK
\u00a3m
US
\u00a3m
Rest of World
\u00a3m
Group
\u00a3m
Equities:
\u2013\u00a0 listed
1,669
472
364
2,505
\u2013\u00a0 unlisted
\u2013
\u2013
2
2
Multi-asset funds
923
\u2013
\u2013
923
Property:
\u2013\u00a0 listed
\u2013
\u2013
\u2013
\u2013
\u2013\u00a0 unlisted
407
99
24
530
Corporate bonds:
\u2013\u00a0 listed
2,104
739
208
3,051
\u2013\u00a0 unlisted
\u2013
\u2013
15
15
Government bonds:
\u2013\u00a0 listed
4,107
772
489
5,368
Insurance contracts
883
\u2013
822
1,705
Other (liabilities)/assets
(1,291)
125
81
(1,085)
Fair value of assets
8,802
2,207
2,005
13,014
Present value of scheme obligations
(8,241)
(2,596)
(2,280)
(13,117)
Net surplus/(obligation)
561
(389)
(275)
(103)
\u2014
\u2014
\u2014
\u2014
Included in other non-current assets
725
\u2013
173
898
Included in pensions and other post-employment benefits
(164)
(389)
(448)
(1,001)
561
(389)
(275)
(103)
Actual return/(loss) on plan assets
(213)
132
121
40
At 31\u00a0December 2023
UK
\u00a3m
US
\u00a3m
Rest of World
\u00a3m
Group
\u00a3m
Equities:
\u2013\u00a0 listed
1,647
447
349
2,443
\u2013\u00a0 unlisted
\u2013
\u2013
2
2
Multi-asset funds
852
\u2013
\u2013
852
Property:
\u2013\u00a0 listed
\u2013
\u2013
\u2013
\u2013
\u2013\u00a0 unlisted
467
119
24
610
Corporate bonds:
\u2013\u00a0 listed
2,019
698
205
2,922
\u2013\u00a0 unlisted
\u2013
\u2013
15
15
Government bonds:
\u2013\u00a0 listed
4,897
774
527
6,198
Insurance contracts
990
\u2013
771
1,761
Other (liabilities)/assets
(1,374)
104
89
(1,181)
Fair value of assets
9,498
2,142
1,982
13,622
Present value of scheme obligations
(9,222)
(2,757)
(2,406)
(14,385)
Net surplus/(obligation)
276
(615)
(424)
(763)
Included in Other non-current assets
457
\u2013
177
634
Included in Pensions and other post-employment benefits
(181)
(615)
(601)
(1,397)
276
(615)
(424)
(763)
Actual return on plan assets
647
196
138
981
Pensions
Post-retirement
benefits
Movements in fair values of assets
UK
\u00a3m
US
\u00a3m
Rest of World
\u00a3m
Group
\u00a3m
Group
\u00a3m
Assets at 1\u00a0January 2023
9,014
2,260
1,870
13,144
\u2013
Exchange adjustments
\u2013
(125)
(84)
(209)
\u2013
Interest income
430
111
60
601
\u2013
Expenses
(14)
(16)
\u2013
(30)
\u2013
Settlements and curtailments
\u2013
\u2013
2
2
\u2013
Remeasurement
217
85
78
380
\u2013
Employer contributions
363
125
118
606
98
Scheme participants\u2019 contributions
\u2013
\u2013
11
11
18
Benefits paid
(512)
(298)
(73)
(883)
(116)
Assets at 31\u00a0December 2023
9,498
2,142
1,982
13,622
\u2013
Exchange adjustments
\u2013
37
(116)
(79)
\u2013
Interest income
426
102
59
587
\u2013
Expenses
(12)
(11)
\u2013
(23)
\u2013
Settlements and curtailments
\u2013
\u2013
(1)
(1)
\u2013
Remeasurement
(639)
30
62
(547)
\u2013
Employer contributions
63
179
109
351
94
Scheme participants\u2019 contributions
\u2013
\u2013
11
11
18
Benefits paid
(534)
(272)
(101)
(907)
(112)
Assets at 31\u00a0December 2024
8,802
2,207
2,005
13,014
\u2013
Exchange adjustments
\u2013
(153)
57
(96)
\u2013
Interest income
469
111
65
645
\u2013
Expenses
(13)
(6)
\u2013
(19)
\u2013
Settlements and curtailments
\u2013
\u2013
\u2013
\u2013
\u2013
Remeasurement
69
104
(75)
98
\u2013
Employer contributions
33
128
122
283
87
Scheme participants\u2019 contributions
\u2013
\u2013
12
12
18
Benefits paid
(541)
(221)
(101)
(863)
(105)
Assets at 31\u00a0December 2025
8,819
2,170
2,085
13,074
\u2013
During 2025, the Group made \u00a3nil (2024: \u00a330 million) deficit reduction contributions to the UK pension schemes. The Group made a
contribution to the US Cash Balance Plan of \u00a3100 million (2024: \u00a3150\u00a0million).
Employer contributions for 2026 are estimated to be approximately \u00a3170\u00a0million in respect of defined benefit pension schemes and
\u00a370\u00a0million in respect of other post-retirement benefits.
Effective from January 2026, contributions to the GSK Pension Scheme defined contributions section, ordinarily payable by the
Group, will be met from surplus assets in the GSK Pension Scheme defined benefits section, provided certain conditions are met.
Pensions
Post-retirement
benefits
Movements in defined benefit obligations
UK
\u00a3m
US
\u00a3m
Rest of World
\u00a3m
Group
\u00a3m
Group
\u00a3m
Obligations at 1\u00a0January 2023
(9,117)
(3,031)
(2,352)
(14,500)
(994)
Exchange adjustments
\u2013
166
87
253
53
Service cost
\u2013
(5)
(91)
(96)
(13)
Past service cost
(3)
\u2013
\u2013
(3)
\u2013
Interest cost
(425)
(145)
(76)
(646)
(47)
Settlements and curtailments
\u2013
\u2013
4
4
\u2013
Remeasurement
(189)
(40)
(40)
(269)
(40)
Scheme participants\u2019 contributions
\u2013
\u2013
(11)
(11)
(18)
Benefits paid
512
298
73
883
116
Obligations at 31\u00a0December 2023
(9,222)
(2,757)
(2,406)
(14,385)
(943)
Exchange adjustments
\u2013
(40)
133
93
(7)
Service cost
\u2013
(3)
(94)
(97)
(14)
Past service cost
(18)
\u2013
\u2013
(18)
\u2013
Interest cost
(411)
(128)
(73)
(612)
(43)
Settlements and curtailments
\u2013
\u2013
3
3
\u2013
Remeasurement
876
60
67
1,003
50
Scheme participants\u2019 contributions
\u2013
\u2013
(11)
(11)
(18)
Benefits paid
534
272
101
907
112
Obligations at 31\u00a0December 2024
(8,241)
(2,596)
(2,280)
(13,117)
(863)
Exchange adjustments
\u2013
178
(71)
107
50
Service cost
\u2013
(3)
(89)
(92)
(17)
Past service cost
(2)
(1)
\u2013
(3)
(2)
Interest cost
(439)
(128)
(74)
(641)
(41)
Settlements and curtailments
\u2013
\u2013
\u2013
\u2013
\u2013
Remeasurement
11
(62)
101
50
(15)
Scheme participants\u2019 contributions
\u2013
\u2013
(12)
(12)
(18)
Benefits paid
541
221
101
863
105
Obligations at 31\u00a0December 2025
(8,130)
(2,391)
(2,324)
(12,845)
(801)
The defined benefit pension obligation is analysed as follows:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Funded
(12,323)
(12,564)
(13,782)
Unfunded
(522)
(553)
(603)
(12,845)
(13,117)
(14,385)
At 31\u00a0December 2025, the US post-retirement healthcare scheme obligation was \u00a3684 million (2024: \u00a3748 million; 2023: \u00a3785
million). Post-retirement benefits are unfunded.
The movement in the net defined benefit liability is as follows:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
At 1 January
(103)
(763)
(1,356)
Exchange adjustments
11
14
44
Service cost
(92)
(97)
(96)
Past service cost
(3)
(18)
(3)
Interest income/(cost)
4
(25)
(45)
Settlements and curtailments
\u2013
2
6
Remeasurements:
Return on plan assets, excluding amounts included in interest
98
(547)
380
Gain/(loss) from change in demographic assumptions
(62)
90
135
Gain/(loss) from change in financial assumptions
211
890
(137)
Experience gain/(loss)
(99)
23
(267)
Employer contributions
283
351
606
Transfer to assets held for sale/distribution
\u2013
\u2013
\u2013
Expenses
(19)
(23)
(30)
At 31 December
229
(103)
(763)
The remeasurements included within post-retirement benefits are detailed below:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Gain from change in demographic assumptions
\u2013
7
7
Gain/(loss) from change in financial assumptions
(1)
44
(43)
Experience gain/(loss)
(14)
(1)
(4)
(15)
50
(40)
The defined benefit pension obligation analysed by membership category is as follows:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Active
2,232
1,418
1,508
Retired
8,215
8,147
8,730
Deferred
2,398
3,552
4,147
12,845
13,117
14,385
The post-retirement benefit obligation analysed by membership category is as follows:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Active
270
277
277
Retired
530
586
666
Deferred
1
\u2013
\u2013
801
863
943
The weighted average duration of the defined benefit obligation is as follows:
2025
years
2024
years
2023
years
Pension benefits
10
11
11
Post-retirement benefits
9
9
10
Sensitivity analysis
The effect of changes in assumptions used on the benefit obligations and on the 2025 annual defined benefit pension and post-
retirement costs are detailed below. This information has been determined by taking into account the duration of the liabilities and
the overall profile of the plan memberships.
Discount rate
0.25%
increase
\u00a3m
0.25%
decrease
\u00a3m
(Decrease)/increase in annual pension cost
(17)
15
Increase/(decrease) in annual post-retirement benefits cost
1
(1)
(Decrease)/increase in pension obligation
(289)
303
(Decrease)/increase in post-retirement benefits obligation
(16)
17
0.75%
increase
\u00a3m
0.75%
decrease
\u00a3m
(Decrease)/increase in annual pension cost
(51)
44
Increase/(decrease) in annual post-retirement benefits cost
2
(2)
(Decrease)/increase in pension obligation
(836)
950
(Decrease)/increase in post-retirement benefits obligation
(46)
51
Inflation rate
0.25%
increase
\u00a3m
0.25%
decrease
\u00a3m
Increase/(decrease) in annual pension cost
15
(16)
Increase/(decrease) in pension obligation
237
(229)
0.75%
increase
\u00a3m
0.75%
decrease
\u00a3m
Increase/(decrease) in annual pension cost
44
(47)
Increase/(decrease) in pension obligation
712
(689)
Life expectancy
1 year
increase
\u00a3m
Increase in annual pension cost
19
Increase in annual post-retirement benefits cost
1
Increase in pension obligation
403
Increase in post-retirement benefits obligation
28
Rate of future healthcare inflation
1%
increase
\u00a3m
Increase in annual post-retirement benefits cost
1
Increase in post-retirement benefits obligation
21
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-599": { "value": "
9. Employee costs
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Wages and salaries
6,843
6,750
6,706
Social security costs
865
862
818
Pension and other post-employment costs, including augmentations (Note 30)
300
368
356
Cost of share-based incentive plans
390
347
321
Severance and other costs from integration and restructuring activities
374
432
272
8,772
8,759
8,473
The Group provides benefits to employees, commensurate with local practice in individual countries, including in some markets,
healthcare insurance, subsidised car schemes and personal life assurance.
The cost of share-based incentive plans is analysed as follows:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Share Value Plan
288
260
244
Performance Share Plan
75
67
58
Share option plans
6
6
5
Cash settled and other plans
21
14
14
390
347
321
The average number of persons employed by the Group (including Directors) during the year:
2025
Number
2024
Number
2023
Number
Manufacturing
22,686
23,206
23,209
Selling, general and administration
32,743
33,503
34,446
Research and development
12,878
12,596
12,589
Total
68,307
69,305
70,244
The average monthly number of Group employees excludes temporary and contract staff. The numbers of Group employees at the
end of each financial year are given in the financial record on page 282.
The compensation of the Directors and senior management (members of the Executive Committee, formerly known as the GSK
Leadership Team) in aggregate, was as follows:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Wages and salaries
34
32
37
Social security costs
6
6
4
Pension and other post-employment costs
2
1
1
Cost of share-based incentive plans
39
38
32
81
77
74
Further information on the remuneration of the Directors is given in the sections of the Annual Report on remuneration labelled as
audited within pages 147 to 149.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-601": { "value": "
The compensation of the Directors and senior management (members of the Executive Committee, formerly known as the GSK
Leadership Team) in aggregate, was as follows:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Wages and salaries
34
32
37
Social security costs
6
6
4
Pension and other post-employment costs
2
1
1
Cost of share-based incentive plans
39
38
32
81
77
74
Further information on the remuneration of the Directors is given in the sections of the Annual Report on remuneration labelled as
audited within pages 147 to 149.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-605": { "value": "
11. Finance income
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Finance income arising from:
Financial assets measured at amortised cost
56
60
48
Financial assets mandatorily measured at fair value through profit or loss
91
72
60
Net gains/(losses) arising from net investment hedge relationships(1)
15
(16)
\u2013
Other finance income
7
6
7
169
122
115
(1) Net gains/(losses) arising from net investment hedge relationships relates to forward points which are excluded from the hedge relationship and taken
directly to the income statement (2024 : \u00a31 million; 2023: \u00a3nil) and contains \u00a3nil gains or losses relating to ineffectiveness on net investment hedges (2024:
\u00a315 million loss; 2023: \u00a3nil ).
12. Finance expense
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Finance expense arising on:
Financial liabilities at amortised cost
(612)
(569)
(672)
Net losses arising from:
Financial instruments mandatorily measured at fair value through profit or loss
337
(262)
(23)
Retranslation of loans
(338)
266
25
Reclassification of hedges from other comprehensive income
(4)
(4)
(4)
Unwinding of discounts on provisions
(29)
(25)
(15)
Finance expense arising on lease liabilities
(46)
(46)
(38)
Other finance expense
(9)
(29)
(65)
(701)
(669)
(792)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-604": { "value": "
11. Finance income
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Finance income arising from:
Financial assets measured at amortised cost
56
60
48
Financial assets mandatorily measured at fair value through profit or loss
91
72
60
Net gains/(losses) arising from net investment hedge relationships(1)
15
(16)
\u2013
Other finance income
7
6
7
169
122
115
(1) Net gains/(losses) arising from net investment hedge relationships relates to forward points which are excluded from the hedge relationship and taken
directly to the income statement (2024 : \u00a31 million; 2023: \u00a3nil) and contains \u00a3nil gains or losses relating to ineffectiveness on net investment hedges (2024:
\u00a315 million loss; 2023: \u00a3nil ).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-603": { "value": "
11. Finance income
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Finance income arising from:
Financial assets measured at amortised cost
56
60
48
Financial assets mandatorily measured at fair value through profit or loss
91
72
60
Net gains/(losses) arising from net investment hedge relationships(1)
15
(16)
\u2013
Other finance income
7
6
7
169
122
115
(1) Net gains/(losses) arising from net investment hedge relationships relates to forward points which are excluded from the hedge relationship and taken
directly to the income statement (2024 : \u00a31 million; 2023: \u00a3nil) and contains \u00a3nil gains or losses relating to ineffectiveness on net investment hedges (2024:
\u00a315 million loss; 2023: \u00a3nil ).
12. Finance expense
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Finance expense arising on:
Financial liabilities at amortised cost
(612)
(569)
(672)
Net losses arising from:
Financial instruments mandatorily measured at fair value through profit or loss
337
(262)
(23)
Retranslation of loans
(338)
266
25
Reclassification of hedges from other comprehensive income
(4)
(4)
(4)
Unwinding of discounts on provisions
(29)
(25)
(15)
Finance expense arising on lease liabilities
(46)
(46)
(38)
Other finance expense
(9)
(29)
(65)
(701)
(669)
(792)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-602": { "value": "
11. Finance income
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Finance income arising from:
Financial assets measured at amortised cost
56
60
48
Financial assets mandatorily measured at fair value through profit or loss
91
72
60
Net gains/(losses) arising from net investment hedge relationships(1)
15
(16)
\u2013
Other finance income
7
6
7
169
122
115
(1) Net gains/(losses) arising from net investment hedge relationships relates to forward points which are excluded from the hedge relationship and taken
directly to the income statement (2024 : \u00a31 million; 2023: \u00a3nil) and contains \u00a3nil gains or losses relating to ineffectiveness on net investment hedges (2024:
\u00a315 million loss; 2023: \u00a3nil ).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-607": { "value": "
12. Finance expense
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Finance expense arising on:
Financial liabilities at amortised cost
(612)
(569)
(672)
Net losses arising from:
Financial instruments mandatorily measured at fair value through profit or loss
337
(262)
(23)
Retranslation of loans
(338)
266
25
Reclassification of hedges from other comprehensive income
(4)
(4)
(4)
Unwinding of discounts on provisions
(29)
(25)
(15)
Finance expense arising on lease liabilities
(46)
(46)
(38)
Other finance expense
(9)
(29)
(65)
(701)
(669)
(792)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-606": { "value": "
12. Finance expense
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Finance expense arising on:
Financial liabilities at amortised cost
(612)
(569)
(672)
Net losses arising from:
Financial instruments mandatorily measured at fair value through profit or loss
337
(262)
(23)
Retranslation of loans
(338)
266
25
Reclassification of hedges from other comprehensive income
(4)
(4)
(4)
Unwinding of discounts on provisions
(29)
(25)
(15)
Finance expense arising on lease liabilities
(46)
(46)
(38)
Other finance expense
(9)
(29)
(65)
(701)
(669)
(792)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-611": { "value": "
13. Associates and joint ventures
The Group\u2019s share of after-tax profits and losses of associates and joint ventures is set out below:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Share of after tax profit/(loss) of associates
1
(3)
(2)
Share of after tax profit/(loss) of joint ventures
\u2013
\u2013
(3)
1
(3)
(5)
Aggregated financial information in respect of GSK\u2019s share of other associated undertakings and joint ventures is set out below:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Share of after tax profit/(loss)
1
(3)
(5)
Share of other comprehensive income/(expense)
56
21
7
Share of total comprehensive income/(expense)
57
18
2
The Group\u2019s sales to associates and joint ventures were \u00a3nil in 2025 (2024: \u00a3 nil; 2023: \u00a3nil).
Please refer to the balance sheet information in Note 21, 'Investments in associates and joint ventures'.
21. Investments in associates and joint ventures
Associates
\u00a3m
Joint
ventures
\u00a3m
2025
Total
\u00a3m
Associates
\u00a3m
Joint
ventures
\u00a3m
2024
Total
\u00a3m
1 January
96
\u2013
96
55
\u2013
55
Exchange adjustments
3
\u2013
3
(3)
\u2013
(3)
Additions
\u2013
\u2013
\u2013
43
\u2013
43
Disposals
\u2013
\u2013
\u2013
(2)
\u2013
(2)
Distributions received
(67)
\u2013
(67)
(15)
\u2013
(15)
Net fair value movements through other comprehensive income
56
\u2013
56
21
\u2013
21
Profit/(loss) after tax recognised in the consolidated income
\u00a0 statement
1
\u2013
1
(3)
\u2013
(3)
31 December
89
\u2013
89
96
\u2013
96
Please refer to the income statement information in Note 13, 'Associates and joint ventures'.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-610": { "value": "
13. Associates and joint ventures
The Group\u2019s share of after-tax profits and losses of associates and joint ventures is set out below:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Share of after tax profit/(loss) of associates
1
(3)
(2)
Share of after tax profit/(loss) of joint ventures
\u2013
\u2013
(3)
1
(3)
(5)
Aggregated financial information in respect of GSK\u2019s share of other associated undertakings and joint ventures is set out below:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Share of after tax profit/(loss)
1
(3)
(5)
Share of other comprehensive income/(expense)
56
21
7
Share of total comprehensive income/(expense)
57
18
2
The Group\u2019s sales to associates and joint ventures were \u00a3nil in 2025 (2024: \u00a3 nil; 2023: \u00a3nil).
Please refer to the balance sheet information in Note 21, 'Investments in associates and joint ventures'.
21. Investments in associates and joint ventures
Associates
\u00a3m
Joint
ventures
\u00a3m
2025
Total
\u00a3m
Associates
\u00a3m
Joint
ventures
\u00a3m
2024
Total
\u00a3m
1 January
96
\u2013
96
55
\u2013
55
Exchange adjustments
3
\u2013
3
(3)
\u2013
(3)
Additions
\u2013
\u2013
\u2013
43
\u2013
43
Disposals
\u2013
\u2013
\u2013
(2)
\u2013
(2)
Distributions received
(67)
\u2013
(67)
(15)
\u2013
(15)
Net fair value movements through other comprehensive income
56
\u2013
56
21
\u2013
21
Profit/(loss) after tax recognised in the consolidated income
\u00a0 statement
1
\u2013
1
(3)
\u2013
(3)
31 December
89
\u2013
89
96
\u2013
96
Please refer to the income statement information in Note 13, 'Associates and joint ventures'.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-609": { "value": "
13. Associates and joint ventures
The Group\u2019s share of after-tax profits and losses of associates and joint ventures is set out below:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Share of after tax profit/(loss) of associates
1
(3)
(2)
Share of after tax profit/(loss) of joint ventures
\u2013
\u2013
(3)
1
(3)
(5)
Aggregated financial information in respect of GSK\u2019s share of other associated undertakings and joint ventures is set out below:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Share of after tax profit/(loss)
1
(3)
(5)
Share of other comprehensive income/(expense)
56
21
7
Share of total comprehensive income/(expense)
57
18
2
The Group\u2019s sales to associates and joint ventures were \u00a3nil in 2025 (2024: \u00a3 nil; 2023: \u00a3nil).
Please refer to the balance sheet information in Note 21, 'Investments in associates and joint ventures'.
21. Investments in associates and joint ventures
Associates
\u00a3m
Joint
ventures
\u00a3m
2025
Total
\u00a3m
Associates
\u00a3m
Joint
ventures
\u00a3m
2024
Total
\u00a3m
1 January
96
\u2013
96
55
\u2013
55
Exchange adjustments
3
\u2013
3
(3)
\u2013
(3)
Additions
\u2013
\u2013
\u2013
43
\u2013
43
Disposals
\u2013
\u2013
\u2013
(2)
\u2013
(2)
Distributions received
(67)
\u2013
(67)
(15)
\u2013
(15)
Net fair value movements through other comprehensive income
56
\u2013
56
21
\u2013
21
Profit/(loss) after tax recognised in the consolidated income
\u00a0 statement
1
\u2013
1
(3)
\u2013
(3)
31 December
89
\u2013
89
96
\u2013
96
Please refer to the income statement information in Note 13, 'Associates and joint ventures'.
38. Non-controlling interests
Total non-controlling interests includes the following individually material non-controlling interests. Other non-controlling interests
are individually not material.
ViiV Healthcare
GSK holds 78.3% of the ViiV Healthcare sub-group, giving rise to a material non-controlling interest. Summarised financial
information available at the latest practicable date in respect of the ViiV Healthcare sub-group is as follows:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Turnover
7,458
7,023
6,308
Profit after taxation
2,862
1,619
2,034
Other comprehensive income/(expense)
(11)
7
(19)
Total comprehensive income
2,851
1,626
2,015
2025
\u00a3m
2024
\u00a3m
Non-current assets
2,571
2,649
Current assets
3,710
3,479
Total assets
6,281
6,128
Current liabilities
(4,321)
(4,218)
Non-current liabilities
(7,486)
(8,566)
Total liabilities
(11,807)
(12,784)
Net liabilities
(5,526)
(6,656)
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Net cash inflow from operating activities
3,042
2,554
2,192
Net cash outflow from investing activities
(149)
(106)
(2)
Net cash outflow from financing activities
(2,452)
(2,518)
(2,463)
Increase/(decrease) in cash and bank overdrafts in the year
441
(70)
(273)
The above financial information relates to the ViiV Healthcare group on a stand-alone basis, before the impact of Group-related
adjustments, primarily related to the recognition of preferential dividends. The profit after taxation of \u00a32,862\u00a0million (2024:
\u00a31,619\u00a0million; 2023 : \u00a32,034\u00a0million) is stated after charging preferential dividends payable to GSK and Pfizer and after a charge of
\u00a3623 million (2024: \u00a31,377 million; 2023: \u00a3858 million) for remeasurement of contingent consideration payable. This consideration is
expected to be paid over a number of years.
The following amounts attributable to the ViiV Healthcare group are included in GSK\u2019s consolidated financial statements:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Share of profit for the year attributable to non-controlling interest
552
357
373
Dividends paid to non-controlling interest
374
392
398
Non-controlling interest in the consolidated balance sheet
(515)
(683)
(648)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-608": { "value": "
13. Associates and joint ventures
The Group\u2019s share of after-tax profits and losses of associates and joint ventures is set out below:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Share of after tax profit/(loss) of associates
1
(3)
(2)
Share of after tax profit/(loss) of joint ventures
\u2013
\u2013
(3)
1
(3)
(5)
Aggregated financial information in respect of GSK\u2019s share of other associated undertakings and joint ventures is set out below:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Share of after tax profit/(loss)
1
(3)
(5)
Share of other comprehensive income/(expense)
56
21
7
Share of total comprehensive income/(expense)
57
18
2
The Group\u2019s sales to associates and joint ventures were \u00a3nil in 2025 (2024: \u00a3 nil; 2023: \u00a3nil).
Please refer to the balance sheet information in Note 21, 'Investments in associates and joint ventures'.
21. Investments in associates and joint ventures
Associates
\u00a3m
Joint
ventures
\u00a3m
2025
Total
\u00a3m
Associates
\u00a3m
Joint
ventures
\u00a3m
2024
Total
\u00a3m
1 January
96
\u2013
96
55
\u2013
55
Exchange adjustments
3
\u2013
3
(3)
\u2013
(3)
Additions
\u2013
\u2013
\u2013
43
\u2013
43
Disposals
\u2013
\u2013
\u2013
(2)
\u2013
(2)
Distributions received
(67)
\u2013
(67)
(15)
\u2013
(15)
Net fair value movements through other comprehensive income
56
\u2013
56
21
\u2013
21
Profit/(loss) after tax recognised in the consolidated income
\u00a0 statement
1
\u2013
1
(3)
\u2013
(3)
31 December
89
\u2013
89
96
\u2013
96
Please refer to the income statement information in Note 13, 'Associates and joint ventures'.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-613": { "value": "
14. Taxation
The Group\u2019s tax charge is the sum of the total current and deferred tax expense.
Taxation charge based on profits for the year
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
UK current year charge
181
186
207
Rest of World current year charge
1,263
1,458
1,371
Charge/(credit) in respect of prior periods
(49)
(92)
43
Current taxation
1,395
1,552
1,621
Deferred taxation
(283)
(1,026)
(865)
1,112
526
756
In 2025, GSK made corporate income tax payments globally of \u00a31.2\u00a0billion (2024: \u00a31.3 billion), of which \u00a3164 million (2024: \u00a3106
million) was UK corporation tax paid to HMRC. These amounts relate to corporate income tax only and do not include the various
other business taxes borne by GSK each year.
The deferred tax credits in each period reflect current year losses where offset against taxable profits in future periods is probable,
and the release of deferred tax liabilities, primarily in respect of temporary differences arising as a result of historic business
combinations.
The following table reconciles the tax charge calculated at the UK statutory rate on Group profit before tax with the actual tax
charge for the year.
Reconciliation of taxation on Group profits
2025
\u00a3m
2025
%
2024
\u00a3m
2024
%
2023
\u00a3m
2023
%
Profit before tax
7,401
3,477
6,064
UK statutory rate of taxation
1,850
25.0
869
25.0
1,425
23.5
Differences in overseas taxation rates
(20)
(0.3)
179
5.1
159
2.6
Benefit of intellectual property incentives
(756)
(10.2)
(602)
(17.3)
(696)
(11.5)
R&D credits
(80)
(1.1)
(89)
(2.6)
(121)
(2.0)
Pillar Two tax
169
2.3
6
0.2
\u2014
\u2014
Other permanent differences
33
0.5
304
8.8
112
1.9
Re-assessments of prior year current tax estimates
(49)
(0.7)
(92)
(2.6)
43
0.7
Re-assessments of prior year deferred tax estimates
(97)
(1.3)
(40)
(1.2)
(147)
(2.4)
Changes in tax rates
62
0.8
(9)
(0.3)
(19)
(0.3)
Tax charge/tax rate
1,112
15.0
526
15.1
756
12.5
As a global biopharmaceutical company, we have a substantial business and employment presence in many countries. The impact
of differences in overseas taxation rates arose from profits being earned in countries with tax rates differing from the UK statutory
rate, the most significant of which in 2025 was the US. This favourable impact was complemented by the benefit of intellectual
property incentives such as the UK Patent Box and Belgian Innovation Income Deduction (IID) regimes, which provide a reduced
rate of corporation tax on profits earned from qualifying patents. We claim these incentives in the manner intended by the relevant
statutory or regulatory framework. Global minimum corporate income tax rules in the UK and Belgium (in line with the OECD\u2019s Pillar
Two framework) reduced the benefit of these incentives by \u00a3169\u00a0million.
Other permanent differences includes the impact of non-taxable revaluations of contingent consideration liabilities associated with
recent acquisitions.
The Group\u2019s tax rate is also influenced by updates to estimates of prior period tax liabilities following closure of open issues with tax
authorities in various jurisdictions, and by changes in tax rates.
Future tax charges, and therefore our effective tax rate, may be affected by factors such as acquisitions, disposals, restructuring, the
location of research and development activity, tax regime reforms and resolution of open matters as we continue to bring our tax
affairs up to date around the world.
Tax on items charged to equity and statement of comprehensive income
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Current taxation
Share-based payments
(4)
(4)
(1)
Defined benefit plans
\u2013
\u2013
(143)
Fair value movements on cash flow hedges
\u2013
\u2013
\u2013
Fair value movements on equity investments
11
4
(6)
7
\u2013
(150)
Deferred taxation
Share-based payments
(27)
\u2013
(6)
Defined benefit plans
33
122
184
Fair value movements on cash flow hedges
2
(1)
(1)
Fair value movements on equity investments
9
(21)
(8)
17
100
169
Total charge/(credit) to equity and statement of comprehensive income
24
100
19
All of the above items have been charged to the statement of comprehensive income except for tax on share-based payments.
Issues relating to taxation
We are subject to taxation throughout our supply chain. The worldwide nature of our operations means that our cross-border supply
routes, necessary to ensure supplies of medicines into numerous countries, can result in conflicting claims from tax authorities as to
the profits to be taxed in individual countries. This can lead to double taxation (with the same profits taxed in more than one
country). To mitigate the risk of double taxation, profits are recognised in territories by reference to the activities performed there
and the value they generate. To ensure the profits recognised in jurisdictions are aligned to the activity undertaken there, and in line
with current OECD guidelines, we base our transfer pricing policy on the arm\u2019s length principle and support our transfer prices with
economic analysis and reports. The Group also has open items in several jurisdictions concerning such matters as the deductibility
of particular expenses and the tax treatment of certain business transactions. GSK applies a risk-based approach to determine the
transactions most likely to be subject to challenge and the probability that the Group would be able to obtain compensatory
adjustments under international tax treaties.
The calculation of the Group\u2019s total tax charge therefore necessarily involves a degree of estimation and judgement in respect of
certain items whose tax treatment cannot be finally determined until resolution has been reached with the relevant tax authority or,
as appropriate, through a formal legal process. At 31\u00a0December 2025, the Group had recognised provisions of \u00a3649 million in
respect of such uncertain tax positions (2024: \u00a3636 million). The increase in recognised provisions during 2025 was driven by the
reassessment of estimates, net of the impact of agreement of a number of open issues with tax authorities in various jurisdictions.
Whilst the ultimate liability for such matters may vary from the amounts provided and is dependent upon the outcome of
agreements with the relevant tax authorities, or litigation where appropriate, the Group continues to consider that it has made
appropriate provision for periods which are open and not yet agreed by the tax authorities.
A provision for deferred tax liabilities of \u00a3178 million as at 31\u00a0December 2025 (2024: \u00a3159 million) has been made in respect of
taxation that would be payable on the remittance of profits by certain overseas subsidiaries. Whilst the aggregate amount of
unremitted profits at the balance sheet date was approximately \u00a318 billion (2024: \u00a318 billion), the majority of these unremitted
profits would not be subject to tax (including withholding tax) on repatriation, as UK legislation relating to company distributions
provides for exemption from tax for most overseas profits, subject to certain exceptions. Deferred tax is not provided on temporary
differences of \u00a3739 million (2024: \u00a3696 million) arising on unremitted profits as management has the ability to control any future
reversal and does not consider such a reversal to be probable.
Movement in deferred tax assets and liabilities
Accelerated
capital
allowances
\u00a3m
Intangible
assets
\u00a3m
Contingent
consideration
\u00a3m
Intra-
Group
profit
\u00a3m
Pensions &
other post
employment
benefits
\u00a3m
Tax
losses
\u00a3m
Share
option
and award
schemes
\u00a3m
Other
net
temporary
differences
\u00a3m
Total
At 1\u00a0January 2024
26
(676)
921
1,252
571
1,994
74
1,576
5,738
Exchange adjustments
9
(37)
2
(10)
(5)
\u2013
\u2013
11
(30)
Credit/(charge) to income statement
97
197
50
32
(103)
455
(8)
306
1,026
Credit/(charge) to statement of comprehensive
\u00a0 income
\u2013
\u2013
\u2013
\u2013
(122)
\u2013
\u2013
22
(100)
Acquisitions/disposals
\u2013
(190)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(190)
R&D credits utilisation
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(69)
(69)
At 31\u00a0December 2024
132
(706)
973
1,274
341
2,449
66
1,846
6,375
Exchange adjustments
(5)
111
(1)
(56)
(8)
(1)
(3)
(116)
(79)
Credit/(charge) to income statement
77
50
(90)
(292)
(50)
493
3
92
283
Credit/(charge) to statement of comprehensive
\u00a0 income
\u2013
\u2013
\u2013
\u2013
(28)
\u2013
17
(6)
(17)
Acquisitions/disposals
5
(417)
\u2013
\u2013
14
67
\u2013
10
(321)
Transfer of assets held for sale/distribution
18
7
\u2013
\u2013
\u2013
\u2013
\u2013
(37)
(12)
At 31\u00a0December 2025
227
(955)
882
926
269
3,008
83
1,789
6,229
Deferred tax liabilities in relation to intangible assets predominantly relate to temporary differences arising as a result of historic
business combinations. Acquisitions within the year predominantly relate to IDRx, Inc. and BP Asset IX, Inc. (see Note 40,
'Acquisitions and disposals').
The Group continues to recognise deferred tax assets on future obligations in respect of contingent consideration amounts payable
to minority shareholders. These payments are tax deductible at the point in time at which payment is made.
A deferred tax asset is recognised on intra-Group profits arising on inter-company inventory which are eliminated within the
consolidated accounts. As intra-Group profits are not eliminated from the individual entities\u2019 tax returns a temporary difference
arises that will reverse at the point in time inventory is sold externally.
The deferred tax asset of \u00a33,008\u00a0million (2024 : \u00a32,449\u00a0million) recognised on tax losses relates to trading losses. Such deferred tax
assets are only recognised to the extent Group long-range forecasts indicate sufficient future taxable profits will be available to
utilise such assets (forecast by around 2030). Other net temporary differences included accrued expenses for which a tax deduction
is only available on a paid basis. The Group has adopted the mandatory temporary exception to the recognition and disclosure of
deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules, as required under IAS 12.
Deferred tax asset and liabilities are recognised on the balance sheet as follows:
2025
\u00a3m
2024
\u00a3m
Deferred tax assets
6,520
6,757
Deferred tax liabilities
(291)
(382)
6,229
6,375
2025
2024
Unrecognised tax losses and attributes
Tax losses
\u00a3m
Unrecognised
deferred tax
asset
\u00a3m
Tax losses
\u00a3m
Unrecognised
deferred tax
asset
\u00a3m
Trading losses and attributes expiring:
Within 10 years
1,625
154
1,034
145
More than 10 years
1,150
66
1,598
84
Available indefinitely
241
50
693
161
At 31 December
3,016
270
3,325
390
Capital losses expiring:
Available indefinitely
2,250
564
2,253
565
At 31 December
2,250
564
2,253
565
Deferred tax assets are only recognised where it is probable that future taxable profit will be available to utilise losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-612": { "value": "
14. Taxation
The Group\u2019s tax charge is the sum of the total current and deferred tax expense.
Taxation charge based on profits for the year
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
UK current year charge
181
186
207
Rest of World current year charge
1,263
1,458
1,371
Charge/(credit) in respect of prior periods
(49)
(92)
43
Current taxation
1,395
1,552
1,621
Deferred taxation
(283)
(1,026)
(865)
1,112
526
756
In 2025, GSK made corporate income tax payments globally of \u00a31.2\u00a0billion (2024: \u00a31.3 billion), of which \u00a3164 million (2024: \u00a3106
million) was UK corporation tax paid to HMRC. These amounts relate to corporate income tax only and do not include the various
other business taxes borne by GSK each year.
The deferred tax credits in each period reflect current year losses where offset against taxable profits in future periods is probable,
and the release of deferred tax liabilities, primarily in respect of temporary differences arising as a result of historic business
combinations.
The following table reconciles the tax charge calculated at the UK statutory rate on Group profit before tax with the actual tax
charge for the year.
Reconciliation of taxation on Group profits
2025
\u00a3m
2025
%
2024
\u00a3m
2024
%
2023
\u00a3m
2023
%
Profit before tax
7,401
3,477
6,064
UK statutory rate of taxation
1,850
25.0
869
25.0
1,425
23.5
Differences in overseas taxation rates
(20)
(0.3)
179
5.1
159
2.6
Benefit of intellectual property incentives
(756)
(10.2)
(602)
(17.3)
(696)
(11.5)
R&D credits
(80)
(1.1)
(89)
(2.6)
(121)
(2.0)
Pillar Two tax
169
2.3
6
0.2
\u2014
\u2014
Other permanent differences
33
0.5
304
8.8
112
1.9
Re-assessments of prior year current tax estimates
(49)
(0.7)
(92)
(2.6)
43
0.7
Re-assessments of prior year deferred tax estimates
(97)
(1.3)
(40)
(1.2)
(147)
(2.4)
Changes in tax rates
62
0.8
(9)
(0.3)
(19)
(0.3)
Tax charge/tax rate
1,112
15.0
526
15.1
756
12.5
As a global biopharmaceutical company, we have a substantial business and employment presence in many countries. The impact
of differences in overseas taxation rates arose from profits being earned in countries with tax rates differing from the UK statutory
rate, the most significant of which in 2025 was the US. This favourable impact was complemented by the benefit of intellectual
property incentives such as the UK Patent Box and Belgian Innovation Income Deduction (IID) regimes, which provide a reduced
rate of corporation tax on profits earned from qualifying patents. We claim these incentives in the manner intended by the relevant
statutory or regulatory framework. Global minimum corporate income tax rules in the UK and Belgium (in line with the OECD\u2019s Pillar
Two framework) reduced the benefit of these incentives by \u00a3169\u00a0million.
Other permanent differences includes the impact of non-taxable revaluations of contingent consideration liabilities associated with
recent acquisitions.
The Group\u2019s tax rate is also influenced by updates to estimates of prior period tax liabilities following closure of open issues with tax
authorities in various jurisdictions, and by changes in tax rates.
Future tax charges, and therefore our effective tax rate, may be affected by factors such as acquisitions, disposals, restructuring, the
location of research and development activity, tax regime reforms and resolution of open matters as we continue to bring our tax
affairs up to date around the world.
Tax on items charged to equity and statement of comprehensive income
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Current taxation
Share-based payments
(4)
(4)
(1)
Defined benefit plans
\u2013
\u2013
(143)
Fair value movements on cash flow hedges
\u2013
\u2013
\u2013
Fair value movements on equity investments
11
4
(6)
7
\u2013
(150)
Deferred taxation
Share-based payments
(27)
\u2013
(6)
Defined benefit plans
33
122
184
Fair value movements on cash flow hedges
2
(1)
(1)
Fair value movements on equity investments
9
(21)
(8)
17
100
169
Total charge/(credit) to equity and statement of comprehensive income
24
100
19
All of the above items have been charged to the statement of comprehensive income except for tax on share-based payments.
Issues relating to taxation
We are subject to taxation throughout our supply chain. The worldwide nature of our operations means that our cross-border supply
routes, necessary to ensure supplies of medicines into numerous countries, can result in conflicting claims from tax authorities as to
the profits to be taxed in individual countries. This can lead to double taxation (with the same profits taxed in more than one
country). To mitigate the risk of double taxation, profits are recognised in territories by reference to the activities performed there
and the value they generate. To ensure the profits recognised in jurisdictions are aligned to the activity undertaken there, and in line
with current OECD guidelines, we base our transfer pricing policy on the arm\u2019s length principle and support our transfer prices with
economic analysis and reports. The Group also has open items in several jurisdictions concerning such matters as the deductibility
of particular expenses and the tax treatment of certain business transactions. GSK applies a risk-based approach to determine the
transactions most likely to be subject to challenge and the probability that the Group would be able to obtain compensatory
adjustments under international tax treaties.
The calculation of the Group\u2019s total tax charge therefore necessarily involves a degree of estimation and judgement in respect of
certain items whose tax treatment cannot be finally determined until resolution has been reached with the relevant tax authority or,
as appropriate, through a formal legal process. At 31\u00a0December 2025, the Group had recognised provisions of \u00a3649 million in
respect of such uncertain tax positions (2024: \u00a3636 million). The increase in recognised provisions during 2025 was driven by the
reassessment of estimates, net of the impact of agreement of a number of open issues with tax authorities in various jurisdictions.
Whilst the ultimate liability for such matters may vary from the amounts provided and is dependent upon the outcome of
agreements with the relevant tax authorities, or litigation where appropriate, the Group continues to consider that it has made
appropriate provision for periods which are open and not yet agreed by the tax authorities.
A provision for deferred tax liabilities of \u00a3178 million as at 31\u00a0December 2025 (2024: \u00a3159 million) has been made in respect of
taxation that would be payable on the remittance of profits by certain overseas subsidiaries. Whilst the aggregate amount of
unremitted profits at the balance sheet date was approximately \u00a318 billion (2024: \u00a318 billion), the majority of these unremitted
profits would not be subject to tax (including withholding tax) on repatriation, as UK legislation relating to company distributions
provides for exemption from tax for most overseas profits, subject to certain exceptions. Deferred tax is not provided on temporary
differences of \u00a3739 million (2024: \u00a3696 million) arising on unremitted profits as management has the ability to control any future
reversal and does not consider such a reversal to be probable.
Movement in deferred tax assets and liabilities
Accelerated
capital
allowances
\u00a3m
Intangible
assets
\u00a3m
Contingent
consideration
\u00a3m
Intra-
Group
profit
\u00a3m
Pensions &
other post
employment
benefits
\u00a3m
Tax
losses
\u00a3m
Share
option
and award
schemes
\u00a3m
Other
net
temporary
differences
\u00a3m
Total
At 1\u00a0January 2024
26
(676)
921
1,252
571
1,994
74
1,576
5,738
Exchange adjustments
9
(37)
2
(10)
(5)
\u2013
\u2013
11
(30)
Credit/(charge) to income statement
97
197
50
32
(103)
455
(8)
306
1,026
Credit/(charge) to statement of comprehensive
\u00a0 income
\u2013
\u2013
\u2013
\u2013
(122)
\u2013
\u2013
22
(100)
Acquisitions/disposals
\u2013
(190)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(190)
R&D credits utilisation
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(69)
(69)
At 31\u00a0December 2024
132
(706)
973
1,274
341
2,449
66
1,846
6,375
Exchange adjustments
(5)
111
(1)
(56)
(8)
(1)
(3)
(116)
(79)
Credit/(charge) to income statement
77
50
(90)
(292)
(50)
493
3
92
283
Credit/(charge) to statement of comprehensive
\u00a0 income
\u2013
\u2013
\u2013
\u2013
(28)
\u2013
17
(6)
(17)
Acquisitions/disposals
5
(417)
\u2013
\u2013
14
67
\u2013
10
(321)
Transfer of assets held for sale/distribution
18
7
\u2013
\u2013
\u2013
\u2013
\u2013
(37)
(12)
At 31\u00a0December 2025
227
(955)
882
926
269
3,008
83
1,789
6,229
Deferred tax liabilities in relation to intangible assets predominantly relate to temporary differences arising as a result of historic
business combinations. Acquisitions within the year predominantly relate to IDRx, Inc. and BP Asset IX, Inc. (see Note 40,
'Acquisitions and disposals').
The Group continues to recognise deferred tax assets on future obligations in respect of contingent consideration amounts payable
to minority shareholders. These payments are tax deductible at the point in time at which payment is made.
A deferred tax asset is recognised on intra-Group profits arising on inter-company inventory which are eliminated within the
consolidated accounts. As intra-Group profits are not eliminated from the individual entities\u2019 tax returns a temporary difference
arises that will reverse at the point in time inventory is sold externally.
The deferred tax asset of \u00a33,008\u00a0million (2024 : \u00a32,449\u00a0million) recognised on tax losses relates to trading losses. Such deferred tax
assets are only recognised to the extent Group long-range forecasts indicate sufficient future taxable profits will be available to
utilise such assets (forecast by around 2030). Other net temporary differences included accrued expenses for which a tax deduction
is only available on a paid basis. The Group has adopted the mandatory temporary exception to the recognition and disclosure of
deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules, as required under IAS 12.
Deferred tax asset and liabilities are recognised on the balance sheet as follows:
2025
\u00a3m
2024
\u00a3m
Deferred tax assets
6,520
6,757
Deferred tax liabilities
(291)
(382)
6,229
6,375
2025
2024
Unrecognised tax losses and attributes
Tax losses
\u00a3m
Unrecognised
deferred tax
asset
\u00a3m
Tax losses
\u00a3m
Unrecognised
deferred tax
asset
\u00a3m
Trading losses and attributes expiring:
Within 10 years
1,625
154
1,034
145
More than 10 years
1,150
66
1,598
84
Available indefinitely
241
50
693
161
At 31 December
3,016
270
3,325
390
Capital losses expiring:
Available indefinitely
2,250
564
2,253
565
At 31 December
2,250
564
2,253
565
Deferred tax assets are only recognised where it is probable that future taxable profit will be available to utilise losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-614": { "value": "
15. Earnings per share
2025
pence
2024
pence
2023
pence
Basic earnings per share
141.1
63.2
121.6
Diluted earnings per share
138.8
62.2
119.9
Basic earnings per share has been calculated by dividing the profit attributable to shareholders by the weighted average number of
shares in issue during the period after deducting shares held by the ESOP Trusts for the future exercise of share options and share
awards and Treasury shares, including shares acquired in the share buyback programme. The trustees have waived their rights to
cash dividends on the GSK shares held by the ESOP Trusts.
Diluted earnings per share has been calculated after adjusting the weighted average number of shares used in the basic
calculation to assume the conversion of all potentially dilutive shares. A potentially dilutive share forms part of the employee share
schemes where its exercise price is below the average market price of GSK shares during the period and any performance
conditions attaching to the scheme have been met at the balance sheet date.
The numbers of shares used in calculating basic and diluted earnings per share are reconciled\u202fbelow:
Weighted average number of shares in issue
2025
millions
2024
millions
2023
millions
Basic
4,051
4,077
4,052
Dilution for share options and awards
66
65
59
Diluted
4,117
4,142
4,111
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-615": { "value": "
Basic earnings per share has been calculated by dividing the profit attributable to shareholders by the weighted average number of
shares in issue during the period after deducting shares held by the ESOP Trusts for the future exercise of share options and share
awards and Treasury shares, including shares acquired in the share buyback programme. The trustees have waived their rights to
cash dividends on the GSK shares held by the ESOP Trusts.
Diluted earnings per share has been calculated after adjusting the weighted average number of shares used in the basic
calculation to assume the conversion of all potentially dilutive shares. A potentially dilutive share forms part of the employee share
schemes where its exercise price is below the average market price of GSK shares during the period and any performance
conditions attaching to the scheme have been met at the balance sheet date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-616": { "value": "
16. Dividends
2025
2024
2023
Paid/payable
Dividend
per share
(pence)
Total
dividend
\u00a3m
Paid
Dividend
per share
(pence)
Total
dividend
\u00a3m
Paid
Dividend
per share
(pence)
Total
dividend
\u00a3m
First interim
10 July 2025
16.00
650
11 July 2024
15.00
612
13 July 2023
14.00
567
Second interim
9 October 2025
16.00
646
10 October 2024
15.00
612
12 October 2023
14.00
568
Third interim
8 January 2026
16.00
643
9 January 2025
15.00
612
11 January 2024
14.00
568
Fourth interim
9 April 2026
18.00
722
10 April 2025
16.00
656*
11 April 2024
16.00
652**
Total
66.00
2,661
61.00
2,492
58.00
2,355
*The estimate for the fourth interim dividend for 2024 disclosed in the 2024 Annual Report was \u00a3653\u00a0million, \u00a33\u00a0million less than the dividend that was
ultimately paid.
**The estimate for the fourth interim dividend for 2023 disclosed in the 2023 Annual Report was \u00a3649\u00a0million, \u00a33\u00a0million less than the dividend that was
ultimately paid.
Under IFRS Accounting Standards, interim dividends are only recognised in the financial statements when paid and not when
declared. GSK normally pays a dividend two quarters after the quarter to which it relates and one quarter after it is declared. The
2025 financial statements recognise those dividends paid in 2025, namely the third and fourth interim dividends for 2024, and the
first and second interim dividends for 2025.
The amounts recognised in each year were as follows:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Cash dividends to shareholders
2,564
2,444
2,247
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-617": { "value": "0.1800", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-618": { "value": "722000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-619": { "value": "0.1600", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-620": { "value": "656000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-621": { "value": "0.1600", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-622": { "value": "652000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-623": { "value": "
17. Property, plant and equipment
Land and
buildings
\u00a3m
Plant,
equipment
and vehicles
\u00a3m
Assets in
construction
\u00a3m
Total
\u00a3m
Cost at 1\u00a0January 2024
6,455
10,704
2,120
19,279
Exchange adjustments
(141)
(233)
(51)
(425)
Additions
42
166
1,185
1,393
Capitalised borrowing costs
\u2013
\u2013
20
20
Disposals and write-offs
(144)
(381)
(5)
(530)
Reclassifications
179
762
(949)
(8)
Transfer to assets held for sale
(16)
(3)
\u2013
(19)
Cost at 31\u00a0December 2024
6,375
11,015
2,320
19,710
Exchange adjustments
26
99
25
150
Additions
7
132
1,234
1,373
Capitalised borrowing costs
\u2013
\u2013
15
15
Disposals and write-offs
(36)
(485)
(26)
(547)
Reclassifications
(26)
1,027
(1,027)
(26)
Transfer to assets held for sale
(189)
(242)
(30)
(461)
Cost at 31\u00a0December 2025
6,157
11,546
2,511
20,214
Depreciation at 1\u00a0January 2024
(3,323)
(6,311)
\u2013
(9,634)
Exchange adjustments
76
139
\u2013
215
Charge for the year
(211)
(675)
\u2013
(886)
Disposals and write-offs
121
325
\u2013
446
Transfer to assets held for sale
14
2
\u2013
16
Reclassifications
(27)
26
\u2013
(1)
Depreciation at 31\u00a0December 2024
(3,350)
(6,494)
\u2013
(9,844)
Exchange adjustments
(16)
(56)
\u2013
(72)
Charge for the year
(195)
(655)
\u2013
(850)
Disposals and write-offs
19
406
\u2013
425
Transfer to assets held for sale
100
112
\u2013
212
Reclassifications
157
(175)
\u2013
(18)
Depreciation at 31\u00a0December 2025
(3,285)
(6,862)
\u2013
(10,147)
Impairment at 1\u00a0January 2024
(237)
(360)
(28)
(625)
Exchange adjustments
3
5
1
9
Disposals and write-offs
22
55
3
80
Impairment losses
(27)
(84)
(5)
(116)
Reversal of impairments
4
23
1
28
Reclassifications
(24)
(13)
22
(15)
Impairment at 31\u00a0December 2024
(259)
(374)
(6)
(639)
Exchange adjustments
(4)
(6)
\u2013
(10)
Disposals and write-offs
21
74
26
121
Impairment losses
(81)
(102)
(25)
(208)
Reversal of impairments
(1)
16
\u2013
15
Transfer to assets held for sale
5
2
\u2013
7
Reclassifications
(10)
(23)
2
(31)
Impairment at 31\u00a0December 2025
(329)
(413)
(3)
(745)
Total accumulated depreciation and impairment at 31\u00a0December 2024
(3,609)
(6,868)
(6)
(10,483)
Total accumulated depreciation and impairment at 31\u00a0December 2025
(3,614)
(7,275)
(3)
(10,892)
Net book value at 1\u00a0January 2024
2,895
4,033
2,092
9,020
Net book value at 31\u00a0December 2024
2,766
4,147
2,314
9,227
Net book value at 31\u00a0December 2025
2,543
4,271
2,508
9,322
The weighted average interest rate for capitalised borrowing costs in the year was 4% ( 2024: 4%). Disposals and write-offs in the
year included a number of assets with nil net book value that are no longer in use in the business.
The impairment losses principally arose from decisions to rationalise facilities and were calculated based on fair value less costs of
disposal. The fair value less costs of disposal valuation methodology uses significant inputs which are not based on observable
market data, and therefore this valuation technique is classified as Level 3 of the fair value hierarchy. These calculations determine
the net present value of the projected risk-adjusted, post-tax cash flows of the relevant asset or cash generating unit, applying a
discount rate of the Group post-tax weighted average cost of capital (WACC) of 7.5% (2024: 7.5% ), adjusted where appropriate for
specific segment, country and currency risk.
Assets that continue to be used by the Group are generally assessed as part of their associated cash generating unit on a value in
use basis. For value in use calculations, the post-tax cash flows do not include the impact of future uncommitted restructuring plans
or improvements. Where an impairment is indicated and a pre-tax cash flow calculation is expected to give a materially different
result, the test would be reperformed using pre-tax cash flows and a pre-tax discount rate. The Group WACC is equivalent to a pre-
tax discount rate of approximately 9% ( 2024: 9%).
Net impairment losses have been charged to cost of sales: \u00a3125 million (2024: \u00a362 million), R&D: \u00a322 million (2024: \u00a315 million) and
SG&A: \u00a346 million (2024: \u00a311 million), This included reversal of impairments of \u00a33 million (2024: \u00a310 million) arising from the Major
restructuring programmes.
Reversal of impairments arose from subsequent reviews of the impaired assets where the conditions which gave rise to the original
impairments were deemed no longer to apply. \u00a313 million (2024: \u00a315\u00a0million) of the impairment reversal has been credited to cost of
sales and \u00a32 million (2024: \u00a313\u00a0million) of the impairment reversal has been credited to SG&A.
During 2025, \u00a378 million (2024: \u00a365 million) of computer software was reclassified from assets in construction to intangible assets on
becoming ready for use.
The Group has evaluated both the qualitative and quantitative effects of climate-related risks on the recoverable amounts of assets
and has determined that there are no material impairments. As of 31\u00a0December 2025, \u00a3152 million (2024: \u00a397\u00a0million) has been
capitalised in property, plant and equipment regarding the transition to a lower-carbon propellant", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-624": { "value": "
Land and
buildings
\u00a3m
Plant,
equipment
and vehicles
\u00a3m
Assets in
construction
\u00a3m
Total
\u00a3m
Cost at 1\u00a0January 2024
6,455
10,704
2,120
19,279
Exchange adjustments
(141)
(233)
(51)
(425)
Additions
42
166
1,185
1,393
Capitalised borrowing costs
\u2013
\u2013
20
20
Disposals and write-offs
(144)
(381)
(5)
(530)
Reclassifications
179
762
(949)
(8)
Transfer to assets held for sale
(16)
(3)
\u2013
(19)
Cost at 31\u00a0December 2024
6,375
11,015
2,320
19,710
Exchange adjustments
26
99
25
150
Additions
7
132
1,234
1,373
Capitalised borrowing costs
\u2013
\u2013
15
15
Disposals and write-offs
(36)
(485)
(26)
(547)
Reclassifications
(26)
1,027
(1,027)
(26)
Transfer to assets held for sale
(189)
(242)
(30)
(461)
Cost at 31\u00a0December 2025
6,157
11,546
2,511
20,214
Depreciation at 1\u00a0January 2024
(3,323)
(6,311)
\u2013
(9,634)
Exchange adjustments
76
139
\u2013
215
Charge for the year
(211)
(675)
\u2013
(886)
Disposals and write-offs
121
325
\u2013
446
Transfer to assets held for sale
14
2
\u2013
16
Reclassifications
(27)
26
\u2013
(1)
Depreciation at 31\u00a0December 2024
(3,350)
(6,494)
\u2013
(9,844)
Exchange adjustments
(16)
(56)
\u2013
(72)
Charge for the year
(195)
(655)
\u2013
(850)
Disposals and write-offs
19
406
\u2013
425
Transfer to assets held for sale
100
112
\u2013
212
Reclassifications
157
(175)
\u2013
(18)
Depreciation at 31\u00a0December 2025
(3,285)
(6,862)
\u2013
(10,147)
Impairment at 1\u00a0January 2024
(237)
(360)
(28)
(625)
Exchange adjustments
3
5
1
9
Disposals and write-offs
22
55
3
80
Impairment losses
(27)
(84)
(5)
(116)
Reversal of impairments
4
23
1
28
Reclassifications
(24)
(13)
22
(15)
Impairment at 31\u00a0December 2024
(259)
(374)
(6)
(639)
Exchange adjustments
(4)
(6)
\u2013
(10)
Disposals and write-offs
21
74
26
121
Impairment losses
(81)
(102)
(25)
(208)
Reversal of impairments
(1)
16
\u2013
15
Transfer to assets held for sale
5
2
\u2013
7
Reclassifications
(10)
(23)
2
(31)
Impairment at 31\u00a0December 2025
(329)
(413)
(3)
(745)
Total accumulated depreciation and impairment at 31\u00a0December 2024
(3,609)
(6,868)
(6)
(10,483)
Total accumulated depreciation and impairment at 31\u00a0December 2025
(3,614)
(7,275)
(3)
(10,892)
Net book value at 1\u00a0January 2024
2,895
4,033
2,092
9,020
Net book value at 31\u00a0December 2024
2,766
4,147
2,314
9,227
Net book value at 31\u00a0December 2025
2,543
4,271
2,508
9,322
The weighted average interest rate for capitalised borrowing costs in the year was 4% ( 2024: 4%).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-625": { "value": "
The impairment losses principally arose from decisions to rationalise facilities and were calculated based on fair value less costs of
disposal. The fair value less costs of disposal valuation methodology uses significant inputs which are not based on observable
market data, and therefore this valuation technique is classified as Level 3 of the fair value hierarchy. These calculations determine
the net present value of the projected risk-adjusted, post-tax cash flows of the relevant asset or cash generating unit, applying a
discount rate of the Group post-tax weighted average cost of capital (WACC) of 7.5% (2024: 7.5% ), adjusted where appropriate for
specific segment, country and currency risk.
Assets that continue to be used by the Group are generally assessed as part of their associated cash generating unit on a value in
use basis. For value in use calculations, the post-tax cash flows do not include the impact of future uncommitted restructuring plans
or improvements. Where an impairment is indicated and a pre-tax cash flow calculation is expected to give a materially different
result, the test would be reperformed using pre-tax cash flows and a pre-tax discount rate. The Group WACC is equivalent to a pre-
tax discount rate of approximately 9% ( 2024: 9%).
Net impairment losses have been charged to cost of sales: \u00a3125 million (2024: \u00a362 million), R&D: \u00a322 million (2024: \u00a315 million) and
SG&A: \u00a346 million (2024: \u00a311 million), This included reversal of impairments of \u00a33 million (2024: \u00a310 million) arising from the Major
restructuring programmes.
Reversal of impairments arose from subsequent reviews of the impaired assets where the conditions which gave rise to the original
impairments were deemed no longer to apply. \u00a313 million (2024: \u00a315\u00a0million) of the impairment reversal has been credited to cost of
sales and \u00a32 million (2024: \u00a313\u00a0million) of the impairment reversal has been credited to SG&A.
During 2025, \u00a378 million (2024: \u00a365 million) of computer software was reclassified from assets in construction to intangible assets on
becoming ready for use.
The Group has evaluated both the qualitative and quantitative effects of climate-related risks on the recoverable amounts of assets
and has determined that there are no material impairments. As of 31\u00a0December 2025, \u00a3152 million (2024: \u00a397\u00a0million) has been
capitalised in property, plant and equipment regarding the transition to a lower-carbon propellant
The carrying amount at 31\u00a0December 2025 of intangible assets after which impairments have been charged in the year was
\u00a3102\u00a0million (2024: \u00a3427\u00a0million), resulting from the appraisal of GSK\u2019s assumptions and programme updates related to in-licences
and collaboration agreements. The carrying amount at 31\u00a0December 2025 of intangible assets, after which impairment reversals
have been charged in the year, was \u00a3nil ( 2024 : \u00a3nil).
The impairment charge includes \u00a3471m related to the full impairment of the belrestotug development programme (anti-TIGIT mAb)
due to its termination. There was no other individual intangible asset that accounted for a material impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-626": { "value": "
18. Right of use assets
The table below provides information about the Group's right of use assets:
Land and
buildings
\u00a3m
Plant and
equipment
\u00a3m
Vehicles
\u00a3m
Total
\u00a3m
Net book value at 1\u00a0January 2024
751
4
182
937
Exchange adjustments
(5)
\u2013
(4)
(9)
Additions
107
6
117
230
Depreciation
(126)
(2)
(83)
(211)
Disposals
(92)
\u2013
(10)
(102)
Net impairment reversals
1
\u2013
\u2013
1
Net book value at 31\u00a0December 2024
636
8
202
846
Exchange adjustments
(17)
\u2013
\u2013
(17)
Additions
81
1
99
181
Depreciation
(113)
(3)
(90)
(206)
Disposals
(23)
\u2013
(22)
(45)
Net impairment loss
(17)
\u2013
\u2013
(17)
Transfer to assets held for sale
(16)
\u2013
\u2013
(16)
Net book value at 31\u00a0December 2025
531
6
189
726
Commitments for future payments related to leases not yet commenced but which we have committed to, leases of low-value
assets and leases which are less than 12 months are not material.
An analysis of lease liabilities is set out in Note 29, \u2018Net debt\u2019.", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-628": { "value": "
19. Goodwill
2025
\u00a3m
2024
\u00a3m
Cost at 1 January
6,982
6,811
Exchange adjustments
(276)
(39)
Additions through business combinations (Note 40)
342
210
Transfer to assets held for sale
(30)
\u2013
Cost at 31 December
7,018
6,982
Net book value at 1 January
6,982
6,811
Net book value at 31 December
7,018
6,982
All goodwill is allocated to the Group\u2019s segments as follows:
2025
\u00a3m
2024
\u00a3m
Commercial Operations
6,091
6,076
Research and Development
927
906
Net book value at 31 December
7,018
6,982
The recoverable amounts of the cash generating units are assessed using a fair value less costs of disposal model. Fair value less
costs of disposal is calculated using a discounted cash flow approach, with a post-tax discount rate applied to the projected risk-
adjusted post-tax cash flows and terminal value.
The discount rate used is based on the Group WACC of 7.5% (2024 : 7.5%), as most cash generating units have integrated
operations across large parts of the Group. The discount rate is adjusted where appropriate for specific segment, country and
currency risks. The valuation methodology uses significant inputs which are not based on observable market data, therefore this
valuation technique is classified as Level 3 in the fair value hierarchy.
The Total R&D segment is evaluated on an arm's length pricing model, see assumptions below.
Details relating to the discounted cash flow models used in the impairment tests are as follows:
Valuation basis
Fair value less costs of disposal
Key assumptions
Sales growth rates
Profit margins
Terminal growth rate
Discount rate
Taxation rate
Determination of assumptions
Growth rates are internal forecasts based on both internal and external market information.
Margins reflect past experience, adjusted for expected changes.
Terminal growth rates based on management\u2019s estimate of future long-term average growth rates.
Discount rates based on Group WACC, adjusted where appropriate.
Taxation rates based on appropriate rates for each jurisdiction.
Period of specific projected cash flows
Five years
Terminal growth rate and discount rate
Terminal growth rate
Discount rate
2025
Commercial Operations
1% p.a.
7.5% p.a.
Research and Development
1% p.a.
7.5% p.a.
2024
Commercial Operations
1% p.a.
7.5% p.a.
Research and Development
1% p.a.
7.5% p.a.
The terminal growth rate does not exceed the long-term projected growth rates for relevant markets, reflects the impact of future
generic competition and takes account of new product launches. Goodwill is monitored for impairment at the segmental level and
the valuations indicated sufficient headroom such that a reasonably possible change to key assumptions is unlikely to result in an
impairment of the related goodwill.
The Group has assessed the qualitative and quantitative impact of climate-related risks on asset recoverable amounts and
concluded that there are no material impairments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-627": { "value": "
19. Goodwill
2025
\u00a3m
2024
\u00a3m
Cost at 1 January
6,982
6,811
Exchange adjustments
(276)
(39)
Additions through business combinations (Note 40)
342
210
Transfer to assets held for sale
(30)
\u2013
Cost at 31 December
7,018
6,982
Net book value at 1 January
6,982
6,811
Net book value at 31 December
7,018
6,982
All goodwill is allocated to the Group\u2019s segments as follows:
2025
\u00a3m
2024
\u00a3m
Commercial Operations
6,091
6,076
Research and Development
927
906
Net book value at 31 December
7,018
6,982
The recoverable amounts of the cash generating units are assessed using a fair value less costs of disposal model. Fair value less
costs of disposal is calculated using a discounted cash flow approach, with a post-tax discount rate applied to the projected risk-
adjusted post-tax cash flows and terminal value.
The discount rate used is based on the Group WACC of 7.5% (2024 : 7.5%), as most cash generating units have integrated
operations across large parts of the Group. The discount rate is adjusted where appropriate for specific segment, country and
currency risks. The valuation methodology uses significant inputs which are not based on observable market data, therefore this
valuation technique is classified as Level 3 in the fair value hierarchy.
The Total R&D segment is evaluated on an arm's length pricing model, see assumptions below.
Details relating to the discounted cash flow models used in the impairment tests are as follows:
Valuation basis
Fair value less costs of disposal
Key assumptions
Sales growth rates
Profit margins
Terminal growth rate
Discount rate
Taxation rate
Determination of assumptions
Growth rates are internal forecasts based on both internal and external market information.
Margins reflect past experience, adjusted for expected changes.
Terminal growth rates based on management\u2019s estimate of future long-term average growth rates.
Discount rates based on Group WACC, adjusted where appropriate.
Taxation rates based on appropriate rates for each jurisdiction.
Period of specific projected cash flows
Five years
Terminal growth rate and discount rate
Terminal growth rate
Discount rate
2025
Commercial Operations
1% p.a.
7.5% p.a.
Research and Development
1% p.a.
7.5% p.a.
2024
Commercial Operations
1% p.a.
7.5% p.a.
Research and Development
1% p.a.
7.5% p.a.
The terminal growth rate does not exceed the long-term projected growth rates for relevant markets, reflects the impact of future
generic competition and takes account of new product launches. Goodwill is monitored for impairment at the segmental level and
the valuations indicated sufficient headroom such that a reasonably possible change to key assumptions is unlikely to result in an
impairment of the related goodwill.
The Group has assessed the qualitative and quantitative impact of climate-related risks on asset recoverable amounts and
concluded that there are no material impairments.
20. Other intangible assets
Computer
software
\u00a3m
Licences, patents,
amortised brands
\u00a3m
Total
\u00a3m
Cost at 1\u00a0January 2024
1,984
27,363
29,347
Exchange adjustments
(8)
(176)
(184)
Capitalised development costs
\u2013
246
246
Additions through business combinations
\u2013
913
913
Other additions
166
1,270
1,436
Disposals and asset write-offs
(39)
(140)
(179)
Reclassifications
65
(5)
60
Cost at 31\u00a0December 2024
2,168
29,471
31,639
Exchange adjustments
(20)
(475)
(495)
Capitalised development costs
\u2013
323
323
Additions through business combinations
\u2013
1,985
1,985
Other additions
195
1,086
1,281
Disposals and asset write-offs
(117)
(953)
(1,070)
Other movements (1)
\u2013
(4,534)
(4,534)
Transfer to Assets Held for Sale
(12)
\u2013
(12)
Reclassifications
78
7
85
Cost at 31\u00a0December 2025
2,292
26,910
29,202
Amortisation at 1\u00a0January 2024
(1,307)
(10,007)
(11,314)
Exchange adjustments
7
83
90
Charge for the year
(211)
(1,243)
(1,454)
Disposals and asset write-offs
33
47
80
Reclassifications
(1)
(13)
(14)
Amortisation at 31\u00a0December 2024
(1,479)
(11,133)
(12,612)
Exchange adjustments
11
106
117
Charge for the year
(220)
(1,038)
(1,258)
Disposals and asset write-offs
106
209
315
Other movements (1)
\u2013
2,008
2,008
Transfer to Assets Held for Sale
6
\u2013
6
Reclassifications
(2)
14
12
Amortisation at 31\u00a0December 2025
(1,578)
(9,834)
(11,412)
Impairment at 1\u00a0January 2024
(75)
(3,190)
(3,265)
Exchange adjustments
(1)
4
3
Impairment losses
(6)
(314)
(320)
Reversal of impairments
3
\u2013
3
Disposals and asset write-offs
5
84
89
Reclassifications
(36)
14
(22)
Impairment at 31\u00a0December 2024
(110)
(3,402)
(3,512)
Exchange adjustments
1
99
100
Impairment losses
(8)
(880)
(888)
Reversal of impairments
\u2013
\u2013
\u2013
Disposals and asset write-offs
10
744
754
Other movements (1)
\u2013
2,526
2,526
Reclassifications
\u2013
(22)
(22)
Impairment at 31\u00a0December 2025
(107)
(935)
(1,042)
Total accumulated amortisation and impairment at 31\u00a0December 2024
(1,589)
(14,535)
(16,124)
Total accumulated amortisation and impairment at 31\u00a0December 2025
(1,685)
(10,769)
(12,454)
Net book value at 1 January 2024
602
14,166
14,768
Net book value at 31\u00a0December 2024
579
14,936
15,515
Net book value at 31\u00a0December 2025
607
16,141
16,748
(1) Other movements reflected the derecognition of historical intangible assets with a \u00a3nil net book value that are either no longer in use or for which the Group
no longer holds the rights.
The weighted average interest rate for capitalised borrowing costs in the year was 4% (2024: 4% ).
The net book value of computer software included \u00a3197 million ( 2024: \u00a3231 million) of internally generated costs.
The carrying amount at 31\u00a0December 2025 of intangible assets after which impairments have been charged in the year was
\u00a3102\u00a0million (2024: \u00a3427\u00a0million), resulting from the appraisal of GSK\u2019s assumptions and programme updates related to in-licences
and collaboration agreements. The carrying amount at 31\u00a0December 2025 of intangible assets, after which impairment reversals
have been charged in the year, was \u00a3nil ( 2024 : \u00a3nil).
The impairment charge includes \u00a3471m related to the full impairment of the belrestotug development programme (anti-TIGIT mAb)
due to its termination. There was no other individual intangible asset that accounted for a material impairment.
The patent expiry dates of the Group\u2019s most significant assets, where relevant, are set out on pages 287 to 288. Please refer to Note
2, 'Accounting principles and policies' for the Group\u2019s accounting policy and estimate of the useful life for intangible assets.
Amortisation and impairment losses net of reversals have been charged in the income statement as follows:
Amortisation
Net impairment losses
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Cost of sales
757
982
22
\u2013
Selling, general and administration
73
84
8
6
Research and development
428
388
858
311
1,258
1,454
888
317
Licences, patents and amortised brands include a large number of acquired licences, patents, know-how agreements and
marketing rights, which are either marketed or in use, or still in development. Note 40, \u2018Acquisitions and disposals\u2019 gives details of
additions through business combinations in the year. The carrying amounts of the individual largest items are as follows:
2025
\u00a3m
2024
\u00a3m
Tesaro Assets
2,119
2,350
Meningitis Portfolio Assets
1,445
1,473
Bellus Health Assets (Camlipixant)
1,438
1,438
Affinivax Assets
1,353
1,452
Sierra Oncology Assets (Momelotinib)
1,252
1,408
BP Asset IX Assets
1,107
\u2013
Dolutegravir (including Cabotegravir)
873
967
Aiolos Assets
826
887
IDRx Assets
826
\u2013
CureVac Assets
601
535
Hengrui Pharma Assets
373
\u2013
Alector Assets
371
371
Hansoh Pharma Assets
326
247
Shingrix
282
277
Benlysta
238
298
Iteos Assets
\u2013
471
Others
2,711
2,762
Total
16,141
14,936
On 21 February 2025, GSK completed the acquisition of IDRx, Inc. This acquisition includes lead molecule IDRX-42.
On 7 July 2025, GSK completed the acquisition of BP Asset IX, Inc. The main asset acquired is efimosfermin alfa.
During 2025, GSK entered into an agreement with Hengrui Pharma to develop up to 12 medicines in Respiratory Immunology &
Inflammation (RI&I) and Oncology, including a\u00a0 licence for potential best-in-class PDE3/4 inhibitor in clinical development for
treatment of COPD.
The Group has evaluated both the qualitative and quantitative effects of climate-related risks on the recoverable amounts of assets
and has determined that there are no material impairments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-629": { "value": "
20. Other intangible assets
Computer
software
\u00a3m
Licences, patents,
amortised brands
\u00a3m
Total
\u00a3m
Cost at 1\u00a0January 2024
1,984
27,363
29,347
Exchange adjustments
(8)
(176)
(184)
Capitalised development costs
\u2013
246
246
Additions through business combinations
\u2013
913
913
Other additions
166
1,270
1,436
Disposals and asset write-offs
(39)
(140)
(179)
Reclassifications
65
(5)
60
Cost at 31\u00a0December 2024
2,168
29,471
31,639
Exchange adjustments
(20)
(475)
(495)
Capitalised development costs
\u2013
323
323
Additions through business combinations
\u2013
1,985
1,985
Other additions
195
1,086
1,281
Disposals and asset write-offs
(117)
(953)
(1,070)
Other movements (1)
\u2013
(4,534)
(4,534)
Transfer to Assets Held for Sale
(12)
\u2013
(12)
Reclassifications
78
7
85
Cost at 31\u00a0December 2025
2,292
26,910
29,202
Amortisation at 1\u00a0January 2024
(1,307)
(10,007)
(11,314)
Exchange adjustments
7
83
90
Charge for the year
(211)
(1,243)
(1,454)
Disposals and asset write-offs
33
47
80
Reclassifications
(1)
(13)
(14)
Amortisation at 31\u00a0December 2024
(1,479)
(11,133)
(12,612)
Exchange adjustments
11
106
117
Charge for the year
(220)
(1,038)
(1,258)
Disposals and asset write-offs
106
209
315
Other movements (1)
\u2013
2,008
2,008
Transfer to Assets Held for Sale
6
\u2013
6
Reclassifications
(2)
14
12
Amortisation at 31\u00a0December 2025
(1,578)
(9,834)
(11,412)
Impairment at 1\u00a0January 2024
(75)
(3,190)
(3,265)
Exchange adjustments
(1)
4
3
Impairment losses
(6)
(314)
(320)
Reversal of impairments
3
\u2013
3
Disposals and asset write-offs
5
84
89
Reclassifications
(36)
14
(22)
Impairment at 31\u00a0December 2024
(110)
(3,402)
(3,512)
Exchange adjustments
1
99
100
Impairment losses
(8)
(880)
(888)
Reversal of impairments
\u2013
\u2013
\u2013
Disposals and asset write-offs
10
744
754
Other movements (1)
\u2013
2,526
2,526
Reclassifications
\u2013
(22)
(22)
Impairment at 31\u00a0December 2025
(107)
(935)
(1,042)
Total accumulated amortisation and impairment at 31\u00a0December 2024
(1,589)
(14,535)
(16,124)
Total accumulated amortisation and impairment at 31\u00a0December 2025
(1,685)
(10,769)
(12,454)
Net book value at 1 January 2024
602
14,166
14,768
Net book value at 31\u00a0December 2024
579
14,936
15,515
Net book value at 31\u00a0December 2025
607
16,141
16,748
(1) Other movements reflected the derecognition of historical intangible assets with a \u00a3nil net book value that are either no longer in use or for which the Group
no longer holds the rights.
The weighted average interest rate for capitalised borrowing costs in the year was 4% (2024: 4% ).
The net book value of computer software included \u00a3197 million ( 2024: \u00a3231 million) of internally generated costs.
The carrying amount at 31\u00a0December 2025 of intangible assets after which impairments have been charged in the year was
\u00a3102\u00a0million (2024: \u00a3427\u00a0million), resulting from the appraisal of GSK\u2019s assumptions and programme updates related to in-licences
and collaboration agreements. The carrying amount at 31\u00a0December 2025 of intangible assets, after which impairment reversals
have been charged in the year, was \u00a3nil ( 2024 : \u00a3nil).
The impairment charge includes \u00a3471m related to the full impairment of the belrestotug development programme (anti-TIGIT mAb)
due to its termination. There was no other individual intangible asset that accounted for a material impairment.
The patent expiry dates of the Group\u2019s most significant assets, where relevant, are set out on pages 287 to 288. Please refer to Note
2, 'Accounting principles and policies' for the Group\u2019s accounting policy and estimate of the useful life for intangible assets.
Amortisation and impairment losses net of reversals have been charged in the income statement as follows:
Amortisation
Net impairment losses
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Cost of sales
757
982
22
\u2013
Selling, general and administration
73
84
8
6
Research and development
428
388
858
311
1,258
1,454
888
317
Licences, patents and amortised brands include a large number of acquired licences, patents, know-how agreements and
marketing rights, which are either marketed or in use, or still in development. Note 40, \u2018Acquisitions and disposals\u2019 gives details of
additions through business combinations in the year. The carrying amounts of the individual largest items are as follows:
2025
\u00a3m
2024
\u00a3m
Tesaro Assets
2,119
2,350
Meningitis Portfolio Assets
1,445
1,473
Bellus Health Assets (Camlipixant)
1,438
1,438
Affinivax Assets
1,353
1,452
Sierra Oncology Assets (Momelotinib)
1,252
1,408
BP Asset IX Assets
1,107
\u2013
Dolutegravir (including Cabotegravir)
873
967
Aiolos Assets
826
887
IDRx Assets
826
\u2013
CureVac Assets
601
535
Hengrui Pharma Assets
373
\u2013
Alector Assets
371
371
Hansoh Pharma Assets
326
247
Shingrix
282
277
Benlysta
238
298
Iteos Assets
\u2013
471
Others
2,711
2,762
Total
16,141
14,936
On 21 February 2025, GSK completed the acquisition of IDRx, Inc. This acquisition includes lead molecule IDRX-42.
On 7 July 2025, GSK completed the acquisition of BP Asset IX, Inc. The main asset acquired is efimosfermin alfa.
During 2025, GSK entered into an agreement with Hengrui Pharma to develop up to 12 medicines in Respiratory Immunology &
Inflammation (RI&I) and Oncology, including a\u00a0 licence for potential best-in-class PDE3/4 inhibitor in clinical development for
treatment of COPD.
The Group has evaluated both the qualitative and quantitative effects of climate-related risks on the recoverable amounts of assets
and has determined that there are no material impairments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-630": { "value": "
Amortisation and impairment losses net of reversals have been charged in the income statement as follows:
Amortisation
Net impairment losses
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Cost of sales
757
982
22
\u2013
Selling, general and administration
73
84
8
6
Research and development
428
388
858
311
1,258
1,454
888
317
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-631": { "value": "
22. Other investments
Non-current
Investments
designated as
measured at
FVTOCI
\u00a3m
Investments
measured at
FVTPL
\u00a3m
2025
Total
\u00a3m
Investments
designated as
measured at
FVTOCI
\u00a3m
Investments
measured at
FVTPL
\u00a3m
2024
Total
\u00a3m
1 January
843
257
1,100
931
206
1,137
Exchange adjustments
(73)
(17)
(90)
4
4
8
Additions
97
56
153
70
38
108
Net fair value movements through OCI
157
\u2013
157
(107)
\u2013
(107)
Net fair value movements through profit or loss
\u2013
(27)
(27)
\u2013
29
29
Disposals
(236)
(20)
(256)
(55)
(20)
(75)
31 December
788
249
1,037
843
257
1,100
Non-current other investments comprise non-current equity investments which are recorded at fair value at each balance sheet
date. For investments traded in an active market, the fair value is determined by reference to the relevant stock exchange quoted
bid price. For other investments, the fair value is estimated by management with reference to relevant available information,
including the current market value of similar instruments, recent financing rounds and discounted cash flows of the underlying net
assets. Other investments include listed investments of \u00a3592 million (2024: \u00a3646 million).
GSK has elected to designate the majority of its equity investments as measured at fair value through other comprehensive income.
The most significant of these investments held at 31\u00a0December 2025 were in Wave Life Sciences Ltd, which had a fair value at
31\u00a0December 2025 of \u00a3231 million ( 2024: \u00a3165 million) and Crispr Therapeutics AG which had a fair value at 31\u00a0December 2025 of
\u00a3126 million (2024 : \u00a3101 million). The other investments include equity stakes in companies with which GSK has research
collaborations and in companies which provide access to biotechnology developments of potential interest.
On disposal of equity investments measured at FVTOCI, the accumulated fair value movements are reclassified from the fair value
reserve to retained earnings. Investments measured at FVTOCI with a fair value of \u00a3236 million (2024: \u00a355 million) were disposed of
during the year. The cumulative loss on these investments after tax was \u00a366 million (2024: profit of \u00a314 million ).
Certain other investments, such as investments in funds with limited lives and investments acquired with an intention to sell, are
measured at fair value through profit or loss. The most significant of these investments held at 31\u00a0December 2025 was SR One
Capital Fund I-B, LP which had a fair value at 31\u00a0December 2025 of \u00a3120 million (2024: \u00a3135 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-632": { "value": "
23. Other non-current assets
2025
\u00a3m
2024
\u00a3m
Amounts receivable under insurance contracts
953
957
Pension schemes in surplus (Note 30)
1,115
898
Other receivables
80
87
2,148
1,942
Amounts receivable under insurance contracts are held at cash surrender value with movements through profit or loss.
Within the other receivables of \u00a380 million (2024: \u00a387 million), \u00a316 million (2024: \u00a336 million) is classified as financial assets of which
\u00a314 million (2024: \u00a331 million) is classified as fair value through profit or loss. On the remaining balance of \u00a32 million
(2024 : \u00a35 million), the expected credit loss allowance was immaterial at 31\u00a0December 2025 and 2024.
Other receivables include \u00a310 million relating to nature-based carbon credits projects ( 2024: \u00a37 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-633": { "value": "the expected credit loss allowance was immaterial at 31\u00a0December 2025 and 2024.
Of the total trade receivables balance, \u00a313 million (2024: \u00a313 million) is considered credit impaired, against which a \u00a34 million (2024:
\u00a35 million) expected credit loss allowance has been applied. No amount was purchased or originated credit impaired.
Within the other receivables of \u00a31,147 million (2024: \u00a3857 million), \u00a3554 million (2024: \u00a3360 million) is classified as financial assets of
which \u00a315 million (2024: \u00a32 million) is classified as held at fair value through profit or loss. At 31\u00a0December 2025 , an expected credit
loss allowance of \u00a311 million (2024 : \u00a39 million ) was recognised in respect of financial assets, with a release in expected credit loss
allowance of \u00a32\u00a0million (2024: \u00a36\u00a0million) reported in profit or loss during the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-634": { "value": "
24. Inventories
2025
\u00a3m
2024
\u00a3m
Raw materials and consumables
608
1,361
Work in progress
3,699
2,683
Finished goods
1,617
1,625
5,924
5,669
The Group has evaluated both the qualitative and quantitative effects of climate-related risks on the recoverable amounts of
inventories, in particular in relation to the metered dose inhaler (MDI), and has determined that there is no material impact.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-636": { "value": "
25. Trade and other receivables
2025
\u00a3m
2024
\u00a3m
Trade receivables, net of loss allowance
5,913
5,563
Accrued income
13
18
Prepayments
385
390
Interest receivable
2
1
Employee loans and advances
11
7
Other receivables
1,147
857
7,471
6,836
There were no trade or other receivable balances (2024: \u00a3nil) due from associates and joint ventures. The most significant
component of other receivables comprises receivables for indirect and other taxes of \u00a3511 million (2024 : \u00a3447\u00a0million). The other
significant balance within other receivables is royalties receivable of \u00a3217\u00a0million (2024: \u00a3164\u00a0million).
Trade receivables loss allowance
2025
\u00a3m
2024
\u00a3m
1 January
99
85
Exchange adjustments
\u2013
(2)
Charge for the year
49
34
Transfer to assets held for sale
\u2013
(1)
Subsequent recoveries of amounts provided for
(65)
(12)
Utilised
(8)
(5)
At 31 December
75
99
Of the total trade receivables balance, \u00a313 million (2024: \u00a313 million) is considered credit impaired, against which a \u00a34 million (2024:
\u00a35 million) expected credit loss allowance has been applied. No amount was purchased or originated credit impaired.
Within the other receivables of \u00a31,147 million (2024: \u00a3857 million), \u00a3554 million (2024: \u00a3360 million) is classified as financial assets of
which \u00a315 million (2024: \u00a32 million) is classified as held at fair value through profit or loss. At 31\u00a0December 2025 , an expected credit
loss allowance of \u00a311 million (2024 : \u00a39 million ) was recognised in respect of financial assets, with a release in expected credit loss
allowance of \u00a32\u00a0million (2024: \u00a36\u00a0million) reported in profit or loss during the year.
For more discussion on credit risk practices, please refer to Note 43, 'Financial instruments and related disclosures'.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-635": { "value": "
25. Trade and other receivables
2025
\u00a3m
2024
\u00a3m
Trade receivables, net of loss allowance
5,913
5,563
Accrued income
13
18
Prepayments
385
390
Interest receivable
2
1
Employee loans and advances
11
7
Other receivables
1,147
857
7,471
6,836
There were no trade or other receivable balances (2024: \u00a3nil) due from associates and joint ventures. The most significant
component of other receivables comprises receivables for indirect and other taxes of \u00a3511 million (2024 : \u00a3447\u00a0million). The other
significant balance within other receivables is royalties receivable of \u00a3217\u00a0million (2024: \u00a3164\u00a0million).
Trade receivables loss allowance
2025
\u00a3m
2024
\u00a3m
1 January
99
85
Exchange adjustments
\u2013
(2)
Charge for the year
49
34
Transfer to assets held for sale
\u2013
(1)
Subsequent recoveries of amounts provided for
(65)
(12)
Utilised
(8)
(5)
At 31 December
75
99
Of the total trade receivables balance, \u00a313 million (2024: \u00a313 million) is considered credit impaired, against which a \u00a34 million (2024:
\u00a35 million) expected credit loss allowance has been applied. No amount was purchased or originated credit impaired.
Within the other receivables of \u00a31,147 million (2024: \u00a3857 million), \u00a3554 million (2024: \u00a3360 million) is classified as financial assets of
which \u00a315 million (2024: \u00a32 million) is classified as held at fair value through profit or loss. At 31\u00a0December 2025 , an expected credit
loss allowance of \u00a311 million (2024 : \u00a39 million ) was recognised in respect of financial assets, with a release in expected credit loss
allowance of \u00a32\u00a0million (2024: \u00a36\u00a0million) reported in profit or loss during the year.
For more discussion on credit risk practices, please refer to Note 43, 'Financial instruments and related disclosures'.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-637": { "value": "
There were no trade or other receivable balances (2024: \u00a3nil) due from associates and joint ventures. The most significant
component of other receivables comprises receivables for indirect and other taxes of \u00a3511 million (2024 : \u00a3447\u00a0million). The other
significant balance within other receivables is royalties receivable of \u00a3217\u00a0million (2024: \u00a3164\u00a0million).", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-638": { "value": "
26. Cash and cash equivalents
2025
\u00a3m
2024
\u00a3m
Cash at bank and in hand
761
943
Cash equivalents
2,636
2,927
3,397
3,870
Cash and cash equivalents included \u00a3247 million (2024: \u00a3177 million) not available for general use due to restrictions applicable in
the subsidiaries where it is held. Restrictions include exchange controls and taxes on repatriation.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-639": { "value": "
Cash and cash equivalents included \u00a3247 million (2024: \u00a3177 million) not available for general use due to restrictions applicable in
the subsidiaries where it is held. Restrictions include exchange controls and taxes on repatriation.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-641": { "value": "
27. Assets and liabilities held for sale
2025
\u00a3m
2024
\u00a3m
Goodwill
30
\u2013
Property, plant and equipment
239
3
Other assets
31
\u2013
Assets held for sale
300
3
Lease liabilities
(139)
\u2013
Liabilities relating to assets held for sale
(139)
\u2013
Non-current assets, liabilities and disposal groups are classified as assets held for sale and liabilities relating to assets held for sale
when it is expected that their carrying amounts will be recovered principally through disposal and a sale is considered highly
probable. They are held at the lower of carrying amount and fair value less costs to sell.
Assets held for sale and liabilities relating to assets held for sale primarily related to the disposal group arising from GSK's definitive
agreement with Samsung Biologics for the sale of 100% of its equity investment in Human Genome Sciences, announced in
December 2025. The disposal group principally including the Rockville site, and completion of the transaction is anticipated toward
the end of Q1 2026. See Note 40, \u2018Acquisitions and disposals\u2019.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-640": { "value": "
27. Assets and liabilities held for sale
2025
\u00a3m
2024
\u00a3m
Goodwill
30
\u2013
Property, plant and equipment
239
3
Other assets
31
\u2013
Assets held for sale
300
3
Lease liabilities
(139)
\u2013
Liabilities relating to assets held for sale
(139)
\u2013
Non-current assets, liabilities and disposal groups are classified as assets held for sale and liabilities relating to assets held for sale
when it is expected that their carrying amounts will be recovered principally through disposal and a sale is considered highly
probable. They are held at the lower of carrying amount and fair value less costs to sell.
Assets held for sale and liabilities relating to assets held for sale primarily related to the disposal group arising from GSK's definitive
agreement with Samsung Biologics for the sale of 100% of its equity investment in Human Genome Sciences, announced in
December 2025. The disposal group principally including the Rockville site, and completion of the transaction is anticipated toward
the end of Q1 2026. See Note 40, \u2018Acquisitions and disposals\u2019.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-644": { "value": "
28. Trade and other payables
2025
\u00a3m
2024
\u00a3m
Trade payables
3,535
3,462
Wages and salaries
1,513
1,465
Social security
138
125
ViiV Healthcare put option
822
915
Other payables
438
420
Deferred income
153
171
Customer return and rebate accruals and payables
6,450
6,486
Other accruals
2,332
2,291
15,381
15,335
Trade and other payables include \u00a3nil (2024: \u00a3nil) due to associates and joint ventures. The Group provides limited supplier financing
arrangements to certain suppliers. The amounts involved at 31\u00a0December 2025 were not material.
Revenue recognised in the year that was included in deferred income at 1 January 2025 was \u00a3127 million (2024: \u00a3176 million).
Customer rebate and return accruals and payables primarily comprise accruals that are provided for by the Group at the point of sale
in respect of estimated rebates, discounts or allowances payable to customers. For more information refer to the Group financial
review on page 106. At 31\u00a0December 2025, customer rebate and return accruals and payables included \u00a34,891 million (2024 : \u00a35,235
million ) in respect of US Commercial Operations. Accruals are made at the time of sale but the actual amounts paid are based on
claims made some time after the initial recognition of the sale. As the accruals are estimated, they may not fully reflect the final
outcome and are subject to change dependent upon, amongst other things, the types of buying group and product sales mix. The
level of accrual is reviewed and adjusted quarterly in light of historical experience of actual amounts paid and any changes in
arrangements. Future events could cause the assumptions on which the accruals are based to change, which could affect the future
results of the Group. Customer return and rebate accruals and payables also includes an immaterial payables balance, where claims
have been processed but not yet paid. The estimation uncertainty described above does not apply to the payables balance.
At 31 December 2025, Pfizer\u2019s put option over its shareholding in ViiV Healthcare was exercisable. While the option is exercisable, Pfizer
may request an IPO of ViiV Healthcare at any time and if either GSK does not consent to such IPO or an offering is not completed within
nine months, Pfizer could require GSK to acquire its shareholding. The amount of the liability for this put option, which is carried at
amortised cost and is held on the gross redemption basis, is derived from an internal valuation of the ViiV Healthcare business, utilising a
discounted forecast future cash flow methodology. On 19 January 2026, GSK reached agreement with Pfizer and Shionogi for the 11.7%
economic interest in ViiV Healthcare currently held by Pfizer to be replaced with an investment by Shionogi. Completion of the transaction
is subject to certain regulatory clearances in relevant markets and is expected to occur during Q1 2026. On completion, GSK will extinguish
the Pfizer put option liability through retained earnings. See Note 47, \u2018Post balance sheet events\u2019 for further information.
The table below shows on an indicative basis the income statement and balance sheet sensitivity of the Pfizer put option to
reasonably possible changes in key assumptions, as at 31\u00a0December 2025.
Increase/(decrease) in financial liability and loss/(gain) in income statement
2025
\u00a3m
2024
\u00a3m
10% increase in sales forecasts*
88
92
15% increase in sales forecasts*
132
139
10% decrease in sales forecasts*
(87)
(92)
15% decrease in sales forecast*
(131)
(138)
1% (100 basis points) increase in discount rate
(16)
(22)
1.50% (150 basis points) increase in discount rate
(24)
(32)
1% (100 basis points) decrease in discount rate
18
23
1.50% (150 basis points) decrease in discount rate
27
34
10 cent appreciation of US Dollar
56
62
15 cent appreciation of US Dollar
86
97
10 cent depreciation of US Dollar
(47)
(53)
15 cent depreciation of US Dollar
(68)
(76)
10 cent appreciation of Euro
18
20
15 cent appreciation of Euro
28
31
10 cent depreciation of Euro
(14)
(17)
15 cent depreciation of Euro
(21)
(24)
*The sales forecast is for ViiV Healthcare sales only in respect of the ViiV Healthcare put option.
An explanation of the accounting for ViiV Healthcare is set out on page 86.
Other accruals includes interest accrued on financial liabilities at amortised cost of \u00a3161\u00a0million (2024: \u00a3162 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-643": { "value": "
28. Trade and other payables
2025
\u00a3m
2024
\u00a3m
Trade payables
3,535
3,462
Wages and salaries
1,513
1,465
Social security
138
125
ViiV Healthcare put option
822
915
Other payables
438
420
Deferred income
153
171
Customer return and rebate accruals and payables
6,450
6,486
Other accruals
2,332
2,291
15,381
15,335
Trade and other payables include \u00a3nil (2024: \u00a3nil) due to associates and joint ventures. The Group provides limited supplier financing
arrangements to certain suppliers. The amounts involved at 31\u00a0December 2025 were not material.
Revenue recognised in the year that was included in deferred income at 1 January 2025 was \u00a3127 million (2024: \u00a3176 million).
Customer rebate and return accruals and payables primarily comprise accruals that are provided for by the Group at the point of sale
in respect of estimated rebates, discounts or allowances payable to customers. For more information refer to the Group financial
review on page 106. At 31\u00a0December 2025, customer rebate and return accruals and payables included \u00a34,891 million (2024 : \u00a35,235
million ) in respect of US Commercial Operations. Accruals are made at the time of sale but the actual amounts paid are based on
claims made some time after the initial recognition of the sale. As the accruals are estimated, they may not fully reflect the final
outcome and are subject to change dependent upon, amongst other things, the types of buying group and product sales mix. The
level of accrual is reviewed and adjusted quarterly in light of historical experience of actual amounts paid and any changes in
arrangements. Future events could cause the assumptions on which the accruals are based to change, which could affect the future
results of the Group. Customer return and rebate accruals and payables also includes an immaterial payables balance, where claims
have been processed but not yet paid. The estimation uncertainty described above does not apply to the payables balance.
At 31 December 2025, Pfizer\u2019s put option over its shareholding in ViiV Healthcare was exercisable. While the option is exercisable, Pfizer
may request an IPO of ViiV Healthcare at any time and if either GSK does not consent to such IPO or an offering is not completed within
nine months, Pfizer could require GSK to acquire its shareholding. The amount of the liability for this put option, which is carried at
amortised cost and is held on the gross redemption basis, is derived from an internal valuation of the ViiV Healthcare business, utilising a
discounted forecast future cash flow methodology. On 19 January 2026, GSK reached agreement with Pfizer and Shionogi for the 11.7%
economic interest in ViiV Healthcare currently held by Pfizer to be replaced with an investment by Shionogi. Completion of the transaction
is subject to certain regulatory clearances in relevant markets and is expected to occur during Q1 2026. On completion, GSK will extinguish
the Pfizer put option liability through retained earnings. See Note 47, \u2018Post balance sheet events\u2019 for further information.
The table below shows on an indicative basis the income statement and balance sheet sensitivity of the Pfizer put option to
reasonably possible changes in key assumptions, as at 31\u00a0December 2025.
Increase/(decrease) in financial liability and loss/(gain) in income statement
2025
\u00a3m
2024
\u00a3m
10% increase in sales forecasts*
88
92
15% increase in sales forecasts*
132
139
10% decrease in sales forecasts*
(87)
(92)
15% decrease in sales forecast*
(131)
(138)
1% (100 basis points) increase in discount rate
(16)
(22)
1.50% (150 basis points) increase in discount rate
(24)
(32)
1% (100 basis points) decrease in discount rate
18
23
1.50% (150 basis points) decrease in discount rate
27
34
10 cent appreciation of US Dollar
56
62
15 cent appreciation of US Dollar
86
97
10 cent depreciation of US Dollar
(47)
(53)
15 cent depreciation of US Dollar
(68)
(76)
10 cent appreciation of Euro
18
20
15 cent appreciation of Euro
28
31
10 cent depreciation of Euro
(14)
(17)
15 cent depreciation of Euro
(21)
(24)
*The sales forecast is for ViiV Healthcare sales only in respect of the ViiV Healthcare put option.
An explanation of the accounting for ViiV Healthcare is set out on page 86.
Other accruals includes interest accrued on financial liabilities at amortised cost of \u00a3161\u00a0million (2024: \u00a3162 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-642": { "value": "
28. Trade and other payables
2025
\u00a3m
2024
\u00a3m
Trade payables
3,535
3,462
Wages and salaries
1,513
1,465
Social security
138
125
ViiV Healthcare put option
822
915
Other payables
438
420
Deferred income
153
171
Customer return and rebate accruals and payables
6,450
6,486
Other accruals
2,332
2,291
15,381
15,335
Trade and other payables include \u00a3nil (2024: \u00a3nil) due to associates and joint ventures. The Group provides limited supplier financing
arrangements to certain suppliers. The amounts involved at 31\u00a0December 2025 were not material.
Revenue recognised in the year that was included in deferred income at 1 January 2025 was \u00a3127 million (2024: \u00a3176 million).
Customer rebate and return accruals and payables primarily comprise accruals that are provided for by the Group at the point of sale
in respect of estimated rebates, discounts or allowances payable to customers. For more information refer to the Group financial
review on page 106. At 31\u00a0December 2025, customer rebate and return accruals and payables included \u00a34,891 million (2024 : \u00a35,235
million ) in respect of US Commercial Operations. Accruals are made at the time of sale but the actual amounts paid are based on
claims made some time after the initial recognition of the sale. As the accruals are estimated, they may not fully reflect the final
outcome and are subject to change dependent upon, amongst other things, the types of buying group and product sales mix. The
level of accrual is reviewed and adjusted quarterly in light of historical experience of actual amounts paid and any changes in
arrangements. Future events could cause the assumptions on which the accruals are based to change, which could affect the future
results of the Group. Customer return and rebate accruals and payables also includes an immaterial payables balance, where claims
have been processed but not yet paid. The estimation uncertainty described above does not apply to the payables balance.
At 31 December 2025, Pfizer\u2019s put option over its shareholding in ViiV Healthcare was exercisable. While the option is exercisable, Pfizer
may request an IPO of ViiV Healthcare at any time and if either GSK does not consent to such IPO or an offering is not completed within
nine months, Pfizer could require GSK to acquire its shareholding. The amount of the liability for this put option, which is carried at
amortised cost and is held on the gross redemption basis, is derived from an internal valuation of the ViiV Healthcare business, utilising a
discounted forecast future cash flow methodology. On 19 January 2026, GSK reached agreement with Pfizer and Shionogi for the 11.7%
economic interest in ViiV Healthcare currently held by Pfizer to be replaced with an investment by Shionogi. Completion of the transaction
is subject to certain regulatory clearances in relevant markets and is expected to occur during Q1 2026. On completion, GSK will extinguish
the Pfizer put option liability through retained earnings. See Note 47, \u2018Post balance sheet events\u2019 for further information.
The table below shows on an indicative basis the income statement and balance sheet sensitivity of the Pfizer put option to
reasonably possible changes in key assumptions, as at 31\u00a0December 2025.
Increase/(decrease) in financial liability and loss/(gain) in income statement
2025
\u00a3m
2024
\u00a3m
10% increase in sales forecasts*
88
92
15% increase in sales forecasts*
132
139
10% decrease in sales forecasts*
(87)
(92)
15% decrease in sales forecast*
(131)
(138)
1% (100 basis points) increase in discount rate
(16)
(22)
1.50% (150 basis points) increase in discount rate
(24)
(32)
1% (100 basis points) decrease in discount rate
18
23
1.50% (150 basis points) decrease in discount rate
27
34
10 cent appreciation of US Dollar
56
62
15 cent appreciation of US Dollar
86
97
10 cent depreciation of US Dollar
(47)
(53)
15 cent depreciation of US Dollar
(68)
(76)
10 cent appreciation of Euro
18
20
15 cent appreciation of Euro
28
31
10 cent depreciation of Euro
(14)
(17)
15 cent depreciation of Euro
(21)
(24)
*The sales forecast is for ViiV Healthcare sales only in respect of the ViiV Healthcare put option.
An explanation of the accounting for ViiV Healthcare is set out on page 86.
Other accruals includes interest accrued on financial liabilities at amortised cost of \u00a3161\u00a0million (2024: \u00a3162 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-645": { "value": "
2025
\u00a3m
2024
\u00a3m
Trade payables
3,535
3,462
Wages and salaries
1,513
1,465
Social security
138
125
ViiV Healthcare put option
822
915
Other payables
438
420
Deferred income
153
171
Customer return and rebate accruals and payables
6,450
6,486
Other accruals
2,332
2,291
15,381
15,335
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-647": { "value": "
29. Net debt
Listing exchange
2025
\u00a3m
2024
\u00a3m
Current assets:
Liquid investments
9
21
Cash and cash equivalents
3,397
3,870
3,406
3,891
Short-term borrowings:
Commercial paper
(1,078)
\u2013
Bank loans, overdrafts and other
(314)
(762)
4.000% \u20ac Euro Medium Term Note 2025
London Stock Exchange
\u2013
(622)
3.625% US$ US Medium Term Note 2025
New York Stock Exchange
\u2013
(797)
1.250% \u20ac Euro Medium Term Note 2026
London Stock Exchange
(873)
\u2013
1.000% \u20ac Euro Medium Term Note 2026
London Stock Exchange
(610)
\u2013
Lease liabilities
(137)
(168)
(3,012)
(2,349)
Long-term borrowings:
1.250% \u20ac Euro Medium Term Note 2026
London Stock Exchange
\u2013
(829)
1.000% \u20ac Euro Medium Term Note 2026
London Stock Exchange
\u2013
(581)
4.315% US$ US Medium Term Note 2027
New York Stock Exchange
(297)
\u2013
SOFR + 0.500% US$ US Medium Term Note 2027
New York Stock Exchange
(445)
\u2013
3.000% \u20ac Euro Medium Term Note 2027
London Stock Exchange
(436)
(414)
3.375% \u00a3 Euro Medium Term Note 2027
London Stock Exchange
(307)
(307)
3.875% US$ US Medium Term Note 2028
New York Stock Exchange
(1,299)
(1,393)
0.883% \u00a5 Euro Medium Term Note 2028
London Stock Exchange
(201)
(216)
1.250% \u00a3 Euro Medium Term Note 2028
London Stock Exchange
(747)
(746)
3.375% US$ US Medium Term Note 2029
New York Stock Exchange
(739)
(792)
1.375% \u20ac Euro Medium Term Note 2029
London Stock Exchange
(435)
(414)
4.500% US$ US Medium Term Note 2030
New York Stock Exchange
(627)
\u2013
1.750% \u20ac Euro Medium Term Note 2030
London Stock Exchange
(654)
(621)
2.875% \u20ac Euro Medium Term Note 2031
London Stock Exchange
(607)
(576)
3.125% \u20ac Euro Medium Term Note 2032
London Stock Exchange
(608)
(577)
5.250% \u00a3 Euro Medium Term Note 2033
London Stock Exchange
(568)
(567)
5.375% US$ US Medium Term Note 2034
London Stock Exchange
(370)
(396)
4.875%\u00a0 US$ US Medium Term Note 2035
New York Stock Exchange
(551)
\u2013
1.625% \u00a3 Euro Medium Term Note 2035
London Stock Exchange
(745)
(745)
3.250% \u20ac Euro Medium Term Note 2036
London Stock Exchange
(520)
(494)
6.375% US$ US Medium Term Note 2038
New York Stock Exchange
(2,028)
(2,176)
6.375% \u00a3 Euro Medium Term Note 2039
London Stock Exchange
(627)
(627)
5.250% \u00a3 Euro Medium Term Note 2042
London Stock Exchange
(472)
(472)
4.200% US$ US Medium Term Note 2043
New York Stock Exchange
(365)
(392)
4.250% \u00a3 Euro Medium Term Note 2045
London Stock Exchange
(366)
(366)
Other long-term borrowings
(1)
(2)
Lease liabilities
(693)
(934)
(14,708)
(14,637)
Liabilities relating to assets held for sale:
Lease liabilities
(139)
\u2013
(139)
\u2013
Net debt
(14,453)
(13,095)
Current assets
Liquid investments are classified as financial assets at amortised cost. At 31\u00a0December 2025, they included US Treasury Notes and
other government bonds. The effective interest rate on liquid investments at 31\u00a0December 2025 was approximately 5.6% ( 2024:
approximately 4.3%). Liquid investment balances at 31\u00a0December 2025 earning interest at floating rates amount to \u00a31 million (2024 :
\u00a311 million). Liquid investment balances at 31\u00a0December 2025 earning interest at fixed rates amount to \u00a38 million (2024: \u00a310\u00a0million).
Balances reported within cash and cash equivalents have an original maturity of three months or less. The effective interest rate on
cash and cash equivalents at 31\u00a0December 2025 was approximately 3.8% (2024: approximately 4.8%). Cash and cash equivalents
at 31\u00a0December 2025 earning interest at floating and fixed rates amounted to \u00a33,242 million and \u00a31 million respectively (2024:
\u00a33,746\u00a0million and \u00a31\u00a0million) and non-interest bearing holdings amounted to \u00a3154\u00a0million (2024 : \u00a3123\u00a0million).
GSK\u2019s policy regarding the credit quality of cash and cash equivalents is set out in Note 43, \u2018Financial instruments and related
disclosures\u2019.
Short-term borrowings
GSK has access to short-term finance under a $10 billion (\u00a37.4 billion) US commercial paper programme; $1,450 million (\u00a31,078
million) was in issue at 31\u00a0December 2025 (2024: nil). GSK has access to short-term finance under a \u00a35 billion Euro commercial
paper programme. There was no Euro commercial paper in issue at 31\u00a0December 2025 (2024 : nil). GSK has \u00a31.6\u00a0billion of three-year
committed facilities and $2.2\u00a0billion (\u00a31.6 billion) of 364 day committed facilities. In August 2025 GSK cancelled both these facilities
and replaced them with new revolving facilities of equivalent size with maturities of September 2028 for the three-year facility and
September 2026 for the 364-day facility. All facilities were undrawn at 31 December 2025. GSK considers this level of committed
facilities to be adequate, given current liquidity requirements.
The weighted average interest rate on commercial paper borrowings at 31\u00a0December 2025 was 3.8%. There was no commercial
paper in issue at 31 December 2024.
The weighted average interest rate on current bank loans and overdrafts at 31\u00a0December 2025 was 5.0% (2024: 3.4%).
The average effective pre-swap interest rate of notes classified as short-term at 31\u00a0December 2025 was 1.2% ( 2024: 3.9%).
Long-term borrowings
At 31 December 2025 GSK had long-term borrowings of \u00a314.7\u00a0billion (2024: \u00a314.6\u00a0billion), of which \u00a38.1\u00a0billion (2024: \u00a38.4\u00a0billion) fell
due in more than five years.
The average effective pre-swap interest rate of all notes in issue at 31\u00a0December 2025 was approximately 3.8% (2024:
approximately 3.8%).
Long-term borrowings repayable after five years carry interest at effective rates between 1.7% and 6.6% (2024: 1.7% and 6.4%), with
repayment dates ranging from 2031 to 2045 (2024: 2030 to 2045).
Pledged assets
The Group held pledged investments in US Treasury Notes with a par value of $12 million (\u00a39 million), (2024: $26 million
(\u00a321 million)) as security against irrevocable letters of credit issued on the Group\u2019s behalf in respect of the Group\u2019s self-insurance
activity. Provisions in respect of self-insurance are included within the provisions for legal and other disputes discussed in Note 31,
'Other provisions\u2019.
Lease liabilities
The total cash outflow for leases for the year ended 31\u00a0December 2025 was \u00a3260 million (2024: \u00a3256 million).
The maturity analysis of discounted lease liabilities recognised on the Group balance sheet is as follows:
2025
\u00a3m
2024
\u00a3m
Rental payments due within one year
137
168
Rental payments due between one and two years
217
222
Rental payments due between two and three years
108
146
Rental payments due between three and four years
71
109
Rental payments due between four and five years
50
73
Rental payments due after five years
247
384
Total lease liabilities
830
1,102
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-646": { "value": "
29. Net debt
Listing exchange
2025
\u00a3m
2024
\u00a3m
Current assets:
Liquid investments
9
21
Cash and cash equivalents
3,397
3,870
3,406
3,891
Short-term borrowings:
Commercial paper
(1,078)
\u2013
Bank loans, overdrafts and other
(314)
(762)
4.000% \u20ac Euro Medium Term Note 2025
London Stock Exchange
\u2013
(622)
3.625% US$ US Medium Term Note 2025
New York Stock Exchange
\u2013
(797)
1.250% \u20ac Euro Medium Term Note 2026
London Stock Exchange
(873)
\u2013
1.000% \u20ac Euro Medium Term Note 2026
London Stock Exchange
(610)
\u2013
Lease liabilities
(137)
(168)
(3,012)
(2,349)
Long-term borrowings:
1.250% \u20ac Euro Medium Term Note 2026
London Stock Exchange
\u2013
(829)
1.000% \u20ac Euro Medium Term Note 2026
London Stock Exchange
\u2013
(581)
4.315% US$ US Medium Term Note 2027
New York Stock Exchange
(297)
\u2013
SOFR + 0.500% US$ US Medium Term Note 2027
New York Stock Exchange
(445)
\u2013
3.000% \u20ac Euro Medium Term Note 2027
London Stock Exchange
(436)
(414)
3.375% \u00a3 Euro Medium Term Note 2027
London Stock Exchange
(307)
(307)
3.875% US$ US Medium Term Note 2028
New York Stock Exchange
(1,299)
(1,393)
0.883% \u00a5 Euro Medium Term Note 2028
London Stock Exchange
(201)
(216)
1.250% \u00a3 Euro Medium Term Note 2028
London Stock Exchange
(747)
(746)
3.375% US$ US Medium Term Note 2029
New York Stock Exchange
(739)
(792)
1.375% \u20ac Euro Medium Term Note 2029
London Stock Exchange
(435)
(414)
4.500% US$ US Medium Term Note 2030
New York Stock Exchange
(627)
\u2013
1.750% \u20ac Euro Medium Term Note 2030
London Stock Exchange
(654)
(621)
2.875% \u20ac Euro Medium Term Note 2031
London Stock Exchange
(607)
(576)
3.125% \u20ac Euro Medium Term Note 2032
London Stock Exchange
(608)
(577)
5.250% \u00a3 Euro Medium Term Note 2033
London Stock Exchange
(568)
(567)
5.375% US$ US Medium Term Note 2034
London Stock Exchange
(370)
(396)
4.875%\u00a0 US$ US Medium Term Note 2035
New York Stock Exchange
(551)
\u2013
1.625% \u00a3 Euro Medium Term Note 2035
London Stock Exchange
(745)
(745)
3.250% \u20ac Euro Medium Term Note 2036
London Stock Exchange
(520)
(494)
6.375% US$ US Medium Term Note 2038
New York Stock Exchange
(2,028)
(2,176)
6.375% \u00a3 Euro Medium Term Note 2039
London Stock Exchange
(627)
(627)
5.250% \u00a3 Euro Medium Term Note 2042
London Stock Exchange
(472)
(472)
4.200% US$ US Medium Term Note 2043
New York Stock Exchange
(365)
(392)
4.250% \u00a3 Euro Medium Term Note 2045
London Stock Exchange
(366)
(366)
Other long-term borrowings
(1)
(2)
Lease liabilities
(693)
(934)
(14,708)
(14,637)
Liabilities relating to assets held for sale:
Lease liabilities
(139)
\u2013
(139)
\u2013
Net debt
(14,453)
(13,095)
Current assets
Liquid investments are classified as financial assets at amortised cost. At 31\u00a0December 2025, they included US Treasury Notes and
other government bonds. The effective interest rate on liquid investments at 31\u00a0December 2025 was approximately 5.6% ( 2024:
approximately 4.3%). Liquid investment balances at 31\u00a0December 2025 earning interest at floating rates amount to \u00a31 million (2024 :
\u00a311 million). Liquid investment balances at 31\u00a0December 2025 earning interest at fixed rates amount to \u00a38 million (2024: \u00a310\u00a0million).
Balances reported within cash and cash equivalents have an original maturity of three months or less. The effective interest rate on
cash and cash equivalents at 31\u00a0December 2025 was approximately 3.8% (2024: approximately 4.8%). Cash and cash equivalents
at 31\u00a0December 2025 earning interest at floating and fixed rates amounted to \u00a33,242 million and \u00a31 million respectively (2024:
\u00a33,746\u00a0million and \u00a31\u00a0million) and non-interest bearing holdings amounted to \u00a3154\u00a0million (2024 : \u00a3123\u00a0million).
GSK\u2019s policy regarding the credit quality of cash and cash equivalents is set out in Note 43, \u2018Financial instruments and related
disclosures\u2019.
Short-term borrowings
GSK has access to short-term finance under a $10 billion (\u00a37.4 billion) US commercial paper programme; $1,450 million (\u00a31,078
million) was in issue at 31\u00a0December 2025 (2024: nil). GSK has access to short-term finance under a \u00a35 billion Euro commercial
paper programme. There was no Euro commercial paper in issue at 31\u00a0December 2025 (2024 : nil). GSK has \u00a31.6\u00a0billion of three-year
committed facilities and $2.2\u00a0billion (\u00a31.6 billion) of 364 day committed facilities. In August 2025 GSK cancelled both these facilities
and replaced them with new revolving facilities of equivalent size with maturities of September 2028 for the three-year facility and
September 2026 for the 364-day facility. All facilities were undrawn at 31 December 2025. GSK considers this level of committed
facilities to be adequate, given current liquidity requirements.
The weighted average interest rate on commercial paper borrowings at 31\u00a0December 2025 was 3.8%. There was no commercial
paper in issue at 31 December 2024.
The weighted average interest rate on current bank loans and overdrafts at 31\u00a0December 2025 was 5.0% (2024: 3.4%).
The average effective pre-swap interest rate of notes classified as short-term at 31\u00a0December 2025 was 1.2% ( 2024: 3.9%).
Long-term borrowings
At 31 December 2025 GSK had long-term borrowings of \u00a314.7\u00a0billion (2024: \u00a314.6\u00a0billion), of which \u00a38.1\u00a0billion (2024: \u00a38.4\u00a0billion) fell
due in more than five years.
The average effective pre-swap interest rate of all notes in issue at 31\u00a0December 2025 was approximately 3.8% (2024:
approximately 3.8%).
Long-term borrowings repayable after five years carry interest at effective rates between 1.7% and 6.6% (2024: 1.7% and 6.4%), with
repayment dates ranging from 2031 to 2045 (2024: 2030 to 2045).
Pledged assets
The Group held pledged investments in US Treasury Notes with a par value of $12 million (\u00a39 million), (2024: $26 million
(\u00a321 million)) as security against irrevocable letters of credit issued on the Group\u2019s behalf in respect of the Group\u2019s self-insurance
activity. Provisions in respect of self-insurance are included within the provisions for legal and other disputes discussed in Note 31,
'Other provisions\u2019.
Lease liabilities
The total cash outflow for leases for the year ended 31\u00a0December 2025 was \u00a3260 million (2024: \u00a3256 million).
The maturity analysis of discounted lease liabilities recognised on the Group balance sheet is as follows:
2025
\u00a3m
2024
\u00a3m
Rental payments due within one year
137
168
Rental payments due between one and two years
217
222
Rental payments due between two and three years
108
146
Rental payments due between three and four years
71
109
Rental payments due between four and five years
50
73
Rental payments due after five years
247
384
Total lease liabilities
830
1,102
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-648": { "value": "
Current assets
Liquid investments are classified as financial assets at amortised cost. At 31\u00a0December 2025, they included US Treasury Notes and
other government bonds. The effective interest rate on liquid investments at 31\u00a0December 2025 was approximately 5.6% ( 2024:
approximately 4.3%). Liquid investment balances at 31\u00a0December 2025 earning interest at floating rates amount to \u00a31 million (2024 :
\u00a311 million). Liquid investment balances at 31\u00a0December 2025 earning interest at fixed rates amount to \u00a38 million (2024: \u00a310\u00a0million).
Balances reported within cash and cash equivalents have an original maturity of three months or less. The effective interest rate on
cash and cash equivalents at 31\u00a0December 2025 was approximately 3.8% (2024: approximately 4.8%). Cash and cash equivalents
at 31\u00a0December 2025 earning interest at floating and fixed rates amounted to \u00a33,242 million and \u00a31 million respectively (2024:
\u00a33,746\u00a0million and \u00a31\u00a0million) and non-interest bearing holdings amounted to \u00a3154\u00a0million (2024 : \u00a3123\u00a0million).
GSK\u2019s policy regarding the credit quality of cash and cash equivalents is set out in Note 43, \u2018Financial instruments and related
disclosures\u2019.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-649": { "value": "
Lease liabilities
The total cash outflow for leases for the year ended 31\u00a0December 2025 was \u00a3260 million (2024: \u00a3256 million).
The maturity analysis of discounted lease liabilities recognised on the Group balance sheet is as follows:
2025
\u00a3m
2024
\u00a3m
Rental payments due within one year
137
168
Rental payments due between one and two years
217
222
Rental payments due between two and three years
108
146
Rental payments due between three and four years
71
109
Rental payments due between four and five years
50
73
Rental payments due after five years
247
384
Total lease liabilities
830
1,102
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-651": { "value": "
31. Other provisions
Legal
and other
disputes
\u00a3m
Major
restructuring
programmes
\u00a3m
Employee-
related
provisions
\u00a3m
Other
provisions
\u00a3m
Total
\u00a3m
At 1\u00a0January 2025
1,446
273
426
390
2,535
Exchange adjustments
(84)
1
2
(2)
(83)
Charge for the year
148
67
391
234
840
Reversed/unused
(11)
(51)
(59)
(27)
(148)
Unwinding of discount
24
1
3
\u2013
28
Utilised
(1,313)
(110)
(121)
(107)
(1,651)
Transfer to assets held for sale/distribution
\u2013
\u2013
\u2013
(1)
(1)
Additions through business combinations
\u2013
\u2013
23
\u2013
23
Reclassifications and other movements
\u2013
6
9
(8)
7
Transfer to pension obligations
\u2013
(2)
\u2013
\u2013
(2)
At 31\u00a0December 2025
210
185
674
479
1,548
To be settled within one year
189
100
370
279
938
To be settled after one year
21
85
304
200
610
At 31\u00a0December 2025
210
185
674
479
1,548
Legal and other disputes
The Group is involved in a substantial number of legal and other
disputes, including notification of possible claims, as set out in
Note 46, \u2018Legal proceedings\u2019. Provisions for legal and other
disputes include amounts relating to product liability, anti-trust,
government investigations, contract terminations and self
insurance.
The Group may become involved in significant legal
proceedings in respect of which it is not possible to
meaningfully assess whether the outcome will result in a
probable outflow, or to quantify or reliably estimate the liability,
if any, that could result from ultimate resolution of the
proceedings. In these cases, the Group would provide
appropriate disclosures about such cases, but no provision
would be made.
The net charge for the year of \u00a3137\u00a0million (including reversals
and estimated insurance recoveries) primarily reflects provisions
for product liability cases, commercial disputes and various
other government investigations.
The effect of unwinding the discount on the provision is
\u00a324\u00a0million in 2025 (2024:\u00a318\u00a0million). The discount was
calculated using risk-adjusted projected cash flows and risk-
free rates of return.
During the year, provisions of \u00a31,313\u00a0million were utilised,
primarily reflecting the Zantac settlement payments of \u00a31,195
million\u00a0made during the year.
In respect of product liability claims related to certain products,
provision is made when there is sufficient history of claims made
and settlements to enable management to make a reliable
estimate of the provision required to cover unasserted claims,
and to determine the probability of the outflow of cash. The
ultimate liability for such matters may vary from the amounts
provided and is dependent upon the outcome of litigation
proceedings, investigations and possible settlement
negotiations.
The Group\u2019s position could change over time and therefore,
there can be no assurance that any losses that result from the
outcome of any legal proceedings will not exceed by a material
amount the amount of the provisions reported in the Group\u2019s
financial statements.
It is in the nature of the Group\u2019s business that a number of these
matters may be the subject of negotiation and litigation over
many years. Litigation proceedings, including the various
appeal procedures, often take many years to reach resolution,
and out-of-court settlement discussions can also often be
protracted. Indemnified disputes will result in a provision charge
and a corresponding receivable.
The Group is in potential settlement discussions in a number of
the disputes for which amounts have been provided and, based
on its current assessment of the progress of these disputes,
estimates that \u00a3189\u00a0million of the amount provided at
31\u00a0December 2025 will be settled within one year. For a
discussion of legal issues, see Note 46, \u2018Legal proceedings\u2019.
Major restructuring programmes
During 2025, the Group had two ongoing major restructuring
programmes: the Separation restructuring programme which
focused on the separation of GSK into two companies and is
largely complete, plus the Significant Acquisitions programme
which is focused on the integration of recent acquisitions.
Restructuring provisions primarily include severance costs when
management has made a formal decision to eliminate certain
positions and this has been communicated to the groups of
employees affected and appropriate consultation procedures
completed, where appropriate. No provision is made for staff
severance payments that are paid immediately.
The affect of unwinding the discount on the provision is
\u00a31\u00a0million in 2025 (2024 : increased by \u00a31\u00a0million).
Transfer to pension obligations reflects augmentation costs of
\u00a32\u00a0million relating to defined benefit plans arising from staff
redundancies, as shown in Note 30, \u2018Pensions and other post-
employment benefits\u2019.
Employee-related provisions
Employee-related provisions include obligations for certain
medical benefits to disabled employees and their spouses in
the US.
At 31\u00a0December 2025, the provision for these benefits
amounted to \u00a341\u00a0million (2024: \u00a346\u00a0million). Other employee
benefits reflect a variety of provisions for severance costs,
jubilee awards and other long-service benefits.
Given the nature of these provisions, the amounts are likely to
be settled over many years.
Other provisions
Included in other provisions are provisions for onerous contracts,
insurance provisions and a number of other provisions including
vehicle insurance, environmental remediation and regulatory
matters.
46. Legal proceedings
The Group is involved in significant legal and administrative
proceedings, principally product liability, intellectual property,
tax, anti-trust, consumer fraud and governmental investigations.
The most significant of these matters, other than tax matters,
are described below. The Group makes provision for these
proceedings on a regular basis as summarised in Note 2,
\u2018Accounting principles and policies\u2019 and Note 31, \u2018Other
provisions\u2019. Note 2 also describes when disclosure is made of
proceedings for which there is no provision. Legal expenses
incurred and provisions related to legal claims are charged to
selling, general and administration costs. The Group does not
believe that information about the amount sought by plaintiffs,
if that is known, would be meaningful with respect to those legal
proceedings. This is due to a number of factors, including, but
not limited to, the stage of proceedings, the entitlement of
parties to appeal a decision and clarity as to theories of liability,
damages and governing law.
At 31\u00a0December 2025, the Group\u2019s aggregate provision for legal
and other disputes (not including tax matters described in Note
14, \u2018Taxation\u2019) was \u00a3210\u00a0million. There can be no assurance that
any losses that result from the outcome of any legal
proceedings will not materially exceed the amount of the
provisions reported in the Group\u2019s financial statements. If this
were to happen, it could have a material adverse impact on the
results of operations of the Group in the reporting period in
which the judgements are incurred or the settlements entered
into.
Intellectual property
Intellectual property claims include challenges to the validity
and enforceability of the Group\u2019s patents on various products or
processes as well as assertions of non-infringement of those
patents. A loss in such cases could result in loss of patent
protection for the product at issue. The consequences of any
such loss could be a significant decrease in sales of that
product and could materially affect future results of operations
for the Group.
Breo Ellipta
In August 2025, GSK received a paragraph IV letter from
Transpire Bio Inc. (\u201cTranspire\u201d) relating to Breo. On 25
September 2025, GSK filed a patent and trademark
infringement suit against Transpire in the United States District
Court for the Southern District of Florida alleging Transpire\u2019s
proposed generic of Breo infringes GSK patents, trademarks,
and trade dress. The court has set a trial date for 2 November
2026.
Coreg
In 2014, GSK initiated suit against Teva for inducing
infringement of its patent relating to the use of carvedilol
(Coreg) in decreasing mortality caused by congestive heart
failure. In June 2017, the case proceeded to a jury trial in the US
District Court for the District of Delaware. The jury returned a
verdict in GSK\u2019s favour, awarding GSK lost profits and
reasonable royalties for a total award of $235.51\u00a0million. On 29
March 2018, the trial judge ruled on post-trial motions filed by
Teva and found that substantial evidence at trial did not
support the jury\u2019s finding of induced infringement, overturning
the jury award. GSK appealed, and on 2 October 2020, the
Court of Appeals for the Federal Circuit reversed the district
court\u2019s ruling and reinstated the jury award in GSK\u2019s favour.
On 2 December 2020, Teva filed a petition for rehearing en
banc. The court granted Teva\u2019s petition, but only for a rehearing
by the three-member panel that issued the original decision. On
5 August 2021, the original panel issued its rehearing opinion
where the majority again reinstated the jury\u2019s damages award
of $235.51\u00a0million in GSK\u2019s favour.
Teva again filed a petition for rehearing en banc which was
rejected by the Court of Appeals for the Federal Circuit on 11
February 2022. On 11 July 2022, Teva filed a petition for writ of
certiorari with the Supreme Court of the United States seeking
to overturn the Federal Court decision. On 15 May 2023, the US
Supreme Court denied Teva\u2019s request. On 9 February 2026, GSK
and Teva reached a confidential settlement, resulting in the
dismissal of the action with prejudice. This matter is now
concluded.
mRNA
On 25 April 2024, GSK filed a patent infringement suit against
Pfizer Inc. and BioNTech SE in the United States District Court
for the District of Delaware alleging infringement of five US GSK
patents by the COVID-19 vaccine, COMIRNATY\u00ae. On 14 August
2024, GSK filed a First Amended Complaint asserting 3
additional GSK patents against Pfizer/BioNTech bringing the
total number of asserted patents to 8. Pfizer/BioNTech filed an
Answer and Counterclaims to GSK\u2019s First Amended Complaint
on 30 August 2024. Trial is scheduled for 7 June 2027.
On 12 October 2024, GSK filed a patent infringement suit
against Moderna, Inc. in the United States District Court for the
District of Delaware, alleging infringement of 7 GSK patents by
the COVID-19 vaccine, SPIKEVAX\u00ae. On 4 September 2025, GSK
filed a First Amended Complaint asserting that Moderna\u2019s
COVID-19 vaccine, mNEXSPIKE\u00ae also infringes the same 7 GSK
patents. Trial is scheduled for 19 July 2027. On 12 October 2024,
GSK filed a separate suit in the same court alleging
infringement of 6 GSK patents by Moderna\u2019s RSV vaccine,
mRESVIA\u00ae, and trial is scheduled for 23 August 2027.
On 3 July 2025, GSK initiated a patent infringement suit in the
Unified Patent Court (\u201cUPC\u201d) against Moderna, asserting a
single GSK patent and alleging infringement by Moderna\u2019s
SPIKEVAX\u00ae, mNEXSPIKE\u00ae, and mRESVIA\u00ae RSV vaccine
products (\u201cModerna mRNA Products\u201d). The hearing has been
set to commence in a window between 1-3 September 2026. On
4 July 2025, GSK initiated a second patent infringement suit
against Moderna in the UPC asserting infringement of
additional GSK patents by the Moderna mRNA Products. The
hearing has been set to commence in a window between 30
September-2 October 2026. On 13 November 2025, GSK filed
two patent infringement actions against Moderna in Spain
related to SPIKEVAX\u00ae and mRESVIA\u00ae. Hearings have yet to be
scheduled.
On 3 July 2025, GSK initiated a patent infringement suit in the
UPC against Pfizer and BioNTech alleging infringement by
Pfizer/BioNTech\u2019s COMIRNATY\u00ae COVID-19 vaccine products.
The hearing has been set to commence in a window between
1-3 September 2026. On 4 July 2025, GSK initiated another
patent infringement suit in the UPC against Pfizer and
BioNTech asserting additional patents and alleging
infringement by Pfizer/BioNTech\u2019s COMIRNATY\u00ae COVID-19
vaccine products. The hearing has been set to commence in a
window between 30 September-2 October 2026. On 7 July
2025, GSK initiated a patent infringement suit related to the
COMIRNATY\u00ae COVID-19 vaccine products in the Irish High
Court against Pfizer and BioNTech. A hearing has yet to be
scheduled.
On 5 September 2025, Pfizer and BioNTech initiated a patent
revocation suit against GSK in the UK Patents Court seeking
revocation of the UK counterparts of the patents that GSK has
asserted against them in the UPC and in Ireland. GSK has
counterclaimed that Pfizer and BioNTech infringe those
patents. A trial has been listed for 22 February 2027.
In January 2026, GSK filed two separate actions in the US,
pursuant to 28 U.S.C. \u00a7 1782, against Pfizer/BioNTech and
Moderna seeking targeted discovery for use in foreign
proceedings.
On 2 January 2025, Acuitas Therapeutics Inc. filed a
declaratory judgment complaint against GSK, seeking
judgment that COMIRNATY\u00ae does not infringe five GSK
patents. Acuitas also seeks a ruling that the patents are invalid.
GSK has moved to dismiss the complaint for lack of subject
matter jurisdiction.
RSV
On 7 June 2022, Pfizer, Inc. filed suit in the London High Court
challenging the validity and requesting revocation of three GSK
European patents relating to RSV vaccine technology.
Corresponding invalidity suits against additional patents were
filed in the District Court of the Hague in the Netherlands in
January 2023 and in the Enterprise Court of Brussels in Belgium
in March 2023. In each of those matters GSK counterclaimed
that Pfizer\u2019s RSV vaccine infringes GSK\u2019s patents. On 2 August
2023, GSK filed a patent infringement suit against Pfizer in the
United States District Court for the District of Delaware alleging
infringement of four US GSK patents by Pfizer\u2019s RSV vaccine,
Abrysvo\u00ae. Additional patents have been added to the US
litigation. Pfizer counterclaimed in the US that all patents are
invalid, and that Pfizer\u2019s product does not infringe. On 5 August
2024, GSK filed a patent infringement suit on a fourth European
patent in the European Unified Patent Court (\u201cUPC\u201d) at the
D\u00fcsseldorf Local Division. On 14 August 2024, Pfizer filed a
patent revocation suit against that same European patent in
the UPC.
On 1 April 2025, GSK and Pfizer reached a global settlement of
all litigation whereby Pfizer has been granted a worldwide
license to certain patents controlled by GSK relating to
recombinant RSV prefusion F protein and GSK will receive a
royalty stream on sales of Abrysvo\u00ae. The pending litigation in
the United States District Court for the District of Delaware was
dismissed on 4 April 2025. Cases pending in other jurisdictions
have also been dismissed. This matter is now concluded.
Trelegy Ellipta
On 22 January 2026, GSK received a paragraph IV letter from
Transpire relating to Trelegy. GSK is currently assessing the
letter and considering its options. Under the Hatch-Waxman
Act, companies who receive such letters have 45 days to bring a
lawsuit against the generic manufacturer.
Zejula
In August 2025, GSK received a paragraph IV letter from Sun
Pharmaceutical Industries Limited (\u201cSun\u201d) relating to Zejula. On
19 September 2025, GSK filed a patent infringement suit against
Sun in the United States District Court for the District of
Delaware alleging Sun\u2019s proposed generic of Zejula infringes
GSK patents. The court has set a trial date for 24 July 2028.
Product liability
The Group is currently a defendant in a number of product
liability lawsuits.
Avandia
There are two pending US class actions (both filed in 2010) by
third-party payers which assert claims under the Racketeer
In\ufb02uenced and Corrupt Organizations Act (RICO) and state
consumer protection laws. In December 2019, the Third Circuit
Court of Appeals reversed the summary judgments granted in
favour of the Group and remanded the third-party payer cases
back to district court. A hearing on certain Daubert motions
relating to experts was held on 1 February 2024. On 25 October
2024, the district court granted GSK\u2019s motion to exclude
plaintiffs\u2019 expert on causation, and excluded a portion of
plaintiffs\u2019 damages expert. A hearing on plaintiffs\u2019 motion for
class certification was held on 12 March 2025, and a hearing on
GSK\u2019s motion for summary judgment was held on 21 April 2025.
On 22 May 2025, the district court granted the third-party
payor plaintiffs\u2019 motion for class certification, allowing them to
proceed with their claims as a class action. The district court
has not yet ruled on GSK\u2019s motion for summary judgment. GSK
filed a Rule 23(f) petition with the Third Circuit seeking
permission to appeal the class certification order. On 7 July
2025, the Third Circuit accepted the appeal. Briefing is
complete, and oral argument was held on 26 February 2026.
The district court has stayed the proceedings pending the
outcome of the appeal.
Legacy Talc Products in the US
The Group is defending product liability actions in the United
States regarding legacy products that were divested by the
Group many years ago. Most of the lawsuits are filed against
multiple defendants. The vast majority of cases generally allege
that plaintiffs were exposed to asbestos-contaminated talc and
developed mesothelioma as a result of use of the products.
GSK is vigorously defending these claims. It has achieved
resolution and dismissal of a number of such claims. As of 31
December 2025, there were approximately 830 ongoing
product liability actions pending in various state courts. To date,
no cases have proceeded to trial.
Zantac
The Group has been named in product liability lawsuits on
behalf of individuals asserting personal injury claims arising out
of the use of Zantac. The federal cases are part of a
Multidistrict Litigation (MDL) proceeding in the United States
District Court for the Southern District of Florida that is pending
appeal in the United States Court of Appeals for the Eleventh
Circuit. Cases have also been filed in a number of state courts,
the majority of which are in Delaware.
As previously disclosed, on 9 October 2024 GSK reached
agreements to resolve 93% (approximately 80,000 claimants)
of the Zantac state court product liability cases pending
against GSK in the United States. Since that time, the vast
majority of the remaining cases have been resolved or been
dismissed such that 13 state court cases remain.
On 9 October 2024, GSK also reached an agreement in
principle to pay a total of $70\u00a0million to resolve the Zantac qui
tam complaint previously filed by Valisure. Both the Department
of Justice and the participating State Attorneys General
approved the agreement which was signed on 3 April 2025. The
qui tam complaint has been dismissed.
On 10 July 2025, the Delaware Supreme Court issued its
decision, reversing the lower court\u2019s decision and concluding
that plaintiffs did not establish that their experts\u2019 opinions are
admissible. After the Delaware Supreme Court issued its
decision, GSK and other defendants filed a motion for summary
judgment. Plaintiffs then filed a motion to allow supplemental
expert disclosures. A hearing on both motions was held on 23
October 2025. On 1 December 2025, the Delaware Superior
Court issued its ruling denying plaintiffs\u2019 motion for
supplemental expert disclosures. The Superior Court requested
additional briefing as to which plaintiffs should be bound by
that ruling. Briefing on that issue concluded on 30 January
2026. As previously disclosed, approximately 14,000 product
liability cases were dismissed following the grant of defendants\u2019
Daubert motions in December 2022 in the federal MDL
proceeding. These are now on appeal by the plaintiffs to the
United States Court of Appeals for the Eleventh Circuit, along
with appeals in the medical monitoring and consumer class
action cases. Oral argument was held on 10 October 2025. A
decision is expected in the first half of 2026. GSK remains
confident in its position and will continue to vigorously defend
against those appeals.
Outside the US, there are two proposed class actions pending
against GSK in Ontario and Quebec, Canada along with a class
action in Israel. The Ontario action is in the process of being
discontinued, and the Quebec action remains dormant. The
parties have reached a settlement in the Israel class action and
are in the process of seeking final court approval, which is
expected in H2 2026 or Q1 2027. There are also approximately
120 individual actions that have been filed in Canada.
On 20 March 2020, the New Mexico Attorney General filed a
lawsuit against multiple defendants, including the Group,
alleging violations of state consumer protection and false
advertising statutes, among other claims. On 11 November 2020,
the Mayor & City of Baltimore filed an action against the Group
alleging that Zantac increased the risk of cancer and/or
caused cancer in Baltimore patients, and that the Group failed
to warn of or concealed those risks. GSK has resolved both the
New Mexico Attorney General and the Mayor & City of
Baltimore actions.
On 4 February 2025, a putative securities class action lawsuit
was filed in the US District Court for the Eastern District of
Pennsylvania against GSK and certain officers on behalf of
purchasers of GSK publicly traded securities during the period 5
February 2020 through 14 August 2022. The complaint alleges
that defendants made materially false and/or misleading
statements or omissions with regard to Zantac. On 7 July 2025,
plaintiffs filed an amended complaint, removing one of the GSK
individually named defendants and changing the class period
to 5 February 2020 through 12 August 2022. GSK filed a motion
to dismiss the amended complaint. On 4 March 2026, the Court
granted GSK\u2019s motion and dismissed plaintiffs\u2019 amended
complaint with prejudice.
Zofran
The Group was a defendant in over 400 product liability cases
involving Zofran pending in a Multidistrict Litigation (MDL)
proceeding in the District of Massachusetts. The cases alleged
that children suffered birth defects due to their mothers\u2019
ingestion of Zofran and/or generic ondansetron for pregnancy-
related nausea and vomiting. Plaintiffs asserted that the Group
sold Zofran knowing it was unsafe for pregnant women, failed
to warn of the risks and illegally marketed Zofran \u201coff-label\u201d for
use by pregnant women.
On 1 June 2021, the MDL Court granted the Group\u2019s motion for
summary judgment on federal pre-emption grounds. The Court
found that the FDA was fully informed of all relevant safety
information regarding Zofran and had repeatedly rejected any
attempt to add a birth defect warning to the label. At that time,
the Court granted judgment for the Group in all cases pending
in the MDL (approximately 431 cases) and closed the MDL
proceeding. Plaintiffs appealed this decision and, on 9 January
2023, the United States Court of Appeals for the First Circuit
affirmed the district court\u2019s decision in favour of the Group.
The one remaining state court case was voluntarily dismissed
by the plaintiff in July 2025. Three of the four proposed class
actions in Canada have been discontinued. The last remaining
class action is not currently active, and is also expected to be
discontinued.
Sales and marketing and regulation
The Group\u2019s marketing and promotion of its Pharmaceutical
and Vaccine products are the subject of certain governmental
investigations and private lawsuits brought by litigants under
various theories of law.
Flovent \u2013 Arizona Attorney General
On 6 February 2025, the Arizona Attorney General filed a
lawsuit in Arizona state court alleging violation of the state
consumer protection statute. The lawsuit alleges that GSK
engaged in deceptive and unfair practices with respect to
Flovent. GSK removed the case to federal court and filed a
motion to dismiss. The plaintiff filed a motion to remand the
case to state court. On 26 August 2025, the federal court
remanded the case to state court, finding that the case did not
state a federal claim over which the court had subject-matter
jurisdiction, but did not rule on GSK\u2019s pending motion to dismiss.
The state court heard oral argument on the motion to dismiss
on 23 January 2026.
GSK Korea \u2013 Proceedings under Fair Trade Laws
In August 2020, GSK Korea was indicted under Korea\u2019s
Monopoly Regulation and Fair Trade laws in relation to
government tenders of HPV (Cervarix) and PCV (Synflorix)
vaccines in 2018 and 2019. The prosecutor alleged that GSK
Korea, through the actions of at least one of its employees,
interfered with the tender process under the National
Immunisation Programme by using \u201cstraw bidders\u201d.
A former GSK Korea employee was also charged in his
individual capacity by the prosecutor in relation to the same
matter. Further, a number of wholesalers were co-defendants in
the proceedings. On 1 February 2023, the court rendered a
guilty verdict in respect of all defendants. GSK Korea was fined
KRW70\u00a0million which is approximately \u00a345,000. In July 2024,
the appellate court rendered a not-guilty verdict for all
defendants, overturning the lower court\u2019s decision. In December
2025, the Korea Supreme Court affirmed the appellate court\u2019s
decision. This matter is now concluded.
US electronic health records subpoena
On 19 March 2023, the Group received a subpoena from the
United States Attorney\u2019s Office for the Western District of
Virginia, which is working with the United States Department of
Justice Civil Division, seeking documents relating to the Group\u2019s
electronic health record programmes. The Group cooperated
with the enquiry.
Senate HELP Enquiry
The Group received a letter dated 8 January 2024 from
majority members of the US Senate Health, Education, Labor
and Pensions (\u201cHELP\u201d) Committee initiating an investigation
into the pricing of inhalers for the treatment of asthma and
COPD. The letter is similar to letters received by a number of
other pharmaceutical companies and requests information on
pricing, research in the treatment of respiratory diseases,
patenting and business practices. The Group cooperated with
the enquiry.
Anti-trust/competition
Certain governmental actions and private lawsuits have been
brought against the Group alleging violation of competition or
anti-trust laws.
Lamictal
Purported classes of direct purchasers filed suit in 2012 in the US
District Court for the District of New Jersey alleging that the
Group and Teva Pharmaceuticals unlawfully conspired to delay
generic competition for Lamictal, resulting in overcharges to the
purchasers, by entering into an allegedly anti-competitive
reverse payment settlement to resolve patent infringement
litigation. A separate count accuses the Group of monopolising
the market.
On 13 December 2018, the trial judge granted plaintiffs\u2019 class
certification motion, certifying a class of direct purchasers. The
Group filed a Rule 23(f) motion in the Court of Appeals for the
Third Circuit, challenging the class certification decision. On 22
April 2020, the Court of Appeals vacated the lower court\u2019s grant
of class certification and remanded the issue back to the lower
court for further analysis.
On 9 October 2020, the district court heard argument on
plaintiffs\u2019 renewed motion for class certification after remand.
On 9 April 2021, the district court denied plaintiffs\u2019 motion for
class certification of the putative direct purchaser class, leaving
a potential class of brand-only purchasers. Plaintiffs moved to
supplement their expert report and seek additional discovery to
support the addition of certain generic purchasers. On 21
January 2022, the district court denied plaintiffs\u2019 motion to
supplement their expert report and seek additional discovery
and held that the issue of generic purchasers had already been
decided and denied in the court\u2019s ruling on decertification. The
parties conducted briefing on class certification as to the
remaining brand-only purchasers, with plaintiffs also seeking to
add a smaller category of purchasers.
On 1 February 2023, the district court denied plaintiffs\u2019 renewed
class certification motion. A series of follow-on complaints have
been filed in the US District Court for the Eastern District of
Pennsylvania by groups of alleged purchasers. The cases have
been consolidated with the previously pending case in the
District of New Jersey. Discovery is ongoing.
Commercial and corporate
The Group is involved in certain contractual and/or commercial
disputes.
Tesaro, Inc. v. AnaptysBio
On 20 November 2025, GSK subsidiaries Tesaro, Inc., and
Tesaro Development, Ltd. (collectively, \u201cTesaro\u201d) initiated
litigation against AnaptysBio, Inc. in the Delaware Chancery
Court. This action seeks a declaration that Tesaro has not
breached the Collaboration and Exclusive License Agreement
(the \u201cAgreement\u201d) among the parties and that AnaptysBio
engaged in conduct that constituted an anticipatory breach of
the Agreement with respect to the oncology treatment Jemperli
(dostarlimab). AnaptysBio filed a lawsuit against Tesaro and
GSK later the same day, in the same court, asserting claims that
Tesaro materially breached certain provisions of the Agreement
or the implied covenant of good faith and fair dealing, and that
GSK tortiously interfered with the contract by inducing Tesaro\u2019s
alleged breaches. Trial is currently set for 14-17 July 2026.
AnaptysBio filed a partial motion to dismiss seeking dismissal of
Tesaro\u2019s anticipatory breach of contract claim, which motion
was heard by the court on 4 March 2026. GSK and Tesaro
intend to vigorously defend against AnaptysBio\u2019s allegations.
Zejula royalty dispute
In October 2012, Tesaro, Inc. (now a wholly owned subsidiary of
GSK) entered into two worldwide patent license agreements
with AstraZeneca UK Limited related to niraparib (later
approved as Zejula). In May 2021, AstraZeneca filed a lawsuit
against Tesaro in the High Court, England and Wales alleging
that Tesaro failed to pay some of the royalties due under the
license agreements. Tesaro has counterclaimed based on a
calculated overpayment. Trial was held the week of 6 March
2023 and judgment was entered against the Group on 5 April
2023. On 9 February 2024 the Court of Appeal ruled in the
Group\u2019s favour, overturning the trial court\u2019s judgment and
determining that only Zejula sales for uses falling within the
licensed patents could be deemed royalty-bearing.
AstraZeneca requested permission to appeal and on 28 May
2024, the UK Supreme Court rejected AstraZeneca\u2019s request.
The appropriate quantum of royalties following the Court of
Appeal\u2019s judgement may be the subject of further proceedings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-650": { "value": "
31. Other provisions
Legal
and other
disputes
\u00a3m
Major
restructuring
programmes
\u00a3m
Employee-
related
provisions
\u00a3m
Other
provisions
\u00a3m
Total
\u00a3m
At 1\u00a0January 2025
1,446
273
426
390
2,535
Exchange adjustments
(84)
1
2
(2)
(83)
Charge for the year
148
67
391
234
840
Reversed/unused
(11)
(51)
(59)
(27)
(148)
Unwinding of discount
24
1
3
\u2013
28
Utilised
(1,313)
(110)
(121)
(107)
(1,651)
Transfer to assets held for sale/distribution
\u2013
\u2013
\u2013
(1)
(1)
Additions through business combinations
\u2013
\u2013
23
\u2013
23
Reclassifications and other movements
\u2013
6
9
(8)
7
Transfer to pension obligations
\u2013
(2)
\u2013
\u2013
(2)
At 31\u00a0December 2025
210
185
674
479
1,548
To be settled within one year
189
100
370
279
938
To be settled after one year
21
85
304
200
610
At 31\u00a0December 2025
210
185
674
479
1,548
Legal and other disputes
The Group is involved in a substantial number of legal and other
disputes, including notification of possible claims, as set out in
Note 46, \u2018Legal proceedings\u2019. Provisions for legal and other
disputes include amounts relating to product liability, anti-trust,
government investigations, contract terminations and self
insurance.
The Group may become involved in significant legal
proceedings in respect of which it is not possible to
meaningfully assess whether the outcome will result in a
probable outflow, or to quantify or reliably estimate the liability,
if any, that could result from ultimate resolution of the
proceedings. In these cases, the Group would provide
appropriate disclosures about such cases, but no provision
would be made.
The net charge for the year of \u00a3137\u00a0million (including reversals
and estimated insurance recoveries) primarily reflects provisions
for product liability cases, commercial disputes and various
other government investigations.
The effect of unwinding the discount on the provision is
\u00a324\u00a0million in 2025 (2024:\u00a318\u00a0million). The discount was
calculated using risk-adjusted projected cash flows and risk-
free rates of return.
During the year, provisions of \u00a31,313\u00a0million were utilised,
primarily reflecting the Zantac settlement payments of \u00a31,195
million\u00a0made during the year.
In respect of product liability claims related to certain products,
provision is made when there is sufficient history of claims made
and settlements to enable management to make a reliable
estimate of the provision required to cover unasserted claims,
and to determine the probability of the outflow of cash. The
ultimate liability for such matters may vary from the amounts
provided and is dependent upon the outcome of litigation
proceedings, investigations and possible settlement
negotiations.
The Group\u2019s position could change over time and therefore,
there can be no assurance that any losses that result from the
outcome of any legal proceedings will not exceed by a material
amount the amount of the provisions reported in the Group\u2019s
financial statements.
It is in the nature of the Group\u2019s business that a number of these
matters may be the subject of negotiation and litigation over
many years. Litigation proceedings, including the various
appeal procedures, often take many years to reach resolution,
and out-of-court settlement discussions can also often be
protracted. Indemnified disputes will result in a provision charge
and a corresponding receivable.
The Group is in potential settlement discussions in a number of
the disputes for which amounts have been provided and, based
on its current assessment of the progress of these disputes,
estimates that \u00a3189\u00a0million of the amount provided at
31\u00a0December 2025 will be settled within one year. For a
discussion of legal issues, see Note 46, \u2018Legal proceedings\u2019.
Major restructuring programmes
During 2025, the Group had two ongoing major restructuring
programmes: the Separation restructuring programme which
focused on the separation of GSK into two companies and is
largely complete, plus the Significant Acquisitions programme
which is focused on the integration of recent acquisitions.
Restructuring provisions primarily include severance costs when
management has made a formal decision to eliminate certain
positions and this has been communicated to the groups of
employees affected and appropriate consultation procedures
completed, where appropriate. No provision is made for staff
severance payments that are paid immediately.
The affect of unwinding the discount on the provision is
\u00a31\u00a0million in 2025 (2024 : increased by \u00a31\u00a0million).
Transfer to pension obligations reflects augmentation costs of
\u00a32\u00a0million relating to defined benefit plans arising from staff
redundancies, as shown in Note 30, \u2018Pensions and other post-
employment benefits\u2019.
Employee-related provisions
Employee-related provisions include obligations for certain
medical benefits to disabled employees and their spouses in
the US.
At 31\u00a0December 2025, the provision for these benefits
amounted to \u00a341\u00a0million (2024: \u00a346\u00a0million). Other employee
benefits reflect a variety of provisions for severance costs,
jubilee awards and other long-service benefits.
Given the nature of these provisions, the amounts are likely to
be settled over many years.
Other provisions
Included in other provisions are provisions for onerous contracts,
insurance provisions and a number of other provisions including
vehicle insurance, environmental remediation and regulatory
matters.
34. Contingent liabilities
At 31\u00a0December 2025 , contingent liabilities where GSK has a present obligation as a result of a past event, comprising guarantees
and other items arising in the normal course of business, amounted to \u00a338 million (2024 : \u00a326 million). There are no material amounts
of financial assets pledged as collateral for contingent liabilities at 31\u00a0December 2025. Provision is made for the outcome of tax,
legal and other disputes where it is both probable that the Group will suffer an outflow of funds and it is possible to make a reliable
estimate of that outflow. If it is not possible to meaningfully assess whether the outcomes will result in a probable outflow, or to
quantify or reliably estimate the liability, if any, no provision is recorded. Descriptions of the significant legal and other disputes to
which the Group is a party are set out in Note 46, \u2018Legal proceedings\u2019.
46. Legal proceedings
The Group is involved in significant legal and administrative
proceedings, principally product liability, intellectual property,
tax, anti-trust, consumer fraud and governmental investigations.
The most significant of these matters, other than tax matters,
are described below. The Group makes provision for these
proceedings on a regular basis as summarised in Note 2,
\u2018Accounting principles and policies\u2019 and Note 31, \u2018Other
provisions\u2019. Note 2 also describes when disclosure is made of
proceedings for which there is no provision. Legal expenses
incurred and provisions related to legal claims are charged to
selling, general and administration costs. The Group does not
believe that information about the amount sought by plaintiffs,
if that is known, would be meaningful with respect to those legal
proceedings. This is due to a number of factors, including, but
not limited to, the stage of proceedings, the entitlement of
parties to appeal a decision and clarity as to theories of liability,
damages and governing law.
At 31\u00a0December 2025, the Group\u2019s aggregate provision for legal
and other disputes (not including tax matters described in Note
14, \u2018Taxation\u2019) was \u00a3210\u00a0million. There can be no assurance that
any losses that result from the outcome of any legal
proceedings will not materially exceed the amount of the
provisions reported in the Group\u2019s financial statements. If this
were to happen, it could have a material adverse impact on the
results of operations of the Group in the reporting period in
which the judgements are incurred or the settlements entered
into.
Intellectual property
Intellectual property claims include challenges to the validity
and enforceability of the Group\u2019s patents on various products or
processes as well as assertions of non-infringement of those
patents. A loss in such cases could result in loss of patent
protection for the product at issue. The consequences of any
such loss could be a significant decrease in sales of that
product and could materially affect future results of operations
for the Group.
Breo Ellipta
In August 2025, GSK received a paragraph IV letter from
Transpire Bio Inc. (\u201cTranspire\u201d) relating to Breo. On 25
September 2025, GSK filed a patent and trademark
infringement suit against Transpire in the United States District
Court for the Southern District of Florida alleging Transpire\u2019s
proposed generic of Breo infringes GSK patents, trademarks,
and trade dress. The court has set a trial date for 2 November
2026.
Coreg
In 2014, GSK initiated suit against Teva for inducing
infringement of its patent relating to the use of carvedilol
(Coreg) in decreasing mortality caused by congestive heart
failure. In June 2017, the case proceeded to a jury trial in the US
District Court for the District of Delaware. The jury returned a
verdict in GSK\u2019s favour, awarding GSK lost profits and
reasonable royalties for a total award of $235.51\u00a0million. On 29
March 2018, the trial judge ruled on post-trial motions filed by
Teva and found that substantial evidence at trial did not
support the jury\u2019s finding of induced infringement, overturning
the jury award. GSK appealed, and on 2 October 2020, the
Court of Appeals for the Federal Circuit reversed the district
court\u2019s ruling and reinstated the jury award in GSK\u2019s favour.
On 2 December 2020, Teva filed a petition for rehearing en
banc. The court granted Teva\u2019s petition, but only for a rehearing
by the three-member panel that issued the original decision. On
5 August 2021, the original panel issued its rehearing opinion
where the majority again reinstated the jury\u2019s damages award
of $235.51\u00a0million in GSK\u2019s favour.
Teva again filed a petition for rehearing en banc which was
rejected by the Court of Appeals for the Federal Circuit on 11
February 2022. On 11 July 2022, Teva filed a petition for writ of
certiorari with the Supreme Court of the United States seeking
to overturn the Federal Court decision. On 15 May 2023, the US
Supreme Court denied Teva\u2019s request. On 9 February 2026, GSK
and Teva reached a confidential settlement, resulting in the
dismissal of the action with prejudice. This matter is now
concluded.
mRNA
On 25 April 2024, GSK filed a patent infringement suit against
Pfizer Inc. and BioNTech SE in the United States District Court
for the District of Delaware alleging infringement of five US GSK
patents by the COVID-19 vaccine, COMIRNATY\u00ae. On 14 August
2024, GSK filed a First Amended Complaint asserting 3
additional GSK patents against Pfizer/BioNTech bringing the
total number of asserted patents to 8. Pfizer/BioNTech filed an
Answer and Counterclaims to GSK\u2019s First Amended Complaint
on 30 August 2024. Trial is scheduled for 7 June 2027.
On 12 October 2024, GSK filed a patent infringement suit
against Moderna, Inc. in the United States District Court for the
District of Delaware, alleging infringement of 7 GSK patents by
the COVID-19 vaccine, SPIKEVAX\u00ae. On 4 September 2025, GSK
filed a First Amended Complaint asserting that Moderna\u2019s
COVID-19 vaccine, mNEXSPIKE\u00ae also infringes the same 7 GSK
patents. Trial is scheduled for 19 July 2027. On 12 October 2024,
GSK filed a separate suit in the same court alleging
infringement of 6 GSK patents by Moderna\u2019s RSV vaccine,
mRESVIA\u00ae, and trial is scheduled for 23 August 2027.
On 3 July 2025, GSK initiated a patent infringement suit in the
Unified Patent Court (\u201cUPC\u201d) against Moderna, asserting a
single GSK patent and alleging infringement by Moderna\u2019s
SPIKEVAX\u00ae, mNEXSPIKE\u00ae, and mRESVIA\u00ae RSV vaccine
products (\u201cModerna mRNA Products\u201d). The hearing has been
set to commence in a window between 1-3 September 2026. On
4 July 2025, GSK initiated a second patent infringement suit
against Moderna in the UPC asserting infringement of
additional GSK patents by the Moderna mRNA Products. The
hearing has been set to commence in a window between 30
September-2 October 2026. On 13 November 2025, GSK filed
two patent infringement actions against Moderna in Spain
related to SPIKEVAX\u00ae and mRESVIA\u00ae. Hearings have yet to be
scheduled.
On 3 July 2025, GSK initiated a patent infringement suit in the
UPC against Pfizer and BioNTech alleging infringement by
Pfizer/BioNTech\u2019s COMIRNATY\u00ae COVID-19 vaccine products.
The hearing has been set to commence in a window between
1-3 September 2026. On 4 July 2025, GSK initiated another
patent infringement suit in the UPC against Pfizer and
BioNTech asserting additional patents and alleging
infringement by Pfizer/BioNTech\u2019s COMIRNATY\u00ae COVID-19
vaccine products. The hearing has been set to commence in a
window between 30 September-2 October 2026. On 7 July
2025, GSK initiated a patent infringement suit related to the
COMIRNATY\u00ae COVID-19 vaccine products in the Irish High
Court against Pfizer and BioNTech. A hearing has yet to be
scheduled.
On 5 September 2025, Pfizer and BioNTech initiated a patent
revocation suit against GSK in the UK Patents Court seeking
revocation of the UK counterparts of the patents that GSK has
asserted against them in the UPC and in Ireland. GSK has
counterclaimed that Pfizer and BioNTech infringe those
patents. A trial has been listed for 22 February 2027.
In January 2026, GSK filed two separate actions in the US,
pursuant to 28 U.S.C. \u00a7 1782, against Pfizer/BioNTech and
Moderna seeking targeted discovery for use in foreign
proceedings.
On 2 January 2025, Acuitas Therapeutics Inc. filed a
declaratory judgment complaint against GSK, seeking
judgment that COMIRNATY\u00ae does not infringe five GSK
patents. Acuitas also seeks a ruling that the patents are invalid.
GSK has moved to dismiss the complaint for lack of subject
matter jurisdiction.
RSV
On 7 June 2022, Pfizer, Inc. filed suit in the London High Court
challenging the validity and requesting revocation of three GSK
European patents relating to RSV vaccine technology.
Corresponding invalidity suits against additional patents were
filed in the District Court of the Hague in the Netherlands in
January 2023 and in the Enterprise Court of Brussels in Belgium
in March 2023. In each of those matters GSK counterclaimed
that Pfizer\u2019s RSV vaccine infringes GSK\u2019s patents. On 2 August
2023, GSK filed a patent infringement suit against Pfizer in the
United States District Court for the District of Delaware alleging
infringement of four US GSK patents by Pfizer\u2019s RSV vaccine,
Abrysvo\u00ae. Additional patents have been added to the US
litigation. Pfizer counterclaimed in the US that all patents are
invalid, and that Pfizer\u2019s product does not infringe. On 5 August
2024, GSK filed a patent infringement suit on a fourth European
patent in the European Unified Patent Court (\u201cUPC\u201d) at the
D\u00fcsseldorf Local Division. On 14 August 2024, Pfizer filed a
patent revocation suit against that same European patent in
the UPC.
On 1 April 2025, GSK and Pfizer reached a global settlement of
all litigation whereby Pfizer has been granted a worldwide
license to certain patents controlled by GSK relating to
recombinant RSV prefusion F protein and GSK will receive a
royalty stream on sales of Abrysvo\u00ae. The pending litigation in
the United States District Court for the District of Delaware was
dismissed on 4 April 2025. Cases pending in other jurisdictions
have also been dismissed. This matter is now concluded.
Trelegy Ellipta
On 22 January 2026, GSK received a paragraph IV letter from
Transpire relating to Trelegy. GSK is currently assessing the
letter and considering its options. Under the Hatch-Waxman
Act, companies who receive such letters have 45 days to bring a
lawsuit against the generic manufacturer.
Zejula
In August 2025, GSK received a paragraph IV letter from Sun
Pharmaceutical Industries Limited (\u201cSun\u201d) relating to Zejula. On
19 September 2025, GSK filed a patent infringement suit against
Sun in the United States District Court for the District of
Delaware alleging Sun\u2019s proposed generic of Zejula infringes
GSK patents. The court has set a trial date for 24 July 2028.
Product liability
The Group is currently a defendant in a number of product
liability lawsuits.
Avandia
There are two pending US class actions (both filed in 2010) by
third-party payers which assert claims under the Racketeer
In\ufb02uenced and Corrupt Organizations Act (RICO) and state
consumer protection laws. In December 2019, the Third Circuit
Court of Appeals reversed the summary judgments granted in
favour of the Group and remanded the third-party payer cases
back to district court. A hearing on certain Daubert motions
relating to experts was held on 1 February 2024. On 25 October
2024, the district court granted GSK\u2019s motion to exclude
plaintiffs\u2019 expert on causation, and excluded a portion of
plaintiffs\u2019 damages expert. A hearing on plaintiffs\u2019 motion for
class certification was held on 12 March 2025, and a hearing on
GSK\u2019s motion for summary judgment was held on 21 April 2025.
On 22 May 2025, the district court granted the third-party
payor plaintiffs\u2019 motion for class certification, allowing them to
proceed with their claims as a class action. The district court
has not yet ruled on GSK\u2019s motion for summary judgment. GSK
filed a Rule 23(f) petition with the Third Circuit seeking
permission to appeal the class certification order. On 7 July
2025, the Third Circuit accepted the appeal. Briefing is
complete, and oral argument was held on 26 February 2026.
The district court has stayed the proceedings pending the
outcome of the appeal.
Legacy Talc Products in the US
The Group is defending product liability actions in the United
States regarding legacy products that were divested by the
Group many years ago. Most of the lawsuits are filed against
multiple defendants. The vast majority of cases generally allege
that plaintiffs were exposed to asbestos-contaminated talc and
developed mesothelioma as a result of use of the products.
GSK is vigorously defending these claims. It has achieved
resolution and dismissal of a number of such claims. As of 31
December 2025, there were approximately 830 ongoing
product liability actions pending in various state courts. To date,
no cases have proceeded to trial.
Zantac
The Group has been named in product liability lawsuits on
behalf of individuals asserting personal injury claims arising out
of the use of Zantac. The federal cases are part of a
Multidistrict Litigation (MDL) proceeding in the United States
District Court for the Southern District of Florida that is pending
appeal in the United States Court of Appeals for the Eleventh
Circuit. Cases have also been filed in a number of state courts,
the majority of which are in Delaware.
As previously disclosed, on 9 October 2024 GSK reached
agreements to resolve 93% (approximately 80,000 claimants)
of the Zantac state court product liability cases pending
against GSK in the United States. Since that time, the vast
majority of the remaining cases have been resolved or been
dismissed such that 13 state court cases remain.
On 9 October 2024, GSK also reached an agreement in
principle to pay a total of $70\u00a0million to resolve the Zantac qui
tam complaint previously filed by Valisure. Both the Department
of Justice and the participating State Attorneys General
approved the agreement which was signed on 3 April 2025. The
qui tam complaint has been dismissed.
On 10 July 2025, the Delaware Supreme Court issued its
decision, reversing the lower court\u2019s decision and concluding
that plaintiffs did not establish that their experts\u2019 opinions are
admissible. After the Delaware Supreme Court issued its
decision, GSK and other defendants filed a motion for summary
judgment. Plaintiffs then filed a motion to allow supplemental
expert disclosures. A hearing on both motions was held on 23
October 2025. On 1 December 2025, the Delaware Superior
Court issued its ruling denying plaintiffs\u2019 motion for
supplemental expert disclosures. The Superior Court requested
additional briefing as to which plaintiffs should be bound by
that ruling. Briefing on that issue concluded on 30 January
2026. As previously disclosed, approximately 14,000 product
liability cases were dismissed following the grant of defendants\u2019
Daubert motions in December 2022 in the federal MDL
proceeding. These are now on appeal by the plaintiffs to the
United States Court of Appeals for the Eleventh Circuit, along
with appeals in the medical monitoring and consumer class
action cases. Oral argument was held on 10 October 2025. A
decision is expected in the first half of 2026. GSK remains
confident in its position and will continue to vigorously defend
against those appeals.
Outside the US, there are two proposed class actions pending
against GSK in Ontario and Quebec, Canada along with a class
action in Israel. The Ontario action is in the process of being
discontinued, and the Quebec action remains dormant. The
parties have reached a settlement in the Israel class action and
are in the process of seeking final court approval, which is
expected in H2 2026 or Q1 2027. There are also approximately
120 individual actions that have been filed in Canada.
On 20 March 2020, the New Mexico Attorney General filed a
lawsuit against multiple defendants, including the Group,
alleging violations of state consumer protection and false
advertising statutes, among other claims. On 11 November 2020,
the Mayor & City of Baltimore filed an action against the Group
alleging that Zantac increased the risk of cancer and/or
caused cancer in Baltimore patients, and that the Group failed
to warn of or concealed those risks. GSK has resolved both the
New Mexico Attorney General and the Mayor & City of
Baltimore actions.
On 4 February 2025, a putative securities class action lawsuit
was filed in the US District Court for the Eastern District of
Pennsylvania against GSK and certain officers on behalf of
purchasers of GSK publicly traded securities during the period 5
February 2020 through 14 August 2022. The complaint alleges
that defendants made materially false and/or misleading
statements or omissions with regard to Zantac. On 7 July 2025,
plaintiffs filed an amended complaint, removing one of the GSK
individually named defendants and changing the class period
to 5 February 2020 through 12 August 2022. GSK filed a motion
to dismiss the amended complaint. On 4 March 2026, the Court
granted GSK\u2019s motion and dismissed plaintiffs\u2019 amended
complaint with prejudice.
Zofran
The Group was a defendant in over 400 product liability cases
involving Zofran pending in a Multidistrict Litigation (MDL)
proceeding in the District of Massachusetts. The cases alleged
that children suffered birth defects due to their mothers\u2019
ingestion of Zofran and/or generic ondansetron for pregnancy-
related nausea and vomiting. Plaintiffs asserted that the Group
sold Zofran knowing it was unsafe for pregnant women, failed
to warn of the risks and illegally marketed Zofran \u201coff-label\u201d for
use by pregnant women.
On 1 June 2021, the MDL Court granted the Group\u2019s motion for
summary judgment on federal pre-emption grounds. The Court
found that the FDA was fully informed of all relevant safety
information regarding Zofran and had repeatedly rejected any
attempt to add a birth defect warning to the label. At that time,
the Court granted judgment for the Group in all cases pending
in the MDL (approximately 431 cases) and closed the MDL
proceeding. Plaintiffs appealed this decision and, on 9 January
2023, the United States Court of Appeals for the First Circuit
affirmed the district court\u2019s decision in favour of the Group.
The one remaining state court case was voluntarily dismissed
by the plaintiff in July 2025. Three of the four proposed class
actions in Canada have been discontinued. The last remaining
class action is not currently active, and is also expected to be
discontinued.
Sales and marketing and regulation
The Group\u2019s marketing and promotion of its Pharmaceutical
and Vaccine products are the subject of certain governmental
investigations and private lawsuits brought by litigants under
various theories of law.
Flovent \u2013 Arizona Attorney General
On 6 February 2025, the Arizona Attorney General filed a
lawsuit in Arizona state court alleging violation of the state
consumer protection statute. The lawsuit alleges that GSK
engaged in deceptive and unfair practices with respect to
Flovent. GSK removed the case to federal court and filed a
motion to dismiss. The plaintiff filed a motion to remand the
case to state court. On 26 August 2025, the federal court
remanded the case to state court, finding that the case did not
state a federal claim over which the court had subject-matter
jurisdiction, but did not rule on GSK\u2019s pending motion to dismiss.
The state court heard oral argument on the motion to dismiss
on 23 January 2026.
GSK Korea \u2013 Proceedings under Fair Trade Laws
In August 2020, GSK Korea was indicted under Korea\u2019s
Monopoly Regulation and Fair Trade laws in relation to
government tenders of HPV (Cervarix) and PCV (Synflorix)
vaccines in 2018 and 2019. The prosecutor alleged that GSK
Korea, through the actions of at least one of its employees,
interfered with the tender process under the National
Immunisation Programme by using \u201cstraw bidders\u201d.
A former GSK Korea employee was also charged in his
individual capacity by the prosecutor in relation to the same
matter. Further, a number of wholesalers were co-defendants in
the proceedings. On 1 February 2023, the court rendered a
guilty verdict in respect of all defendants. GSK Korea was fined
KRW70\u00a0million which is approximately \u00a345,000. In July 2024,
the appellate court rendered a not-guilty verdict for all
defendants, overturning the lower court\u2019s decision. In December
2025, the Korea Supreme Court affirmed the appellate court\u2019s
decision. This matter is now concluded.
US electronic health records subpoena
On 19 March 2023, the Group received a subpoena from the
United States Attorney\u2019s Office for the Western District of
Virginia, which is working with the United States Department of
Justice Civil Division, seeking documents relating to the Group\u2019s
electronic health record programmes. The Group cooperated
with the enquiry.
Senate HELP Enquiry
The Group received a letter dated 8 January 2024 from
majority members of the US Senate Health, Education, Labor
and Pensions (\u201cHELP\u201d) Committee initiating an investigation
into the pricing of inhalers for the treatment of asthma and
COPD. The letter is similar to letters received by a number of
other pharmaceutical companies and requests information on
pricing, research in the treatment of respiratory diseases,
patenting and business practices. The Group cooperated with
the enquiry.
Anti-trust/competition
Certain governmental actions and private lawsuits have been
brought against the Group alleging violation of competition or
anti-trust laws.
Lamictal
Purported classes of direct purchasers filed suit in 2012 in the US
District Court for the District of New Jersey alleging that the
Group and Teva Pharmaceuticals unlawfully conspired to delay
generic competition for Lamictal, resulting in overcharges to the
purchasers, by entering into an allegedly anti-competitive
reverse payment settlement to resolve patent infringement
litigation. A separate count accuses the Group of monopolising
the market.
On 13 December 2018, the trial judge granted plaintiffs\u2019 class
certification motion, certifying a class of direct purchasers. The
Group filed a Rule 23(f) motion in the Court of Appeals for the
Third Circuit, challenging the class certification decision. On 22
April 2020, the Court of Appeals vacated the lower court\u2019s grant
of class certification and remanded the issue back to the lower
court for further analysis.
On 9 October 2020, the district court heard argument on
plaintiffs\u2019 renewed motion for class certification after remand.
On 9 April 2021, the district court denied plaintiffs\u2019 motion for
class certification of the putative direct purchaser class, leaving
a potential class of brand-only purchasers. Plaintiffs moved to
supplement their expert report and seek additional discovery to
support the addition of certain generic purchasers. On 21
January 2022, the district court denied plaintiffs\u2019 motion to
supplement their expert report and seek additional discovery
and held that the issue of generic purchasers had already been
decided and denied in the court\u2019s ruling on decertification. The
parties conducted briefing on class certification as to the
remaining brand-only purchasers, with plaintiffs also seeking to
add a smaller category of purchasers.
On 1 February 2023, the district court denied plaintiffs\u2019 renewed
class certification motion. A series of follow-on complaints have
been filed in the US District Court for the Eastern District of
Pennsylvania by groups of alleged purchasers. The cases have
been consolidated with the previously pending case in the
District of New Jersey. Discovery is ongoing.
Commercial and corporate
The Group is involved in certain contractual and/or commercial
disputes.
Tesaro, Inc. v. AnaptysBio
On 20 November 2025, GSK subsidiaries Tesaro, Inc., and
Tesaro Development, Ltd. (collectively, \u201cTesaro\u201d) initiated
litigation against AnaptysBio, Inc. in the Delaware Chancery
Court. This action seeks a declaration that Tesaro has not
breached the Collaboration and Exclusive License Agreement
(the \u201cAgreement\u201d) among the parties and that AnaptysBio
engaged in conduct that constituted an anticipatory breach of
the Agreement with respect to the oncology treatment Jemperli
(dostarlimab). AnaptysBio filed a lawsuit against Tesaro and
GSK later the same day, in the same court, asserting claims that
Tesaro materially breached certain provisions of the Agreement
or the implied covenant of good faith and fair dealing, and that
GSK tortiously interfered with the contract by inducing Tesaro\u2019s
alleged breaches. Trial is currently set for 14-17 July 2026.
AnaptysBio filed a partial motion to dismiss seeking dismissal of
Tesaro\u2019s anticipatory breach of contract claim, which motion
was heard by the court on 4 March 2026. GSK and Tesaro
intend to vigorously defend against AnaptysBio\u2019s allegations.
Zejula royalty dispute
In October 2012, Tesaro, Inc. (now a wholly owned subsidiary of
GSK) entered into two worldwide patent license agreements
with AstraZeneca UK Limited related to niraparib (later
approved as Zejula). In May 2021, AstraZeneca filed a lawsuit
against Tesaro in the High Court, England and Wales alleging
that Tesaro failed to pay some of the royalties due under the
license agreements. Tesaro has counterclaimed based on a
calculated overpayment. Trial was held the week of 6 March
2023 and judgment was entered against the Group on 5 April
2023. On 9 February 2024 the Court of Appeal ruled in the
Group\u2019s favour, overturning the trial court\u2019s judgment and
determining that only Zejula sales for uses falling within the
licensed patents could be deemed royalty-bearing.
AstraZeneca requested permission to appeal and on 28 May
2024, the UK Supreme Court rejected AstraZeneca\u2019s request.
The appropriate quantum of royalties following the Court of
Appeal\u2019s judgement may be the subject of further proceedings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-652": { "value": "
32. Contingent consideration liabilities
The consideration for certain acquisitions includes amounts contingent on future events such as development milestones or sales
performance. The Group has provided for the fair value of this contingent consideration as follows:
Shionogi-ViiV
Healthcare
\u00a3m
Novartis
Vaccines
\u00a3m
BP Asset IX
\u00a3m
Affinivax
\u00a3m
Other
\u00a3m
Total
\u00a3m
At 1\u00a0January 2023
5,890
673
501
4
7,068
Remeasurement through income statement
934
(210)
44
\u2013
768
Exchange movement through reserves
\u2013
\u2013
(29)
\u2013
(29)
Initial recognition from business combinations
\u2013
\u2013
\u2013
\u2013
\u2013
Cash payments: operating cash flows
(1,106)
(28)
\u2013
\u2013
(1,134)
Cash payments: investing activities
\u2013
(11)
\u2013
\u2013
(11)
At 31\u00a0December 2023
5,718
424
516
4
6,662
Initial recognition from business combinations
\u2013
\u2013
\u2013
104
104
Remeasurement through income statement
1,533
215
(22)
36
1,762
Exchange movement through reserves
\u2013
\u2013
8
(2)
6
Cash payments: operating cash flows
(1,190)
(45)
\u2013
\u2013
(1,235)
Cash payments: investing activities
\u2013
(19)
\u2013
\u2013
(19)
At 31\u00a0December 2024
6,061
575
\u2013
502
142
7,280
Initial recognition from business combinations
\u2013
\u2013
222
\u2013
58
280
Remeasurement through income statement
649
146
7
(254)
8
556
Exchange movement through reserves
\u2013
\u2013
2
(29)
(9)
(36)
Cash payments: operating cash flows
(1,277)
(53)
\u2013
\u2013
\u2013
(1,330)
Cash payments: investing activities
\u2013
(17)
\u2013
\u2013
\u2013
(17)
At 31\u00a0December 2025
5,433
651
231
219
199
6,733
Contingent consideration payable of \u00a3222 million was recognised at acquisition for the purchase of 100% of BP Asset IX, Inc. a
subsidiary of Boston Pharmaceuticals which provides access to efimosfermin alfa. Contingent consideration payable of \u00a358 million
was recognised at acquisition for the purchase of IDRx, Inc. and Cellphenomics GmbH. Further information on the acquisitions is
provided in Note 40, \u2018Acquisitions and disposals.
Of the contingent consideration payable at 31\u00a0December 2025, \u00a31,348 million (2024: \u00a31,172 million) is expected to be paid within one
year.
The consideration payable for the acquisition of the Shionogi-ViiV Healthcare joint venture, Affinivax, the Novartis Vaccines
business and BP Asset IX, are expected to be paid over a number of years. As a result, the total estimated liabilities are discounted
to their present values, shown above. The Shionogi-ViiV Healthcare contingent consideration liability is discounted at 8% (2024:
8%), the Affinivax contingent consideration liability is discounted at 9.0% (2024: 9.0% ), Novartis Vaccines contingent consideration
liability is discounted at 8.0% ( 2024: 8.0%) for commercialised products and at 9.0% ( 2024: 9.0%) for pipeline assets, and the BP
Asset IX contingent consideration liability is discounted at 9.0%.
The Shionogi-ViiV Healthcare and Novartis Vaccines contingent consideration liabilities are calculated principally based on the
forecast sales performance of specified products over the lives of those products.
The Affinivax contingent consideration is based upon one potential milestone payment of $0.6 billion (\u00a30.4 billion) which will be
paid if certain paediatric clinical development milestones are achieved.
The BP Asset IX contingent consideration is based upon three milestone payments, totalling $0.8 billion (\u00a30.6 billion), which will be
paid if certain clinical development and regulatory milestones are achieved.
The table below shows on an indicative basis the income statement and balance sheet sensitivity to reasonably possible changes
in key inputs to the valuations of the largest contingent consideration liabilities.
2025
2024
Increase/(decrease) in financial liability and loss/(gain) in
income statement
Shionogi-
ViiV
Healthcare
\u00a3m
Novartis
Vaccines
\u00a3m
Affinivax
\u00a3m
BP Asset IX
\u00a3m
Shionogi-
ViiV
Healthcare
\u00a3m
Novartis
Vaccines
\u00a3m
Affinivax
\u00a3m
10% increase in sales forecasts*
508
92
n/a
n/a
573
83
n/a
15% increase in sales forecasts*
762
137
n/a
n/a
857
125
n/a
10% decrease in sales forecasts*
(510)
(92)
n/a
n/a
(572)
(83)
n/a
15% decrease in sales forecasts*
(764)
(137)
n/a
n/a
(856)
(125)
n/a
1% (100 basis points) increase in discount rate
(144)
(41)
(7)
(8)
(180)
(38)
(14)
1.5% (150 basis points) increase in discount rate
(213)
(59)
(10)
(12)
(267)
(55)
(20)
1% (100 basis points) decrease in discount rate
152
47
7
9
194
43
14
1.5% (150 basis points) decrease in discount rate
233
73
11
13
298
67
21
10 cent appreciation of US Dollar
360
15
18
19
431
14
43
15 cent appreciation of US Dollar
562
24
27
29
677
22
68
10 cent depreciation of US Dollar
(311)
(13)
(15)
(16)
(368)
(12)
(37)
15 cent depreciation of US Dollar
(451)
(19)
(22)
(23)
(533)
(17)
(54)
10 cent appreciation of Euro
73
24
n/a
n/a
77
22
n/a
15 cent appreciation of Euro
116
38
n/a
n/a
123
35
n/a
10 cent depreciation of Euro
(61)
(20)
n/a
n/a
(65)
(19)
n/a
15 cent depreciation of Euro
(91)
(29)
n/a
n/a
(95)
(27)
n/a
10% increase in probability of milestone success
n/a
22
68
24
n/a
22
73
10% decrease in probability of milestone success
n/a
(11)
(32)
(31)
n/a
(11)
(73)
*The sales forecast is for ViiV Healthcare sales only in respect of the Shionogi-ViiV Healthcare contingent consideration. An explanation of the accounting
for ViiV Healthcare is set out on page 86.
", "dimensions": { "concept": "gsk:DisclosureOfContingentConsiderationLiabilities", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-653": { "value": "
33. Other non-current liabilities
2025
\u00a3m
2024
\u00a3m
Accruals
6
6
Deferred income
121
165
Other payables
896
929
1,023
1,100
Other payables includes a number of employee-related liabilities, including employee savings plans.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-656": { "value": "
34. Contingent liabilities
At 31\u00a0December 2025 , contingent liabilities where GSK has a present obligation as a result of a past event, comprising guarantees
and other items arising in the normal course of business, amounted to \u00a338 million (2024 : \u00a326 million). There are no material amounts
of financial assets pledged as collateral for contingent liabilities at 31\u00a0December 2025. Provision is made for the outcome of tax,
legal and other disputes where it is both probable that the Group will suffer an outflow of funds and it is possible to make a reliable
estimate of that outflow. If it is not possible to meaningfully assess whether the outcomes will result in a probable outflow, or to
quantify or reliably estimate the liability, if any, no provision is recorded. Descriptions of the significant legal and other disputes to
which the Group is a party are set out in Note 46, \u2018Legal proceedings\u2019.
46. Legal proceedings
The Group is involved in significant legal and administrative
proceedings, principally product liability, intellectual property,
tax, anti-trust, consumer fraud and governmental investigations.
The most significant of these matters, other than tax matters,
are described below. The Group makes provision for these
proceedings on a regular basis as summarised in Note 2,
\u2018Accounting principles and policies\u2019 and Note 31, \u2018Other
provisions\u2019. Note 2 also describes when disclosure is made of
proceedings for which there is no provision. Legal expenses
incurred and provisions related to legal claims are charged to
selling, general and administration costs. The Group does not
believe that information about the amount sought by plaintiffs,
if that is known, would be meaningful with respect to those legal
proceedings. This is due to a number of factors, including, but
not limited to, the stage of proceedings, the entitlement of
parties to appeal a decision and clarity as to theories of liability,
damages and governing law.
At 31\u00a0December 2025, the Group\u2019s aggregate provision for legal
and other disputes (not including tax matters described in Note
14, \u2018Taxation\u2019) was \u00a3210\u00a0million. There can be no assurance that
any losses that result from the outcome of any legal
proceedings will not materially exceed the amount of the
provisions reported in the Group\u2019s financial statements. If this
were to happen, it could have a material adverse impact on the
results of operations of the Group in the reporting period in
which the judgements are incurred or the settlements entered
into.
Intellectual property
Intellectual property claims include challenges to the validity
and enforceability of the Group\u2019s patents on various products or
processes as well as assertions of non-infringement of those
patents. A loss in such cases could result in loss of patent
protection for the product at issue. The consequences of any
such loss could be a significant decrease in sales of that
product and could materially affect future results of operations
for the Group.
Breo Ellipta
In August 2025, GSK received a paragraph IV letter from
Transpire Bio Inc. (\u201cTranspire\u201d) relating to Breo. On 25
September 2025, GSK filed a patent and trademark
infringement suit against Transpire in the United States District
Court for the Southern District of Florida alleging Transpire\u2019s
proposed generic of Breo infringes GSK patents, trademarks,
and trade dress. The court has set a trial date for 2 November
2026.
Coreg
In 2014, GSK initiated suit against Teva for inducing
infringement of its patent relating to the use of carvedilol
(Coreg) in decreasing mortality caused by congestive heart
failure. In June 2017, the case proceeded to a jury trial in the US
District Court for the District of Delaware. The jury returned a
verdict in GSK\u2019s favour, awarding GSK lost profits and
reasonable royalties for a total award of $235.51\u00a0million. On 29
March 2018, the trial judge ruled on post-trial motions filed by
Teva and found that substantial evidence at trial did not
support the jury\u2019s finding of induced infringement, overturning
the jury award. GSK appealed, and on 2 October 2020, the
Court of Appeals for the Federal Circuit reversed the district
court\u2019s ruling and reinstated the jury award in GSK\u2019s favour.
On 2 December 2020, Teva filed a petition for rehearing en
banc. The court granted Teva\u2019s petition, but only for a rehearing
by the three-member panel that issued the original decision. On
5 August 2021, the original panel issued its rehearing opinion
where the majority again reinstated the jury\u2019s damages award
of $235.51\u00a0million in GSK\u2019s favour.
Teva again filed a petition for rehearing en banc which was
rejected by the Court of Appeals for the Federal Circuit on 11
February 2022. On 11 July 2022, Teva filed a petition for writ of
certiorari with the Supreme Court of the United States seeking
to overturn the Federal Court decision. On 15 May 2023, the US
Supreme Court denied Teva\u2019s request. On 9 February 2026, GSK
and Teva reached a confidential settlement, resulting in the
dismissal of the action with prejudice. This matter is now
concluded.
mRNA
On 25 April 2024, GSK filed a patent infringement suit against
Pfizer Inc. and BioNTech SE in the United States District Court
for the District of Delaware alleging infringement of five US GSK
patents by the COVID-19 vaccine, COMIRNATY\u00ae. On 14 August
2024, GSK filed a First Amended Complaint asserting 3
additional GSK patents against Pfizer/BioNTech bringing the
total number of asserted patents to 8. Pfizer/BioNTech filed an
Answer and Counterclaims to GSK\u2019s First Amended Complaint
on 30 August 2024. Trial is scheduled for 7 June 2027.
On 12 October 2024, GSK filed a patent infringement suit
against Moderna, Inc. in the United States District Court for the
District of Delaware, alleging infringement of 7 GSK patents by
the COVID-19 vaccine, SPIKEVAX\u00ae. On 4 September 2025, GSK
filed a First Amended Complaint asserting that Moderna\u2019s
COVID-19 vaccine, mNEXSPIKE\u00ae also infringes the same 7 GSK
patents. Trial is scheduled for 19 July 2027. On 12 October 2024,
GSK filed a separate suit in the same court alleging
infringement of 6 GSK patents by Moderna\u2019s RSV vaccine,
mRESVIA\u00ae, and trial is scheduled for 23 August 2027.
On 3 July 2025, GSK initiated a patent infringement suit in the
Unified Patent Court (\u201cUPC\u201d) against Moderna, asserting a
single GSK patent and alleging infringement by Moderna\u2019s
SPIKEVAX\u00ae, mNEXSPIKE\u00ae, and mRESVIA\u00ae RSV vaccine
products (\u201cModerna mRNA Products\u201d). The hearing has been
set to commence in a window between 1-3 September 2026. On
4 July 2025, GSK initiated a second patent infringement suit
against Moderna in the UPC asserting infringement of
additional GSK patents by the Moderna mRNA Products. The
hearing has been set to commence in a window between 30
September-2 October 2026. On 13 November 2025, GSK filed
two patent infringement actions against Moderna in Spain
related to SPIKEVAX\u00ae and mRESVIA\u00ae. Hearings have yet to be
scheduled.
On 3 July 2025, GSK initiated a patent infringement suit in the
UPC against Pfizer and BioNTech alleging infringement by
Pfizer/BioNTech\u2019s COMIRNATY\u00ae COVID-19 vaccine products.
The hearing has been set to commence in a window between
1-3 September 2026. On 4 July 2025, GSK initiated another
patent infringement suit in the UPC against Pfizer and
BioNTech asserting additional patents and alleging
infringement by Pfizer/BioNTech\u2019s COMIRNATY\u00ae COVID-19
vaccine products. The hearing has been set to commence in a
window between 30 September-2 October 2026. On 7 July
2025, GSK initiated a patent infringement suit related to the
COMIRNATY\u00ae COVID-19 vaccine products in the Irish High
Court against Pfizer and BioNTech. A hearing has yet to be
scheduled.
On 5 September 2025, Pfizer and BioNTech initiated a patent
revocation suit against GSK in the UK Patents Court seeking
revocation of the UK counterparts of the patents that GSK has
asserted against them in the UPC and in Ireland. GSK has
counterclaimed that Pfizer and BioNTech infringe those
patents. A trial has been listed for 22 February 2027.
In January 2026, GSK filed two separate actions in the US,
pursuant to 28 U.S.C. \u00a7 1782, against Pfizer/BioNTech and
Moderna seeking targeted discovery for use in foreign
proceedings.
On 2 January 2025, Acuitas Therapeutics Inc. filed a
declaratory judgment complaint against GSK, seeking
judgment that COMIRNATY\u00ae does not infringe five GSK
patents. Acuitas also seeks a ruling that the patents are invalid.
GSK has moved to dismiss the complaint for lack of subject
matter jurisdiction.
RSV
On 7 June 2022, Pfizer, Inc. filed suit in the London High Court
challenging the validity and requesting revocation of three GSK
European patents relating to RSV vaccine technology.
Corresponding invalidity suits against additional patents were
filed in the District Court of the Hague in the Netherlands in
January 2023 and in the Enterprise Court of Brussels in Belgium
in March 2023. In each of those matters GSK counterclaimed
that Pfizer\u2019s RSV vaccine infringes GSK\u2019s patents. On 2 August
2023, GSK filed a patent infringement suit against Pfizer in the
United States District Court for the District of Delaware alleging
infringement of four US GSK patents by Pfizer\u2019s RSV vaccine,
Abrysvo\u00ae. Additional patents have been added to the US
litigation. Pfizer counterclaimed in the US that all patents are
invalid, and that Pfizer\u2019s product does not infringe. On 5 August
2024, GSK filed a patent infringement suit on a fourth European
patent in the European Unified Patent Court (\u201cUPC\u201d) at the
D\u00fcsseldorf Local Division. On 14 August 2024, Pfizer filed a
patent revocation suit against that same European patent in
the UPC.
On 1 April 2025, GSK and Pfizer reached a global settlement of
all litigation whereby Pfizer has been granted a worldwide
license to certain patents controlled by GSK relating to
recombinant RSV prefusion F protein and GSK will receive a
royalty stream on sales of Abrysvo\u00ae. The pending litigation in
the United States District Court for the District of Delaware was
dismissed on 4 April 2025. Cases pending in other jurisdictions
have also been dismissed. This matter is now concluded.
Trelegy Ellipta
On 22 January 2026, GSK received a paragraph IV letter from
Transpire relating to Trelegy. GSK is currently assessing the
letter and considering its options. Under the Hatch-Waxman
Act, companies who receive such letters have 45 days to bring a
lawsuit against the generic manufacturer.
Zejula
In August 2025, GSK received a paragraph IV letter from Sun
Pharmaceutical Industries Limited (\u201cSun\u201d) relating to Zejula. On
19 September 2025, GSK filed a patent infringement suit against
Sun in the United States District Court for the District of
Delaware alleging Sun\u2019s proposed generic of Zejula infringes
GSK patents. The court has set a trial date for 24 July 2028.
Product liability
The Group is currently a defendant in a number of product
liability lawsuits.
Avandia
There are two pending US class actions (both filed in 2010) by
third-party payers which assert claims under the Racketeer
In\ufb02uenced and Corrupt Organizations Act (RICO) and state
consumer protection laws. In December 2019, the Third Circuit
Court of Appeals reversed the summary judgments granted in
favour of the Group and remanded the third-party payer cases
back to district court. A hearing on certain Daubert motions
relating to experts was held on 1 February 2024. On 25 October
2024, the district court granted GSK\u2019s motion to exclude
plaintiffs\u2019 expert on causation, and excluded a portion of
plaintiffs\u2019 damages expert. A hearing on plaintiffs\u2019 motion for
class certification was held on 12 March 2025, and a hearing on
GSK\u2019s motion for summary judgment was held on 21 April 2025.
On 22 May 2025, the district court granted the third-party
payor plaintiffs\u2019 motion for class certification, allowing them to
proceed with their claims as a class action. The district court
has not yet ruled on GSK\u2019s motion for summary judgment. GSK
filed a Rule 23(f) petition with the Third Circuit seeking
permission to appeal the class certification order. On 7 July
2025, the Third Circuit accepted the appeal. Briefing is
complete, and oral argument was held on 26 February 2026.
The district court has stayed the proceedings pending the
outcome of the appeal.
Legacy Talc Products in the US
The Group is defending product liability actions in the United
States regarding legacy products that were divested by the
Group many years ago. Most of the lawsuits are filed against
multiple defendants. The vast majority of cases generally allege
that plaintiffs were exposed to asbestos-contaminated talc and
developed mesothelioma as a result of use of the products.
GSK is vigorously defending these claims. It has achieved
resolution and dismissal of a number of such claims. As of 31
December 2025, there were approximately 830 ongoing
product liability actions pending in various state courts. To date,
no cases have proceeded to trial.
Zantac
The Group has been named in product liability lawsuits on
behalf of individuals asserting personal injury claims arising out
of the use of Zantac. The federal cases are part of a
Multidistrict Litigation (MDL) proceeding in the United States
District Court for the Southern District of Florida that is pending
appeal in the United States Court of Appeals for the Eleventh
Circuit. Cases have also been filed in a number of state courts,
the majority of which are in Delaware.
As previously disclosed, on 9 October 2024 GSK reached
agreements to resolve 93% (approximately 80,000 claimants)
of the Zantac state court product liability cases pending
against GSK in the United States. Since that time, the vast
majority of the remaining cases have been resolved or been
dismissed such that 13 state court cases remain.
On 9 October 2024, GSK also reached an agreement in
principle to pay a total of $70\u00a0million to resolve the Zantac qui
tam complaint previously filed by Valisure. Both the Department
of Justice and the participating State Attorneys General
approved the agreement which was signed on 3 April 2025. The
qui tam complaint has been dismissed.
On 10 July 2025, the Delaware Supreme Court issued its
decision, reversing the lower court\u2019s decision and concluding
that plaintiffs did not establish that their experts\u2019 opinions are
admissible. After the Delaware Supreme Court issued its
decision, GSK and other defendants filed a motion for summary
judgment. Plaintiffs then filed a motion to allow supplemental
expert disclosures. A hearing on both motions was held on 23
October 2025. On 1 December 2025, the Delaware Superior
Court issued its ruling denying plaintiffs\u2019 motion for
supplemental expert disclosures. The Superior Court requested
additional briefing as to which plaintiffs should be bound by
that ruling. Briefing on that issue concluded on 30 January
2026. As previously disclosed, approximately 14,000 product
liability cases were dismissed following the grant of defendants\u2019
Daubert motions in December 2022 in the federal MDL
proceeding. These are now on appeal by the plaintiffs to the
United States Court of Appeals for the Eleventh Circuit, along
with appeals in the medical monitoring and consumer class
action cases. Oral argument was held on 10 October 2025. A
decision is expected in the first half of 2026. GSK remains
confident in its position and will continue to vigorously defend
against those appeals.
Outside the US, there are two proposed class actions pending
against GSK in Ontario and Quebec, Canada along with a class
action in Israel. The Ontario action is in the process of being
discontinued, and the Quebec action remains dormant. The
parties have reached a settlement in the Israel class action and
are in the process of seeking final court approval, which is
expected in H2 2026 or Q1 2027. There are also approximately
120 individual actions that have been filed in Canada.
On 20 March 2020, the New Mexico Attorney General filed a
lawsuit against multiple defendants, including the Group,
alleging violations of state consumer protection and false
advertising statutes, among other claims. On 11 November 2020,
the Mayor & City of Baltimore filed an action against the Group
alleging that Zantac increased the risk of cancer and/or
caused cancer in Baltimore patients, and that the Group failed
to warn of or concealed those risks. GSK has resolved both the
New Mexico Attorney General and the Mayor & City of
Baltimore actions.
On 4 February 2025, a putative securities class action lawsuit
was filed in the US District Court for the Eastern District of
Pennsylvania against GSK and certain officers on behalf of
purchasers of GSK publicly traded securities during the period 5
February 2020 through 14 August 2022. The complaint alleges
that defendants made materially false and/or misleading
statements or omissions with regard to Zantac. On 7 July 2025,
plaintiffs filed an amended complaint, removing one of the GSK
individually named defendants and changing the class period
to 5 February 2020 through 12 August 2022. GSK filed a motion
to dismiss the amended complaint. On 4 March 2026, the Court
granted GSK\u2019s motion and dismissed plaintiffs\u2019 amended
complaint with prejudice.
Zofran
The Group was a defendant in over 400 product liability cases
involving Zofran pending in a Multidistrict Litigation (MDL)
proceeding in the District of Massachusetts. The cases alleged
that children suffered birth defects due to their mothers\u2019
ingestion of Zofran and/or generic ondansetron for pregnancy-
related nausea and vomiting. Plaintiffs asserted that the Group
sold Zofran knowing it was unsafe for pregnant women, failed
to warn of the risks and illegally marketed Zofran \u201coff-label\u201d for
use by pregnant women.
On 1 June 2021, the MDL Court granted the Group\u2019s motion for
summary judgment on federal pre-emption grounds. The Court
found that the FDA was fully informed of all relevant safety
information regarding Zofran and had repeatedly rejected any
attempt to add a birth defect warning to the label. At that time,
the Court granted judgment for the Group in all cases pending
in the MDL (approximately 431 cases) and closed the MDL
proceeding. Plaintiffs appealed this decision and, on 9 January
2023, the United States Court of Appeals for the First Circuit
affirmed the district court\u2019s decision in favour of the Group.
The one remaining state court case was voluntarily dismissed
by the plaintiff in July 2025. Three of the four proposed class
actions in Canada have been discontinued. The last remaining
class action is not currently active, and is also expected to be
discontinued.
Sales and marketing and regulation
The Group\u2019s marketing and promotion of its Pharmaceutical
and Vaccine products are the subject of certain governmental
investigations and private lawsuits brought by litigants under
various theories of law.
Flovent \u2013 Arizona Attorney General
On 6 February 2025, the Arizona Attorney General filed a
lawsuit in Arizona state court alleging violation of the state
consumer protection statute. The lawsuit alleges that GSK
engaged in deceptive and unfair practices with respect to
Flovent. GSK removed the case to federal court and filed a
motion to dismiss. The plaintiff filed a motion to remand the
case to state court. On 26 August 2025, the federal court
remanded the case to state court, finding that the case did not
state a federal claim over which the court had subject-matter
jurisdiction, but did not rule on GSK\u2019s pending motion to dismiss.
The state court heard oral argument on the motion to dismiss
on 23 January 2026.
GSK Korea \u2013 Proceedings under Fair Trade Laws
In August 2020, GSK Korea was indicted under Korea\u2019s
Monopoly Regulation and Fair Trade laws in relation to
government tenders of HPV (Cervarix) and PCV (Synflorix)
vaccines in 2018 and 2019. The prosecutor alleged that GSK
Korea, through the actions of at least one of its employees,
interfered with the tender process under the National
Immunisation Programme by using \u201cstraw bidders\u201d.
A former GSK Korea employee was also charged in his
individual capacity by the prosecutor in relation to the same
matter. Further, a number of wholesalers were co-defendants in
the proceedings. On 1 February 2023, the court rendered a
guilty verdict in respect of all defendants. GSK Korea was fined
KRW70\u00a0million which is approximately \u00a345,000. In July 2024,
the appellate court rendered a not-guilty verdict for all
defendants, overturning the lower court\u2019s decision. In December
2025, the Korea Supreme Court affirmed the appellate court\u2019s
decision. This matter is now concluded.
US electronic health records subpoena
On 19 March 2023, the Group received a subpoena from the
United States Attorney\u2019s Office for the Western District of
Virginia, which is working with the United States Department of
Justice Civil Division, seeking documents relating to the Group\u2019s
electronic health record programmes. The Group cooperated
with the enquiry.
Senate HELP Enquiry
The Group received a letter dated 8 January 2024 from
majority members of the US Senate Health, Education, Labor
and Pensions (\u201cHELP\u201d) Committee initiating an investigation
into the pricing of inhalers for the treatment of asthma and
COPD. The letter is similar to letters received by a number of
other pharmaceutical companies and requests information on
pricing, research in the treatment of respiratory diseases,
patenting and business practices. The Group cooperated with
the enquiry.
Anti-trust/competition
Certain governmental actions and private lawsuits have been
brought against the Group alleging violation of competition or
anti-trust laws.
Lamictal
Purported classes of direct purchasers filed suit in 2012 in the US
District Court for the District of New Jersey alleging that the
Group and Teva Pharmaceuticals unlawfully conspired to delay
generic competition for Lamictal, resulting in overcharges to the
purchasers, by entering into an allegedly anti-competitive
reverse payment settlement to resolve patent infringement
litigation. A separate count accuses the Group of monopolising
the market.
On 13 December 2018, the trial judge granted plaintiffs\u2019 class
certification motion, certifying a class of direct purchasers. The
Group filed a Rule 23(f) motion in the Court of Appeals for the
Third Circuit, challenging the class certification decision. On 22
April 2020, the Court of Appeals vacated the lower court\u2019s grant
of class certification and remanded the issue back to the lower
court for further analysis.
On 9 October 2020, the district court heard argument on
plaintiffs\u2019 renewed motion for class certification after remand.
On 9 April 2021, the district court denied plaintiffs\u2019 motion for
class certification of the putative direct purchaser class, leaving
a potential class of brand-only purchasers. Plaintiffs moved to
supplement their expert report and seek additional discovery to
support the addition of certain generic purchasers. On 21
January 2022, the district court denied plaintiffs\u2019 motion to
supplement their expert report and seek additional discovery
and held that the issue of generic purchasers had already been
decided and denied in the court\u2019s ruling on decertification. The
parties conducted briefing on class certification as to the
remaining brand-only purchasers, with plaintiffs also seeking to
add a smaller category of purchasers.
On 1 February 2023, the district court denied plaintiffs\u2019 renewed
class certification motion. A series of follow-on complaints have
been filed in the US District Court for the Eastern District of
Pennsylvania by groups of alleged purchasers. The cases have
been consolidated with the previously pending case in the
District of New Jersey. Discovery is ongoing.
Commercial and corporate
The Group is involved in certain contractual and/or commercial
disputes.
Tesaro, Inc. v. AnaptysBio
On 20 November 2025, GSK subsidiaries Tesaro, Inc., and
Tesaro Development, Ltd. (collectively, \u201cTesaro\u201d) initiated
litigation against AnaptysBio, Inc. in the Delaware Chancery
Court. This action seeks a declaration that Tesaro has not
breached the Collaboration and Exclusive License Agreement
(the \u201cAgreement\u201d) among the parties and that AnaptysBio
engaged in conduct that constituted an anticipatory breach of
the Agreement with respect to the oncology treatment Jemperli
(dostarlimab). AnaptysBio filed a lawsuit against Tesaro and
GSK later the same day, in the same court, asserting claims that
Tesaro materially breached certain provisions of the Agreement
or the implied covenant of good faith and fair dealing, and that
GSK tortiously interfered with the contract by inducing Tesaro\u2019s
alleged breaches. Trial is currently set for 14-17 July 2026.
AnaptysBio filed a partial motion to dismiss seeking dismissal of
Tesaro\u2019s anticipatory breach of contract claim, which motion
was heard by the court on 4 March 2026. GSK and Tesaro
intend to vigorously defend against AnaptysBio\u2019s allegations.
Zejula royalty dispute
In October 2012, Tesaro, Inc. (now a wholly owned subsidiary of
GSK) entered into two worldwide patent license agreements
with AstraZeneca UK Limited related to niraparib (later
approved as Zejula). In May 2021, AstraZeneca filed a lawsuit
against Tesaro in the High Court, England and Wales alleging
that Tesaro failed to pay some of the royalties due under the
license agreements. Tesaro has counterclaimed based on a
calculated overpayment. Trial was held the week of 6 March
2023 and judgment was entered against the Group on 5 April
2023. On 9 February 2024 the Court of Appeal ruled in the
Group\u2019s favour, overturning the trial court\u2019s judgment and
determining that only Zejula sales for uses falling within the
licensed patents could be deemed royalty-bearing.
AstraZeneca requested permission to appeal and on 28 May
2024, the UK Supreme Court rejected AstraZeneca\u2019s request.
The appropriate quantum of royalties following the Court of
Appeal\u2019s judgement may be the subject of further proceedings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-655": { "value": "
34. Contingent liabilities
At 31\u00a0December 2025 , contingent liabilities where GSK has a present obligation as a result of a past event, comprising guarantees
and other items arising in the normal course of business, amounted to \u00a338 million (2024 : \u00a326 million). There are no material amounts
of financial assets pledged as collateral for contingent liabilities at 31\u00a0December 2025. Provision is made for the outcome of tax,
legal and other disputes where it is both probable that the Group will suffer an outflow of funds and it is possible to make a reliable
estimate of that outflow. If it is not possible to meaningfully assess whether the outcomes will result in a probable outflow, or to
quantify or reliably estimate the liability, if any, no provision is recorded. Descriptions of the significant legal and other disputes to
which the Group is a party are set out in Note 46, \u2018Legal proceedings\u2019.
35. Commitments
Contractual obligations and commitments
2025
\u00a3m
2024
\u00a3m
Contracted for but not provided in the financial statements:
Intangible assets
17,048
19,183
Property, plant and equipment
764
754
Investments
175
203
17,987
20,140
The commitments related to intangible assets include milestone payments, which are dependent on successful clinical development
or on meeting specified sales targets, and which represent the maximum that would be paid if all milestones, however unlikely, are
achieved. The amounts disclosed are not risk-adjusted or discounted.
The change in intangible asset commitments in 2025 is mainly attributable to a decrease in milestones payable relating to the
amendment to GSK\u2019s existing agreement with CureVac and certain other project terminations, including the collaboration with iTeos
Therapeutics, Inc., as well as the strengthening of GBP against USD. This is partially offset by additions to commitments for new
R&D collaborations and acquisitions, including with ABL Bio, Inc., and Jiangsu Hengrui Pharmaceuticals Co., Ltd.
Within intangible assets commitments the Group has disclosed \u00a334\u00a0million (2024: \u00a338 million ) related to nature-based carbon
credit projects, which aligns with GSK\u2019s commitments to a net-zero, nature positive world, and within property, plant and equipment
commitments of \u00a357\u00a0million (2024: \u00a334 million) related to the transition to a lower-carbon propellant solution.
Lease contracts that have not commenced are not disclosed as these are not material.
For the Group's commitments related to interest on debt and future finance charges on leases refer to Note 43, 'Financial
instruments and related disclosures\u2019.
The table excludes any amounts already capitalised in the financial statements for the year ended 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-654": { "value": "
34. Contingent liabilities
At 31\u00a0December 2025 , contingent liabilities where GSK has a present obligation as a result of a past event, comprising guarantees
and other items arising in the normal course of business, amounted to \u00a338 million (2024 : \u00a326 million). There are no material amounts
of financial assets pledged as collateral for contingent liabilities at 31\u00a0December 2025. Provision is made for the outcome of tax,
legal and other disputes where it is both probable that the Group will suffer an outflow of funds and it is possible to make a reliable
estimate of that outflow. If it is not possible to meaningfully assess whether the outcomes will result in a probable outflow, or to
quantify or reliably estimate the liability, if any, no provision is recorded. Descriptions of the significant legal and other disputes to
which the Group is a party are set out in Note 46, \u2018Legal proceedings\u2019.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-657": { "value": "
35. Commitments
Contractual obligations and commitments
2025
\u00a3m
2024
\u00a3m
Contracted for but not provided in the financial statements:
Intangible assets
17,048
19,183
Property, plant and equipment
764
754
Investments
175
203
17,987
20,140
The commitments related to intangible assets include milestone payments, which are dependent on successful clinical development
or on meeting specified sales targets, and which represent the maximum that would be paid if all milestones, however unlikely, are
achieved. The amounts disclosed are not risk-adjusted or discounted.
The change in intangible asset commitments in 2025 is mainly attributable to a decrease in milestones payable relating to the
amendment to GSK\u2019s existing agreement with CureVac and certain other project terminations, including the collaboration with iTeos
Therapeutics, Inc., as well as the strengthening of GBP against USD. This is partially offset by additions to commitments for new
R&D collaborations and acquisitions, including with ABL Bio, Inc., and Jiangsu Hengrui Pharmaceuticals Co., Ltd.
Within intangible assets commitments the Group has disclosed \u00a334\u00a0million (2024: \u00a338 million ) related to nature-based carbon
credit projects, which aligns with GSK\u2019s commitments to a net-zero, nature positive world, and within property, plant and equipment
commitments of \u00a357\u00a0million (2024: \u00a334 million) related to the transition to a lower-carbon propellant solution.
Lease contracts that have not commenced are not disclosed as these are not material.
For the Group's commitments related to interest on debt and future finance charges on leases refer to Note 43, 'Financial
instruments and related disclosures\u2019.
The table excludes any amounts already capitalised in the financial statements for the year ended 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-659": { "value": "
36. Share capital and share premium account
Ordinary shares of 31\u00bcp each
Share
premium
Number
\u00a3m
\u00a3m
Share capital issued and fully paid:
At 1\u00a0January 2023
4,311,343,341
1,347
3,440
Issued under employee share schemes
802,642
1
9
Ordinary shares acquired by ESOP Trusts
\u2013
\u2013
2
At 31\u00a0December 2023
4,312,145,983
1,348
3,451
Issued under employee share schemes
2,157,751
\u2013
20
Ordinary shares acquired by ESOP Trusts
\u2013
\u2013
2
At 31\u00a0December 2024
4,314,303,734
1,348
3,473
Issued under employee share schemes
1,141,292
1
14
Ordinary shares acquired by ESOP Trusts
\u2013
\u2013
11
At 31\u00a0December 2025
4,315,445,026
1,349
3,498
At 31\u00a0December 2025, of the issued share capital, 62,875,215 shares were held in the ESOP Trusts, out of which 62,227,857 shares
were held for the future exercise of share awards and 647,358 shares were held for the Executive Supplemental Savings plan.
240,019,489 shares were held as Treasury shares and 4,012,550,322 shares were in free issue. All issued shares are fully paid and
there are no shares authorised but not in issue. The nominal, carrying and market values of the shares held in the ESOP Trusts are
disclosed in Note 44, \u2018Employee share schemes\u2019.
During the year ended 31\u00a0December 2025, the Group purchased 93\u00a0million ordinary shares, representing approximately \u2014% of the
issued ordinary share capital at 31\u00a0December 2025, at an average price of \u00a314.73 pence per share, and an aggregate cost of
\u00a31.4\u00a0billion including directly attributable transaction costs of \u00a38\u00a0million under the 2025 share buyback programme.
The monthly breakdown of all shares purchased and the average price paid per share (excluding expenses) in relation to Tranche 1
of the 2025 share buyback programme of up to \u00a3700\u00a0million, which began in February 2025 and was completed in June 2025, were
as follows:
Number of shares
purchased under share
buyback programme
Average price paid
Total cost
Authorised purchases
unutilised at month end
Period
Number
\u00a3 per share
\u00a3m
\u00a3m
February 25
3,953,602
14.65
58
642
March 25
14,283,285
15.00
214
428
April 25
17,492,918
13.63
238
189
May 25
12,351,970
14.13
175
15
June 25
982,305
15.08
15
\u2013
Total
49,064,080
14.27
700
\u2013
The monthly breakdown of all shares purchased and the average price paid per share (excluding expenses) in relation to Tranche 2
of the 2025 share buyback programme of up to \u00a3450\u00a0million, which began in June 2025 and was completed in September 2025,
were as follows:
Number of shares
purchased under share
buyback programme
Average price paid
Total cost
Authorised purchases
unutilised at month end
Period
Number
\u00a3 per share
\u00a3m
\u00a3m
June 25
8,038,188
14.57
117
333
July 25
10,871,850
13.99
152
181
August 25
7,364,050
14.19
105
76
September 25
3,056,373
14.73
45
\u2013
Total
29,330,461
14.28
419
\u2013
The monthly breakdown of all shares purchased and the average price paid per share (excluding expenses) in relation to Tranche 3
of the 2025 share buyback programme of up to \u00a3300\u00a0million, which began in September 2025 and was completed in December
2025, were as follows:
Number of shares
purchased under share
buyback programme
Average price paid
Total cost
Authorised purchases
unutilised at month end
Period
Number
\u00a3 per share
\u00a3m
\u00a3m
September 25
305,000
15.49
5
295
October 25
6,998,500
16.39
115
181
November 25
3,840,233
17.86
68
112
December 25
3,410,912
18.18
62
\u2013
Total
14,554,645
17.18
250
\u2013
37. Movements in equity
Retained earnings and other reserves amounted to \u00a311,530 million at 31\u00a0December 2025 (2024: \u00a38,850 million; 2023: \u00a38,548 million )
of which \u00a3444 million (2024: \u00a3452 million ; 2023: \u00a3451 million) related to associates and joint ventures.
The cumulative translation exchange in equity is as follows:
Net translation exchange included in:
Retained
earnings
\u00a3m
Fair value
reserve
\u00a3m
Non-
controlling
interests
\u00a3m
Total
translation
exchange
\u00a3m
At 1\u00a0January 2023
(429)
(5)
(97)
(531)
Exchange movements on overseas net assets and net investment hedges
(41)
19
(25)
(47)
Reclassification of exchange movements on liquidation or disposal of overseas subsidiaries
\u00a0 and associates
(34)
\u2013
\u2013
(34)
At 31\u00a0December 2023
(504)
14
(122)
(612)
Exchange movements on overseas net assets and net investment hedges
(380)
(12)
(4)
(396)
Reclassification of exchange movements on liquidation or disposal of overseas subsidiaries
\u00a0 and associates
(87)
\u2013
\u2013
(87)
At 31\u00a0December 2024
(971)
2
(126)
(1,095)
Exchange movements on overseas net assets and net investment hedges
235
(4)
(18)
213
Reclassification of exchange movements on liquidation or disposal of overseas subsidiaries
\u00a0 and associates
(12)
\u2013
\u2013
(12)
At 31\u00a0December 2025
(748)
(2)
(144)
(894)
The analysis of other comprehensive income by equity category is as follows:
2025
Retained
earnings
\u00a3m
Other
reserves
\u00a3m
Non-
controlling
interests
\u00a3m
Total
\u00a3m
Items that may be subsequently reclassified to income statement:
Exchange movements on overseas net assets and net investment hedges
235
(4)
\u2013
231
Reclassification of exchange movements on liquidation or disposal of subsidiaries
\u00a0 and associates
(12)
\u2013
\u2013
(12)
Fair value movements on cash flow hedges
\u2013
(41)
\u2013
(41)
Cost of hedging
\u2013
4
\u2013
4
Reclassification of cash flow hedges to income statement
\u2013
36
\u2013
36
Deferred tax on fair value movements on cash flow hedges
\u2013
(2)
\u2013
(2)
Items that will not be reclassified to income statement:
Exchange movements on overseas net assets of non-controlling interests
\u2013
\u2013
(18)
(18)
Fair value movements on equity investments
\u2013
215
\u2013
215
Tax on fair value movements on equity investments
\u2013
(20)
\u2013
(20)
Remeasurement on defined benefit plans
133
\u2013
\u2013
133
Tax on remeasurement defined benefit plans
(33)
\u2013
\u2013
(33)
Fair value movements on cash flow hedges
\u2013
\u2013
\u2013
\u2013
Total other comprehensive income/(expense) for the year
323
188
(18)
493
2024
Retained
earnings
\u00a3m
Other
reserves
\u00a3m
Non-
controlling
interests
\u00a3m
Total
\u00a3m
Items that may be subsequently reclassified to income statement:
Exchange movements on overseas net assets and net investment hedges
(380)
(12)
\u2013
(392)
Reclassification of exchange movements on liquidation or disposal of subsidiaries
\u00a0 and associates
(87)
\u2013
\u2013
(87)
Fair value movements on cash flow hedges
\u2013
\u2013
\u2013
\u2013
Deferred tax on fair value movements on cash flow hedges
\u2013
1
\u2013
1
Cost of hedging
\u2013
(4)
\u2013
(4)
Reclassification of cash flow hedges to income statement
\u2013
4
\u2013
4
Items that will not be reclassified to income statement:
Exchange movements on overseas net assets of non-controlling interests
\u2013
\u2013
(4)
(4)
Fair value movements on equity investments
\u2013
(100)
\u2013
(100)
Tax on fair value movements on equity investments
\u2013
17
\u2013
17
Remeasurement on defined benefit plans
506
\u2013
\u2013
506
Tax on remeasurement defined benefit plans
(122)
\u2013
\u2013
(122)
Fair value movements on cash flow hedges
\u2013
8
\u2013
8
Total other comprehensive income/(expense) for the year
(83)
(86)
(4)
(173)
2023
Retained
earnings
\u00a3m
Other
reserves
\u00a3m
Non-
controlling
interests
\u00a3m
Total
\u00a3m
Items that may be subsequently reclassified to income statement:
Exchange movements on overseas net assets and net investment hedges
(41)
19
\u2013
(22)
Reclassification of exchange movements on liquidation or disposal of subsidiaries
\u00a0 and associates
(34)
\u2013
\u2013
(34)
Fair value movements on cash flow hedges
\u2013
(1)
\u2013
(1)
Deferred tax on fair value movements on cash flow hedges
\u2013
1
\u2013
1
Reclassification of cash flow hedges to income statement
\u2013
4
\u2013
4
Items that will not be reclassified to income statement:
Exchange movements on overseas net assets of non-controlling interests
\u2013
\u2013
(25)
(25)
Fair value movements on equity investments
\u2013
(244)
\u2013
(244)
Tax on fair value movements on equity investments
\u2013
14
\u2013
14
Remeasurement on defined benefit plans
71
\u2013
\u2013
71
Tax on remeasurement defined benefit plans
(41)
\u2013
\u2013
(41)
Fair value movements on cash flow hedges
\u2013
(40)
\u2013
(40)
Total other comprehensive income/(expense) for the year
(45)
(247)
(25)
(317)
Information on net investment hedges is provided in part (d) of Note 43 \u2018Financial instruments and related disclosures'.
The analysis of other reserves is as follows:
ESOP Trust
shares
\u00a3m
Fair value
reserve
\u00a3m
Cash flow
hedge reserve
and cost of
hedging
reserve
\u00a3m
Other
reserves
\u00a3m
Total
\u00a3m
At 1\u00a0January 2023
(353)
(308)
(20)
2,129
1,448
Exchange adjustment
26
(5)
(2)
\u2013
19
Transferred to Retained earnings in the year on disposals of equity investments
\u2013
33
\u2013
\u2013
33
Reclassification of cash flow hedges to income statement
\u2013
\u2013
4
\u2013
4
Hedging gain/loss transferred to non-financial assets
\u2013
\u2013
36
\u2013
36
Net fair value movement in the year (including tax)
\u2013
(230)
(40)
\u2013
(270)
Ordinary shares acquired by ESOP Trusts
(285)
\u2013
\u2013
\u2013
(285)
Write-down of shares held by ESOP Trusts
324
\u2013
\u2013
\u2013
324
At 31\u00a0December 2023
(288)
(510)
(22)
2,129
1,309
Exchange adjustment
(12)
\u2013
\u2013
\u2013
(12)
Transferred to Retained earnings in the year on disposals of equity investments
\u2013
(66)
\u2013
\u2013
(66)
Reclassification of cash flow hedges to income statement
\u2013
\u2013
4
\u2013
4
Hedging gain/loss transferred to non-financial assets
\u2013
\u2013
(6)
\u2013
(6)
Cost of hedging
\u2013
\u2013
(4)
\u2013
(4)
Net fair value movement in the year (including tax)
\u2013
(83)
9
\u2013
(74)
Ordinary shares acquired by ESOP Trusts
(459)
\u2013
\u2013
\u2013
(459)
Write-down of shares held by ESOP Trusts
362
\u2013
\u2013
\u2013
362
At 31\u00a0December 2024
(397)
(659)
(19)
2,129
1,054
Exchange adjustments
44
(50)
\u2013
\u2013
(6)
Transferred to retained earnings in the year on disposal of equity investments
\u2013
8
\u2013
\u2013
8
Reclassification of cash flow hedges to income statement
\u2013
\u2013
36
\u2013
36
Cost of hedging
\u2013
\u2013
4
\u2013
4
Net fair value movement in the year (including tax)
\u2013
195
(41)
\u2013
154
Ordinary shares acquired by ESOP Trusts
(396)
\u2013
\u2013
\u2013
(396)
Write-down of shares held by ESOP Trusts
467
\u2013
\u2013
\u2013
467
At 31\u00a0December 2025
(282)
(506)
(20)
2,129
1,321
Other reserves include various non-distributable merger and pre-merger reserves amounting to \u00a31,849 million at 31\u00a0December 2025
(2024: \u00a31,849 million; 2023: \u00a31,849 million). Other reserves also include the capital redemption reserve created as a result of the
previous share buyback programme amounting to \u00a3280 million at 31\u00a0December 2025 (2024: \u00a3280 million; 2023: \u00a3280 million ) which
ceased in 2014. Under the current share buyback programme initiated in 2025, the repurchased shares are held as Treasury shares
and not cancelled, and so no capital redemptive reserve transfers have been made.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-658": { "value": "
36. Share capital and share premium account
Ordinary shares of 31\u00bcp each
Share
premium
Number
\u00a3m
\u00a3m
Share capital issued and fully paid:
At 1\u00a0January 2023
4,311,343,341
1,347
3,440
Issued under employee share schemes
802,642
1
9
Ordinary shares acquired by ESOP Trusts
\u2013
\u2013
2
At 31\u00a0December 2023
4,312,145,983
1,348
3,451
Issued under employee share schemes
2,157,751
\u2013
20
Ordinary shares acquired by ESOP Trusts
\u2013
\u2013
2
At 31\u00a0December 2024
4,314,303,734
1,348
3,473
Issued under employee share schemes
1,141,292
1
14
Ordinary shares acquired by ESOP Trusts
\u2013
\u2013
11
At 31\u00a0December 2025
4,315,445,026
1,349
3,498
At 31\u00a0December 2025, of the issued share capital, 62,875,215 shares were held in the ESOP Trusts, out of which 62,227,857 shares
were held for the future exercise of share awards and 647,358 shares were held for the Executive Supplemental Savings plan.
240,019,489 shares were held as Treasury shares and 4,012,550,322 shares were in free issue. All issued shares are fully paid and
there are no shares authorised but not in issue. The nominal, carrying and market values of the shares held in the ESOP Trusts are
disclosed in Note 44, \u2018Employee share schemes\u2019.
During the year ended 31\u00a0December 2025, the Group purchased 93\u00a0million ordinary shares, representing approximately \u2014% of the
issued ordinary share capital at 31\u00a0December 2025, at an average price of \u00a314.73 pence per share, and an aggregate cost of
\u00a31.4\u00a0billion including directly attributable transaction costs of \u00a38\u00a0million under the 2025 share buyback programme.
The monthly breakdown of all shares purchased and the average price paid per share (excluding expenses) in relation to Tranche 1
of the 2025 share buyback programme of up to \u00a3700\u00a0million, which began in February 2025 and was completed in June 2025, were
as follows:
Number of shares
purchased under share
buyback programme
Average price paid
Total cost
Authorised purchases
unutilised at month end
Period
Number
\u00a3 per share
\u00a3m
\u00a3m
February 25
3,953,602
14.65
58
642
March 25
14,283,285
15.00
214
428
April 25
17,492,918
13.63
238
189
May 25
12,351,970
14.13
175
15
June 25
982,305
15.08
15
\u2013
Total
49,064,080
14.27
700
\u2013
The monthly breakdown of all shares purchased and the average price paid per share (excluding expenses) in relation to Tranche 2
of the 2025 share buyback programme of up to \u00a3450\u00a0million, which began in June 2025 and was completed in September 2025,
were as follows:
Number of shares
purchased under share
buyback programme
Average price paid
Total cost
Authorised purchases
unutilised at month end
Period
Number
\u00a3 per share
\u00a3m
\u00a3m
June 25
8,038,188
14.57
117
333
July 25
10,871,850
13.99
152
181
August 25
7,364,050
14.19
105
76
September 25
3,056,373
14.73
45
\u2013
Total
29,330,461
14.28
419
\u2013
The monthly breakdown of all shares purchased and the average price paid per share (excluding expenses) in relation to Tranche 3
of the 2025 share buyback programme of up to \u00a3300\u00a0million, which began in September 2025 and was completed in December
2025, were as follows:
Number of shares
purchased under share
buyback programme
Average price paid
Total cost
Authorised purchases
unutilised at month end
Period
Number
\u00a3 per share
\u00a3m
\u00a3m
September 25
305,000
15.49
5
295
October 25
6,998,500
16.39
115
181
November 25
3,840,233
17.86
68
112
December 25
3,410,912
18.18
62
\u2013
Total
14,554,645
17.18
250
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-660": { "value": "
At 31\u00a0December 2025, of the issued share capital, 62,875,215 shares were held in the ESOP Trusts, out of which 62,227,857 shares
were held for the future exercise of share awards and 647,358 shares were held for the Executive Supplemental Savings plan.
240,019,489 shares were held as Treasury shares and 4,012,550,322 shares were in free issue. All issued shares are fully paid and
there are no shares authorised but not in issue. The nominal, carrying and market values of the shares held in the ESOP Trusts are
disclosed in Note 44, \u2018Employee share schemes\u2019.
During the year ended 31\u00a0December 2025, the Group purchased 93\u00a0million ordinary shares, representing approximately \u2014% of the
issued ordinary share capital at 31\u00a0December 2025, at an average price of \u00a314.73 pence per share, and an aggregate cost of
\u00a31.4\u00a0billion including directly attributable transaction costs of \u00a38\u00a0million under the 2025 share buyback programme.
The monthly breakdown of all shares purchased and the average price paid per share (excluding expenses) in relation to Tranche 1
of the 2025 share buyback programme of up to \u00a3700\u00a0million, which began in February 2025 and was completed in June 2025, were
as follows:
Number of shares
purchased under share
buyback programme
Average price paid
Total cost
Authorised purchases
unutilised at month end
Period
Number
\u00a3 per share
\u00a3m
\u00a3m
February 25
3,953,602
14.65
58
642
March 25
14,283,285
15.00
214
428
April 25
17,492,918
13.63
238
189
May 25
12,351,970
14.13
175
15
June 25
982,305
15.08
15
\u2013
Total
49,064,080
14.27
700
\u2013
The monthly breakdown of all shares purchased and the average price paid per share (excluding expenses) in relation to Tranche 2
of the 2025 share buyback programme of up to \u00a3450\u00a0million, which began in June 2025 and was completed in September 2025,
were as follows:
Number of shares
purchased under share
buyback programme
Average price paid
Total cost
Authorised purchases
unutilised at month end
Period
Number
\u00a3 per share
\u00a3m
\u00a3m
June 25
8,038,188
14.57
117
333
July 25
10,871,850
13.99
152
181
August 25
7,364,050
14.19
105
76
September 25
3,056,373
14.73
45
\u2013
Total
29,330,461
14.28
419
\u2013
The monthly breakdown of all shares purchased and the average price paid per share (excluding expenses) in relation to Tranche 3
of the 2025 share buyback programme of up to \u00a3300\u00a0million, which began in September 2025 and was completed in December
2025, were as follows:
Number of shares
purchased under share
buyback programme
Average price paid
Total cost
Authorised purchases
unutilised at month end
Period
Number
\u00a3 per share
\u00a3m
\u00a3m
September 25
305,000
15.49
5
295
October 25
6,998,500
16.39
115
181
November 25
3,840,233
17.86
68
112
December 25
3,410,912
18.18
62
\u2013
Total
14,554,645
17.18
250
\u2013
Fair value of investments in GSK shares
At 31\u00a0December 2025, the Employee Share Ownership Plan (ESOP) Trusts held GSK shares with a carrying amount of \u00a3282 million
(2024: \u00a3397 million) and a market value of \u00a31,147 million (2024: \u00a3866 million) based on quoted market price. The shares are held by
the ESOP Trusts to satisfy future exercises of options and awards under employee incentive schemes. In 2025, the carrying amount,
which is the lower of cost or expected proceeds, of these shares has been recognised as a deduction from other reserves. At
31\u00a0December 2025, GSK held Treasury shares at a cost of \u00a33,948 million (2024: \u00a32,958 million) which has been deducted from
retained earnings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-661": { "value": "
37. Movements in equity
Retained earnings and other reserves amounted to \u00a311,530 million at 31\u00a0December 2025 (2024: \u00a38,850 million; 2023: \u00a38,548 million )
of which \u00a3444 million (2024: \u00a3452 million ; 2023: \u00a3451 million) related to associates and joint ventures.
The cumulative translation exchange in equity is as follows:
Net translation exchange included in:
Retained
earnings
\u00a3m
Fair value
reserve
\u00a3m
Non-
controlling
interests
\u00a3m
Total
translation
exchange
\u00a3m
At 1\u00a0January 2023
(429)
(5)
(97)
(531)
Exchange movements on overseas net assets and net investment hedges
(41)
19
(25)
(47)
Reclassification of exchange movements on liquidation or disposal of overseas subsidiaries
\u00a0 and associates
(34)
\u2013
\u2013
(34)
At 31\u00a0December 2023
(504)
14
(122)
(612)
Exchange movements on overseas net assets and net investment hedges
(380)
(12)
(4)
(396)
Reclassification of exchange movements on liquidation or disposal of overseas subsidiaries
\u00a0 and associates
(87)
\u2013
\u2013
(87)
At 31\u00a0December 2024
(971)
2
(126)
(1,095)
Exchange movements on overseas net assets and net investment hedges
235
(4)
(18)
213
Reclassification of exchange movements on liquidation or disposal of overseas subsidiaries
\u00a0 and associates
(12)
\u2013
\u2013
(12)
At 31\u00a0December 2025
(748)
(2)
(144)
(894)
The analysis of other comprehensive income by equity category is as follows:
2025
Retained
earnings
\u00a3m
Other
reserves
\u00a3m
Non-
controlling
interests
\u00a3m
Total
\u00a3m
Items that may be subsequently reclassified to income statement:
Exchange movements on overseas net assets and net investment hedges
235
(4)
\u2013
231
Reclassification of exchange movements on liquidation or disposal of subsidiaries
\u00a0 and associates
(12)
\u2013
\u2013
(12)
Fair value movements on cash flow hedges
\u2013
(41)
\u2013
(41)
Cost of hedging
\u2013
4
\u2013
4
Reclassification of cash flow hedges to income statement
\u2013
36
\u2013
36
Deferred tax on fair value movements on cash flow hedges
\u2013
(2)
\u2013
(2)
Items that will not be reclassified to income statement:
Exchange movements on overseas net assets of non-controlling interests
\u2013
\u2013
(18)
(18)
Fair value movements on equity investments
\u2013
215
\u2013
215
Tax on fair value movements on equity investments
\u2013
(20)
\u2013
(20)
Remeasurement on defined benefit plans
133
\u2013
\u2013
133
Tax on remeasurement defined benefit plans
(33)
\u2013
\u2013
(33)
Fair value movements on cash flow hedges
\u2013
\u2013
\u2013
\u2013
Total other comprehensive income/(expense) for the year
323
188
(18)
493
2024
Retained
earnings
\u00a3m
Other
reserves
\u00a3m
Non-
controlling
interests
\u00a3m
Total
\u00a3m
Items that may be subsequently reclassified to income statement:
Exchange movements on overseas net assets and net investment hedges
(380)
(12)
\u2013
(392)
Reclassification of exchange movements on liquidation or disposal of subsidiaries
\u00a0 and associates
(87)
\u2013
\u2013
(87)
Fair value movements on cash flow hedges
\u2013
\u2013
\u2013
\u2013
Deferred tax on fair value movements on cash flow hedges
\u2013
1
\u2013
1
Cost of hedging
\u2013
(4)
\u2013
(4)
Reclassification of cash flow hedges to income statement
\u2013
4
\u2013
4
Items that will not be reclassified to income statement:
Exchange movements on overseas net assets of non-controlling interests
\u2013
\u2013
(4)
(4)
Fair value movements on equity investments
\u2013
(100)
\u2013
(100)
Tax on fair value movements on equity investments
\u2013
17
\u2013
17
Remeasurement on defined benefit plans
506
\u2013
\u2013
506
Tax on remeasurement defined benefit plans
(122)
\u2013
\u2013
(122)
Fair value movements on cash flow hedges
\u2013
8
\u2013
8
Total other comprehensive income/(expense) for the year
(83)
(86)
(4)
(173)
2023
Retained
earnings
\u00a3m
Other
reserves
\u00a3m
Non-
controlling
interests
\u00a3m
Total
\u00a3m
Items that may be subsequently reclassified to income statement:
Exchange movements on overseas net assets and net investment hedges
(41)
19
\u2013
(22)
Reclassification of exchange movements on liquidation or disposal of subsidiaries
\u00a0 and associates
(34)
\u2013
\u2013
(34)
Fair value movements on cash flow hedges
\u2013
(1)
\u2013
(1)
Deferred tax on fair value movements on cash flow hedges
\u2013
1
\u2013
1
Reclassification of cash flow hedges to income statement
\u2013
4
\u2013
4
Items that will not be reclassified to income statement:
Exchange movements on overseas net assets of non-controlling interests
\u2013
\u2013
(25)
(25)
Fair value movements on equity investments
\u2013
(244)
\u2013
(244)
Tax on fair value movements on equity investments
\u2013
14
\u2013
14
Remeasurement on defined benefit plans
71
\u2013
\u2013
71
Tax on remeasurement defined benefit plans
(41)
\u2013
\u2013
(41)
Fair value movements on cash flow hedges
\u2013
(40)
\u2013
(40)
Total other comprehensive income/(expense) for the year
(45)
(247)
(25)
(317)
Information on net investment hedges is provided in part (d) of Note 43 \u2018Financial instruments and related disclosures'.
The analysis of other reserves is as follows:
ESOP Trust
shares
\u00a3m
Fair value
reserve
\u00a3m
Cash flow
hedge reserve
and cost of
hedging
reserve
\u00a3m
Other
reserves
\u00a3m
Total
\u00a3m
At 1\u00a0January 2023
(353)
(308)
(20)
2,129
1,448
Exchange adjustment
26
(5)
(2)
\u2013
19
Transferred to Retained earnings in the year on disposals of equity investments
\u2013
33
\u2013
\u2013
33
Reclassification of cash flow hedges to income statement
\u2013
\u2013
4
\u2013
4
Hedging gain/loss transferred to non-financial assets
\u2013
\u2013
36
\u2013
36
Net fair value movement in the year (including tax)
\u2013
(230)
(40)
\u2013
(270)
Ordinary shares acquired by ESOP Trusts
(285)
\u2013
\u2013
\u2013
(285)
Write-down of shares held by ESOP Trusts
324
\u2013
\u2013
\u2013
324
At 31\u00a0December 2023
(288)
(510)
(22)
2,129
1,309
Exchange adjustment
(12)
\u2013
\u2013
\u2013
(12)
Transferred to Retained earnings in the year on disposals of equity investments
\u2013
(66)
\u2013
\u2013
(66)
Reclassification of cash flow hedges to income statement
\u2013
\u2013
4
\u2013
4
Hedging gain/loss transferred to non-financial assets
\u2013
\u2013
(6)
\u2013
(6)
Cost of hedging
\u2013
\u2013
(4)
\u2013
(4)
Net fair value movement in the year (including tax)
\u2013
(83)
9
\u2013
(74)
Ordinary shares acquired by ESOP Trusts
(459)
\u2013
\u2013
\u2013
(459)
Write-down of shares held by ESOP Trusts
362
\u2013
\u2013
\u2013
362
At 31\u00a0December 2024
(397)
(659)
(19)
2,129
1,054
Exchange adjustments
44
(50)
\u2013
\u2013
(6)
Transferred to retained earnings in the year on disposal of equity investments
\u2013
8
\u2013
\u2013
8
Reclassification of cash flow hedges to income statement
\u2013
\u2013
36
\u2013
36
Cost of hedging
\u2013
\u2013
4
\u2013
4
Net fair value movement in the year (including tax)
\u2013
195
(41)
\u2013
154
Ordinary shares acquired by ESOP Trusts
(396)
\u2013
\u2013
\u2013
(396)
Write-down of shares held by ESOP Trusts
467
\u2013
\u2013
\u2013
467
At 31\u00a0December 2025
(282)
(506)
(20)
2,129
1,321
Other reserves include various non-distributable merger and pre-merger reserves amounting to \u00a31,849 million at 31\u00a0December 2025
(2024: \u00a31,849 million; 2023: \u00a31,849 million). Other reserves also include the capital redemption reserve created as a result of the
previous share buyback programme amounting to \u00a3280 million at 31\u00a0December 2025 (2024: \u00a3280 million; 2023: \u00a3280 million ) which
ceased in 2014. Under the current share buyback programme initiated in 2025, the repurchased shares are held as Treasury shares
and not cancelled, and so no capital redemptive reserve transfers have been made.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-662": { "value": "
38. Non-controlling interests
Total non-controlling interests includes the following individually material non-controlling interests. Other non-controlling interests
are individually not material.
ViiV Healthcare
GSK holds 78.3% of the ViiV Healthcare sub-group, giving rise to a material non-controlling interest. Summarised financial
information available at the latest practicable date in respect of the ViiV Healthcare sub-group is as follows:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Turnover
7,458
7,023
6,308
Profit after taxation
2,862
1,619
2,034
Other comprehensive income/(expense)
(11)
7
(19)
Total comprehensive income
2,851
1,626
2,015
2025
\u00a3m
2024
\u00a3m
Non-current assets
2,571
2,649
Current assets
3,710
3,479
Total assets
6,281
6,128
Current liabilities
(4,321)
(4,218)
Non-current liabilities
(7,486)
(8,566)
Total liabilities
(11,807)
(12,784)
Net liabilities
(5,526)
(6,656)
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Net cash inflow from operating activities
3,042
2,554
2,192
Net cash outflow from investing activities
(149)
(106)
(2)
Net cash outflow from financing activities
(2,452)
(2,518)
(2,463)
Increase/(decrease) in cash and bank overdrafts in the year
441
(70)
(273)
The above financial information relates to the ViiV Healthcare group on a stand-alone basis, before the impact of Group-related
adjustments, primarily related to the recognition of preferential dividends. The profit after taxation of \u00a32,862\u00a0million (2024:
\u00a31,619\u00a0million; 2023 : \u00a32,034\u00a0million) is stated after charging preferential dividends payable to GSK and Pfizer and after a charge of
\u00a3623 million (2024: \u00a31,377 million; 2023: \u00a3858 million) for remeasurement of contingent consideration payable. This consideration is
expected to be paid over a number of years.
The following amounts attributable to the ViiV Healthcare group are included in GSK\u2019s consolidated financial statements:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Share of profit for the year attributable to non-controlling interest
552
357
373
Dividends paid to non-controlling interest
374
392
398
Non-controlling interest in the consolidated balance sheet
(515)
(683)
(648)
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-663": { "value": "
39. Related party transactions
At 31\u00a0December 2025 , there were no outstanding loans due to GSK (2024 : \u00a30.8 million with Index Ventures and 2024 : \u00a32.3 million
with Medicxi Ventures I LP). Cash distributions were received from the investments in Medicxi Ventures I LP of \u00a362 million (2024:
\u00a315.3 million), Index Ventures l LP of \u00a32.3 million (2024: \u00a3nil) and Kurma Biofund II FCPR of \u00a32.3 million (2024: \u00a3nil).
The Group had no other significant related party transactions which might reasonably be expected to influence decisions made by
the users of these financial statements.
The aggregate compensation of the Directors and senior management (members of the Executive Committee, formerly known as
the GSK Leadership Team) is given in Note 9, \u2018Employee costs\u2019", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-664": { "value": "
40. Acquisitions and disposals
Details of the acquisition and disposal of significant subsidiaries, associates, joint ventures and other businesses are given below:
2025
On 21 February 2025, GSK completed the acquisition of 100% of IDRx, Inc, a Boston-based, clinical stage biopharmaceutical
company dedicated to developing precision therapies for the treatment of gastrointestinal stromal tumours (GIST). The acquisition
includes a lead molecule, IDRX-42, a highly selective investigational tyrosine kinase inhibitor (TKI) that is designed to improve the
outcomes for patients with GIST. The consideration for the acquisition comprised an upfront payment of US$1.1 billion\u00a0(\u00a3840 million)
as adjusted for working capital acquired paid upon closing and up to US$150 million (\u00a3119 million) as an additional success-based
regulatory milestone payment. The estimated fair value of the contingent consideration payable was US$56 million (\u00a345 million). In
addition, GSK will also be responsible for success-based milestone payments as well as tiered royalties for IDRX-42 owed to Merck
KGaA, Darmstadt, Germany.
On 7 July 2025, GSK completed the acquisition of 100% of BP Asset IX, Inc. a subsidiary of Boston Pharmaceuticals which provides
access to efimosfermin alfa. Efimosfermin is a phase III-ready, potential best-in-class, investigational speciality medicine to treat
and prevent progression of steatotic liver disease (SLD). The consideration for the acquisition comprised an upfront payment of
US$1.2 billion (\u00a3906 million) as adjusted for working capital acquired paid upon closing and up to US$800 million (\u00a3588 million) in
certain success-based regulatory milestone payments. The estimated fair value of the contingent consideration payable was
US$302 million (\u00a3222 million).
During the period to 31 December 2025, no sales arising from the IDRx or BP Asset IX's businesses were included in Group turnover
and no revenue is expected until regulatory approval is received on the respective acquired assets.
GSK continues to support the ongoing development of the acquired assets and consequently these assets will be loss making until
regulatory approval on these assets is received. The development of these assets has been integrated into the Group\u2019s existing R&D
activities, so it is impracticable to quantify these development costs or the impact on Total profit after taxation for the period ended
31 December 2025.
Goodwill of \u00a3315 million (\u00a3109 million for IDRx and \u00a3206 million for BP Asset IX) has been recognised. The goodwill represents
specific synergies available to GSK from the business combinations. The goodwill has been allocated to the Group\u2019s Commercial
Operations and Total R&D segments (refer to Note 19, \u2018Goodwill\u2019 for allocation methodology). None of the goodwill is expected to
be deductible for tax purposes.
IDRx Inc
\u00a3m
BP Asset IX
\u00a3m
Total
\u00a3m
Net assets acquired
Intangible assets
882
1,088
1,970
Trade and other receivables
5
\u2013
5
Cash and cash equivalents
48
30
78
Trade and other payables
(31)
(8)
(39)
Taxation
(128)
(188)
(316)
776
922
1,698
Goodwill
109
206
315
Total consideration
885
1,128
2,013
Of the total \u00a32.0 billion consideration (\u00a30.9 billion for IDRx and \u00a31.1 billion for BP Asset IX), \u00a3267 million (\u00a345 million for IDRx and
\u00a3222 million for BP Asset IX) of the contingent consideration recognised at acquisition was unpaid as at 31 December 2025. As at 31
December 2025, the present value of the contingent consideration payable was \u00a345 million for IDRx and \u00a3231 million for BP Asset
IX.
On 15 January 2025, GSK completed the acquisition of a Berlin based private company, Cellphenomics GmbH, which has
developed proprietary capabilities in developing durable organoid models, for a total cash consideration of up to \u20ac44 million
(approximately \u00a337 million) of which \u20ac15 million (\u00a313 million) was unpaid as at 31 December 2025. The acquisition is accounted for
as a business combination but is not considered a significant acquisition for the Group.
Business disposals
GSK completed no material business disposals in 2025.
Associates and joint ventures
GSK completed no material investments or disposals of associates or joint ventures during the year.
Cash flows
Business
acquisitions
\u00a3m
Business
disposals
\u00a3m
Cash consideration paid
(1,755)
(24)
Net deferred consideration paid
(15)
(3)
Transaction costs
(23)
\u2013
Cash and cash equivalents acquired
78
\u2013
Cash outflow
(1,715)
(27)
2024
On 9 January 2024, GSK announced it had entered into an agreement to acquire 100% of Aiolos Bio, Inc. (Aiolos), a clinical stage
biopharmaceutical company focused on addressing the unmet treatment needs of patients with certain respiratory and
inflammatory conditions, for a total cash consideration of US $1,004\u00a0million (\u00a3800\u00a0million) as adjusted for working capital acquired
paid upon closing and up to US $400\u00a0million (\u00a3319\u00a0million) in certain success-based regulatory milestone payments. The estimated
fair value of the contingent consideration payable was US$120\u00a0million (\u00a396\u00a0million). In addition, GSK will also be responsible for
success-based milestone payments as well as tiered royalties owed to Jiangsu Hengrui Pharmaceuticals Co., Ltd. (Hengrui). The
acquisition completed on 14 February 2024.
During 2024, no sales arising from the Aiolos business were included in Group turnover and no revenue is expected until regulatory
approval is received on the acquired asset.
GSK continues to support the ongoing development of the acquired asset and consequently this asset will be loss making until
regulatory approval on this asset is received. The development of this asset has been integrated into the Group\u2019s existing R&D
activities, so it is impracticable to quantify these development costs or the impact on Total profit after taxation for the period ended
31 December 2024.
Goodwill of \u00a3191\u00a0million has been recognised. The goodwill represents specific synergies available to GSK from the business
combination. The goodwill has been allocated to the Group\u2019s R&D segment. None of the goodwill is expected to be deductible for
tax purposes.
Total
\u00a3m
Net assets acquired:
Intangible assets
886
Trade and other receivables
10
Cash and cash equivalents
23
Trade and other payables
(26)
Deferred tax liabilities
(188)
705
Goodwill
191
Total consideration
896
On 6 June 2024, GSK announced that it had acquired Elsie Biotechnologies, a San Diego-based private biotechnology company
dedicated to unlocking the full potential of oligonucleotide therapeutics, for a total consideration of up to US$51\u00a0million
(approximately \u00a340\u00a0million), including up to US$10 million (\u00a38 million) in certain success-based development and regulatory
milestone payments. The key assets and liabilities recognised at acquisition include goodwill of US$23 million (\u00a319 million),
intangible assets of US$35 million (\u00a327 million) and a deferred tax liability of US$7 million (\u00a36 million). The acquisition is accounted
for as a business combination but is not considered a significant acquisition for the Group. This agreement is not subject to closing
conditions and the acquisition has been completed.
Business disposals
GSK completed no material business disposals in 2024.
Associates and joint ventures
GSK completed no material investments or disposals of associates or joint ventures during the year.
Cash flows
Business
acquisitions
\u00a3m
Business
disposals
\u00a3m
Cash consideration paid
(773)
\u2013
Net deferred consideration paid
(57)
(18)
Transaction costs
(5)
\u2013
Cash and cash equivalents acquired
25
\u2013
Cash outflow
(810)
(18)
2023
Business acquisitions
On 28 June 2023, GSK completed the acquisition of BELLUS Health Inc. (\u201cBellus\") which was effected through a Plan of
Arrangement (the \u201cArrangement\u201d) pursuant to the Canada Business Corporations Act. The Arrangement was approved by Bellus\u2019
shareholders on 16 June 2023. Upon completion, GSK acquired all outstanding common shares of Bellus for US$14.75 per common
share in cash, representing a total equity value of US$2\u00a0billion (\u00a31.6\u00a0billion). The acquisition provides GSK access to camlipixant, a
potential best-in-class and highly selective P2X3 antagonist currently in phase III development for the first-line treatment of adult
patients with refractory chronic cough (RCC).
Total
\u00a3m
Net assets acquired:
Intangible assets
1,438
Non-current equity investments
2
Right of use assets
1
Trade and other receivables
96
Investments held as current assets
51
Cash and cash equivalents
148
Lease liabilities
(1)
Trade and other payables
(103)
Deferred tax liabilities
(136)
1,496
Non-controlling interest
\u2013
Goodwill
109
Total consideration
1,605
In 2023, the provisional values of the identifiable assets and liabilities acquired in the Affinivax, Inc. business combination were
updated for the finalisation of the fair value of intangible assets, resulting in an increase in intellectual property of \u00a339 million, a
decrease to goodwill of \u00a331 million and a decrease to deferred tax of \u00a38 million. The amounts recognised at 31 December 2022
have not been restated on the basis of materiality.
Business disposals
GSK completed no material business disposals in 2023.
Associates and joint ventures
GSK completed no material investments or disposals of associates or joint ventures during the year.
Cash flows
Business
acquisitions
\u00a3m
Business
disposals
\u00a3m
Cash consideration (paid)/received
(1,605)
68
Net deferred consideration paid
\u2013
(19)
Transaction costs
(17)
\u2013
Cash and cash equivalents acquired/(divested)
148
\u2013
Cash (outflow)/inflow
(1,474)
49
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-665": { "value": "
Cash flows
Business
acquisitions
\u00a3m
Business
disposals
\u00a3m
Cash consideration paid
(773)
\u2013
Net deferred consideration paid
(57)
(18)
Transaction costs
(5)
\u2013
Cash and cash equivalents acquired
25
\u2013
Cash outflow
(810)
(18)
Cash flows
Business
acquisitions
\u00a3m
Business
disposals
\u00a3m
Cash consideration (paid)/received
(1,605)
68
Net deferred consideration paid
\u2013
(19)
Transaction costs
(17)
\u2013
Cash and cash equivalents acquired/(divested)
148
\u2013
Cash (outflow)/inflow
(1,474)
49
41. Adjustments reconciling profit after tax to operating cash
flows
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Total profit after tax from operations
6,289
2,951
5,308
Tax on profits
1,112
526
756
Share of after tax (profits)/losses of associates and joint ventures
(1)
3
5
Finance expense net of finance income
532
547
677
Depreciation
1,056
1,097
1,082
Amortisation of intangible assets
1,258
1,454
1,212
Impairment and assets written off
1,098
408
467
Loss on sale of businesses
9
11
\u2013
Profit on sale of intangible assets
(49)
(170)
(12)
Profit on sale of investments in associates
\u2013
(6)
(1)
Profit on sale of equity investments
(4)
(10)
\u2013
Changes in working capital:
Decrease/(increase) in inventories
(140)
(294)
(424)
Decrease/(increase) in trade receivables
(613)
298
(794)
Increase/(decrease) in trade payables
131
(179)
(15)
Contingent consideration paid (see Note 32)
(1,330)
(1,235)
(1,134)
Other non-cash increase in contingent consideration liabilities
465
1,834
492
Decrease/(increase) in other receivables
(484)
42
145
Increase/(decrease) in other payables
343
(610)
689
Increase/(decrease) in pension and other provisions
(1,139)
999
(457)
Share-based incentive plans
374
344
307
Fair value adjustments
45
(39)
(107)
Other
(9)
(110)
(100)
Total adjustments
2,654
4,910
2,788
Total cash generated from operations
8,943
7,861
8,096
42. Reconciliation of net cash flow to movement in net debt
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Net debt, at beginning of year
(13,095)
(15,040)
(17,197)
Increase/(decrease) in cash and bank overdrafts
(177)
599
(468)
Decrease in liquid investments
(11)
(21)
(72)
Repayment of long-term loans(1)
1,400
1,615
2,260
Issue of long-term notes
(1,979)
(1,075)
(223)
Net decrease/(increase) in short-term loans
(1,085)
811
333
Increase in other short-term loans (2)
(130)
(266)
\u2013
Repayment of other short-term loans(2)
288
81
\u2013
Repayment of lease liabilities
241
226
197
Net investments/(debt) of subsidiary undertakings acquired
(1)
\u2013
50
Exchange adjustments
241
117
554
Other non-cash movements
(145)
(142)
(474)
Decrease/(increase) in net debt
(1,358)
1,945
2,157
Total net debt at end of year
(14,453)
(13,095)
(15,040)
(1)
Repayment of long-term loans includes the current portion of long-term borrowings which are classified as short-term borrowings on the balance
sheet. This change in presentation was made in 2024. Previously, the repayment of short-term borrowings was presented as repayment of short-term
loans (2023: \u00a32,116 million)
(2)
Other short-term loans include bank loans presented within short-term borrowings on the balance sheet, with an initial maturity of greater than three
months
Analysis of changes in net debt
At 1\u00a0January
2025
\u00a3m
Exchange
\u00a3m
Other
\u00a3m
Interest
expense
\u00a3m
Change
in fair value
\u00a3m
Reclass-
ifications
\u00a3m
Cash flow
\u00a3m
At
31\u00a0December
2025
\u00a3m
Liquid investments
21
(1)
\u2013
\u2013
\u2013
\u2013
(11)
9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Cash and cash equivalents
3,870
(22)
\u2013
\u2013
\u2013
\u2013
(451)
3,397
Bank overdrafts
(467)
3
\u2013
\u2013
\u2013
\u2013
274
(190)
3,403
(19)
\u2013
\u2013
\u2013
\u2013
(177)
3,207
Debt due within one year:
Commercial paper
\u2013
7
\u2013
\u2013
\u2013
\u2013
(1,085)
(1,078)
European/US MTN & Bank facilities
(1,419)
(43)
35
\u2013
\u2013
(1,456)
1,400
(1,483)
Lease liabilities
(168)
6
19
\u2013
\u2013
(233)
241
(135)
Other
(295)
51
(38)
\u2013
\u2013
\u2013
158
(124)
(1,882)
21
16
\u2013
\u2013
(1,689)
714
(2,820)
Debt due after one year:
European/US MTN & Bank facilities
(13,703)
222
\u2013
(11)
\u2013
1,456
(1,979)
(14,015)
Lease liabilities
(934)
26
(18)
\u2013
\u2013
233
\u2013
(693)
(14,637)
247
(18)
(11)
\u2013
1,689
(1,979)
(14,708)
Liabilities relating to assets held for sale
\u2013
\u2013
(139)
\u2013
\u2013
\u2013
\u2013
(139)
Net debt
(13,095)
246
(141)
(11)
1
\u2013
(1,453)
(14,453)
Interest payable
(162)
1
(37)
(642)
\u2013
\u2013
679
(161)
Derivative financial instruments
(82)
\u2013
\u2013
\u2013
15
\u2013
46
(21)
Total liabilities from financing activities*
(16,763)
267
(178)
(653)
16
\u2013
(540)
(17,851)
*
Excluding cash and cash equivalents, overdrafts and liquid investments.
Analysis of changes in net debt
At 1\u00a0January
2024
\u00a3m
Exchange
\u00a3m
Other
\u00a3m
Interest
expense
\u00a3m
Change
in fair value
\u00a3m
Reclass-
ifications
\u00a3m
Cash flow
\u00a3m
At
31\u00a0December
2024
\u00a3m
Liquid investments
42
\u2013
\u2013
(21)
21
Cash and cash equivalents
2,936
(54)
\u2013
\u2013
\u2013
\u2013
988
3,870
Overdrafts
(78)
\u2013
\u2013
\u2013
\u2013
\u2013
(389)
(467)
2,858
(54)
\u2013
\u2013
\u2013
\u2013
599
3,403
Debt due within one year:
Commercial paper
(815)
4
\u2013
\u2013
\u2013
\u2013
811
\u2013
European/US MTN & Bank facilities
(1,651)
51
(20)
\u2013
\u2013
(1,414)
1,615
(1,419)
Lease liabilities
(156)
5
6
\u2013
\u2013
(249)
226
(168)
Other
(113)
(11)
14
\u2013
\u2013
\u2013
(185)
(295)
(2,735)
49
\u2013
\u2013
\u2013
(1,663)
2,467
(1,882)
Debt due after one year:
European/US MTN & Bank facilities
(14,154)
127
\u2013
(15)
\u2013
1,414
(1,075)
(13,703)
Lease liabilities
(1,051)
5
(137)
\u2013
\u2013
249
\u2013
(934)
(15,205)
132
(137)
(15)
\u2013
1,663
(1,075)
(14,637)
Net debt
(15,040)
127
(137)
(15)
\u2013
\u2013
1,970
(13,095)
Interest payable
(162)
\u2013
(30)
(602)
\u2013
\u2013
632
(162)
Derivative financial instruments
16
\u2013
\u2013
\u2013
31
\u2013
(129)
(82)
Total liabilities from financing
activities*
(18,086)
181
(167)
(617)
31
\u2013
1,895
(16,763)
*Excluding cash and cash equivalents, overdrafts and liquid investments.
For further information on significant changes in net debt see Note 29, \u2018Net debt\u2019.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-666": { "value": "
43. Financial instruments and related disclosures
The objective of GSK\u2019s Treasury activities is to minimise the net
cost of financial operations and reduce its volatility to benefit
earnings and cash flows. GSK uses a variety of financial
instruments to finance its operations and derivative financial
instruments to manage market risks from these operations.
Derivatives principally comprise foreign exchange forward
contracts and swaps which are used to swap borrowings and
liquid assets into currencies required for Group purposes as well
as interest rate swaps and cross currency swaps which are used
to manage exposure to financial risks from changes in interest
rates. These financial instruments reduce the uncertainty of
foreign currency transactions and interest payments.
Derivatives are used exclusively for hedging purposes in relation
to underlying business activities and not as trading or
speculative instruments.
Capital management
GSK\u2019s financial strategy supports the Group\u2019s strategic priorities
and is regularly reviewed by the Board. GSK manages the
capital structure of the Group through an appropriate mix of
debt and equity.
The capital structure of the Group consists of net debt of \u00a314.5
billion ( 2024: \u00a313.1 billion ) (see Note 29, \u2018Net debt\u2019) and total
equity, including items related to non-controlling interests, of
\u00a316.0 billion (2024: \u00a313.1 billion) (see \u2018Consolidated statement of
changes in equity\u2019 on page 188). Total capital, including that
provided by non-controlling interests, is \u00a330.5\u00a0billion (2024:
\u00a326.2\u00a0billion).
The Group continues to manage its financial policies to a credit
profile that particularly targets ratings of at least A2/A
(Moody's/S&P), through the cycle. The Group\u2019s long-term credit
rating with S&P is A (stable outlook) and with Moody\u2019s is A2
(stable outlook). The Group\u2019s short-term credit ratings are A-1
and P-1 with S&P and Moody\u2019s respectively.
Liquidity risk management
GSK\u2019s policy is to borrow centrally in order to meet anticipated
funding requirements. The strategy is to diversify liquidity
sources using a range of facilities and to maintain broad access
to financial markets. Each day, GSK sweeps cash to or from a
number of global subsidiaries and central Treasury accounts for
liquidity management purposes. GSK utilises both physical and
notional cash pool arrangements as appropriate by location
and currency. For notional cash pools, liquidity is drawn against
foreign currency balances to provide both local funding and
central liquidity as required and with balances actively
managed and maintained to appropriate levels. As balances in
notional pooling arrangements are not settled across
currencies, gross cash and overdraft balances are reported.
At 31\u00a0December 2025, GSK had \u00a33.0 billion (2024: \u00a32.3 billion)
of borrowings repayable within one year and held \u00a33.4\u00a0billion
(2024: \u00a33.9\u00a0billion) of cash and cash equivalents and liquid
investments of which \u00a32.6\u00a0billion (2024: \u00a33.1\u00a0billion) was held
centrally.
GSK has access to short-term finance under a $10 billion (\u00a37.4
billion ) US commercial paper programme; $1,450 million (\u00a31,078
million) was in issue at 31\u00a0December 2025 (2024: $nil (\u00a3nil)).
Maximum drawdowns under the US commercial paper
programme during the year were $1,450\u00a0million (\u00a31,078 million)
(2024: $1,315\u00a0million (\u00a31,048 million)). GSK has access to short-
term finance under a \u00a35 billion Euro commercial paper
programme. There was no Euro commercial paper in issue at
31\u00a0December 2025 (2024: \u20acnil (\u00a3nil)). Maximum drawdowns
under the Euro commercial paper programme during the year
were \u20ac750 million (\u00a3642 million) (2024: \u20ac170 million (\u00a3145
million)).
GSK has \u00a31.6 billion of three-year and $2.2 billion (\u00a31.6 billion) of
364-day committed facilities. In August 2025 GSK cancelled
both these committed facilities and replaced them with new
revolving facilities of equivalent size with maturities of
September 2028 for the three-year facility and September 2026
for the 364-day facility. These committed facilities were
undrawn at 31\u00a0December 2025. GSK considers this level of
committed facilities to be adequate, given current liquidity
requirements.
GSK has a \u00a320 billion Euro Medium Term Note programme and
at 31\u00a0December 2025, \u00a38.8 billion of notes were in issue under
this programme. The Group also had $9.0 billion (\u00a36.7\u00a0billion) of
notes in issue at 31\u00a0December 2025 under a US shelf
registration. GSK\u2019s borrowings mature at dates between 2026
and 2045.
Market risk
Interest rate risk management
GSK\u2019s objective is to minimise the effective net interest cost and
to balance the mix of debt at fixed and floating rates over time.
The Group\u2019s main interest rate risk arises from borrowings and
investments with floating rates and refinancing of maturing
fixed rate debt where any changes in interest rates will affect
future cash flows or the fair values of financial instruments. The
policy on interest rate risk management limits the net amount of
floating rate debt to a specific cap, reviewed and agreed no
less than annually by the Board.
The majority of debt is issued at fixed interest rates and
changes in the floating rates of interest do not significantly
affect the Group\u2019s net interest charge. Short-term borrowings
including bank facilities are exposed to the risk of future
changes in market interest rates as are the majority of cash and
liquid investments.
GSK has the ability to further manage interest rate risk through
the use of interest rate swaps and cross currency swaps.
Foreign exchange risk management
The Group\u2019s objective is to minimise the exposure of overseas
operating subsidiaries to transaction risk by matching local
currency income with local currency costs where possible.
Foreign currency transaction exposures arising on external and
internal trade flows are selectively hedged. GSK\u2019s internal
trading transactions are matched centrally and inter-company
payment terms are managed to reduce foreign currency risk.
Where possible, GSK manages the cash surpluses or borrowing
requirements of subsidiary companies centrally using forward
contracts to hedge future repayments back into the originating
currency.
In order to reduce foreign currency translation exposure, the
Group seeks to denominate borrowings in the currencies of our
principal assets and cash flows. These are primarily
denominated in US Dollars, Euros and Sterling. Borrowings can
be swapped into other currencies as required through the use of
cross currency swaps.
Borrowings denominated in, or swapped into, foreign currencies
that match investments in overseas Group assets may be
treated as a hedge against the relevant assets. Forward
contracts in major currencies are also used to reduce exposure
to the Group\u2019s investment in overseas assets (see \u2018Net
investment hedges\u2019 section of this note for further details).
Credit risk
Credit risk is the risk that a counterparty will default on its
contractual obligations resulting in financial loss to the Group
and arises on cash and cash equivalents and favourable
derivative financial instruments held with banks and financial
institutions as well as credit exposures to wholesale and retail
customers, including outstanding receivables.
The Group considers its maximum credit risk at 31\u00a0December
2025 to be \u00a310,036 million (31\u00a0December 2024: \u00a39,986 million)
which is the total of the Group\u2019s financial assets with the
exception of \u2019Other investments\u2019 (comprising equity
investments) which bear equity risk rather than credit risk. See
page 252 for details on the Group\u2019s total financial assets. At
31\u00a0December 2025, GSK\u2019s greatest concentration of credit risk
was \u00a31.3 billion with a wholesaler in the US (2024: \u00a31.1 billion with
a wholesaler in the US). See page 250 for further information on
the Group\u2019s credit risk exposure in respect of the three largest
US wholesaler customers.
There has been no change in the estimation techniques or
significant assumptions made during the current and prior
reporting periods in assessing the loss allowance for financial
assets at amortised cost or at FVTOCI.
Treasury-related credit risk
GSK sets global counterparty limits for each of GSK\u2019s banking
and investment counterparties based on long-term credit
ratings from Moody\u2019s and S&P. Usage of these limits is actively
monitored. Credit Support Annexes (CSAs) can be utilised to
reduce credit risk on selected trades, taking into consideration
impact on current and future liquidity.
GSK actively manages its exposure to credit risk, reducing
surplus cash balances wherever possible. This is part of GSK\u2019s
strategy to regionalise cash management and to concentrate
cash centrally as much as possible. The table below sets out the
credit exposure to counterparties by rating for liquid
investments, cash and cash equivalents and derivatives.
The gross asset position on each derivative contract is
considered for the purpose of this table, although, under
International Swaps and Derivatives Association (ISDA)
agreements, the amount at risk is the net position with each
counterparty. Table (e) on page 261 sets out the Group\u2019s
financial assets and liabilities on an offset basis.
At 31\u00a0December 2025, \u00a351 million (2024: \u00a324 million) of cash is categorised as held with unrated or sub-investment grade rated
counterparties (lower than BBB-/Baa3). This exposure is concentrated in overseas banks used for local cash management or
investment purposes, including: \u00a329 million with Banco de Galicia Y Buenos Aires in Argentina; \u00a315 million with Halk Bank in Turkey;
\u00a34 million in Ecuador held with Banco De La Produccion; and \u00a32 million in Brazil held with Banco Bradesco, Ita\u00fa Unibanco, Banco
Do Brasil and Caixa Econ\u00f4mica Federal. Of the \u00a369 million (2024: \u00a380 million) of bank balances and deposits held with BBB/Baa
rated counterparties, \u00a323 million was held with BBB-/Baa3 rated counterparties, including balances or deposits of \u00a313 million with
OTP Bank in Russia; \u00a38 million with ICICI bank in India; and \u00a32 million with State Bank of India in India. These banks are used for
local investment purposes, with the exception of Russia where there are no plans for new investments.
GSK measures expected credit losses over cash and cash equivalents as a function of individual counterparty credit ratings and
associated 12 month default rates. Expected credit losses over cash and cash equivalents and third-party financial derivatives are
deemed to be immaterial and no such loss has been experienced during 2025 or 2024.
Credit ratings are assigned by S&P and Moody\u2019s respectively. Where the opinions of the two rating agencies differ, GSK assigns the
lower rating of the two to the counterparty. Where local rating agency or Fitch data is the only source available, the ratings are
converted to global ratings equivalent to those of S&P or Moody\u2019s using published conversion tables. These credit ratings form the
basis of the assessment of the expected credit loss on Treasury-related balances held at amortised cost being bank balances and
deposits and Government securities.
2025
AAA/Aaa
\u00a3m
AA/Aa
\u00a3m
A/A
\u00a3m
BBB/Baa
\u00a3m
BB+/Ba1
and below
/unrated
\u00a3m
Total
\u00a3m
Bank balances and deposits
\u2013
48
1,436
69
51
1,604
US Treasury and Treasury repo only money market funds
431
\u2013
\u2013
\u2013
\u2013
431
Liquidity funds
1,362
\u2013
\u2013
\u2013
\u2013
1,362
Government securities
\u2013
9
\u2013
\u2013
\u2013
9
Third-party financial derivatives
\u2013
\u2013
121
\u2013
\u2013
121
Total
1,793
57
1,557
69
51
3,527
2024
AAA/Aaa
\u00a3m
AA/Aa
\u00a3m
A/A
\u00a3m
BBB/Baa
\u00a3m
BB+/Ba1
and below
/unrated
\u00a3m
Total
\u00a3m
Bank balances and deposits
\u2013
36
2,450
80
24
2,590
US Treasury and Treasury repo only money market funds
300
\u2013
\u2013
\u2013
\u2013
300
Liquidity funds
980
\u2013
\u2013
\u2013
\u2013
980
Government securities
\u2013
21
\u2013
\u2013
\u2013
21
Third-party financial derivatives
\u2013
\u2013
110
\u2013
\u2013
110
Total
1,280
57
2,560
80
24
4,001
GSK\u2019s centrally managed cash reserves amounted to \u00a32.6 billion
(2024: \u00a33.1 billion) at 31\u00a0December 2025, all available within
three months. This includes \u00a32.3 billion (2024: \u00a31.9 billion) of
cash managed by the Group for ViiV Healthcare, a 78.3%
(2024: 78.3%) owned subsidiary. The Group has invested
centrally managed liquid assets in bank deposits, Aaa/AAA
rated US Treasury and Treasury repo only money market funds
and Aaa/AAA rated liquidity funds.
Wholesale and retail credit risk
Outside the US, no customer accounts for more than 5% of the
Group\u2019s trade receivables balance.
In the US, in line with other pharmaceutical companies, the
Group sells its products through a small number of wholesalers
in addition to hospitals, pharmacies, physicians and other
groups. Sales to the three largest wholesalers amounted to
approximately 79% (2024: 77%) of the sales of the US
Commercial Operations business in 2025.
At 31\u00a0December 2025, the Group had trade receivables due
from these three wholesalers totalling \u00a33,127 million or 53% of
total trade receivables (2024: \u00a32,766 million or 50%). The Group
is exposed to a concentration of credit risk in respect of these
wholesalers such that, if one or more of them encounters
financial difficulty, it could materially and adversely affect the
Group\u2019s financial results.
This concentration of trade receivables is reflective of standard
market practice in the US pharmaceuticals sector where a
significant portion of sales are made to these three wholesalers,
as disclosed in Note 6, 'Turnover and segment information'.
GSK\u2019s assessment is that there is limited credit risk associated
with these customers.
The Group\u2019s credit risk monitoring activities relating to these
wholesalers include a review of their quarterly financial
information and S&P credit ratings, development of GSK
internal risk ratings, and establishment and periodic review of
credit limits.
All new customers are subject to a credit vetting process and
existing customers are subject to a review at least annually. The
vetting process and subsequent reviews involve obtaining
information including the customer\u2019s status as a government or
private sector entity, audited financial statements, credit bureau
reports, debt rating agency (e.g. Moody\u2019s, S&P) reports,
payment performance history (from trade references, industry
credit groups) and bank references.
Trade receivables consist of amounts due from a large number
of customers, spread across diverse industries and
geographical areas. Ongoing credit evaluation is performed on
the financial condition of accounts receivable and, where
appropriate, credit insurance is purchased or factoring
arrangements put in place.
The amount of information obtained is proportional to the level
of exposure being considered. The information is evaluated
quantitatively (i.e. credit score) and qualitatively (i.e.
judgement) in conjunction with the customer\u2019s credit
requirements to determine a credit limit.
Trade receivables are grouped into customer segments that
have similar loss patterns to assess credit risk while other
receivables and other financial assets are assessed individually.
Historical and forward-looking information is considered to
determine the appropriate expected credit loss allowance.
The Group believes there is no further credit risk provision
required in excess of the allowance for expected credit losses
(see Note 25, \u2018Trade and other receivables\u2019).
Credit enhancements
The Group uses credit enhancements including factoring, letters
of credit and credit insurance to minimise the credit risk of the
trade receivables in the Group. At 31\u00a0December 2025, \u00a3211
million (2024: \u00a3307 million) of trade receivables were insured in
order to protect the receivables from loss due to credit risks
such as default, insolvency and bankruptcy.
Each Group entity assesses the credit risk of its private
customers to determine if credit insurance is required.
Factoring arrangements are managed locally by entities and
are used to mitigate risk arising from large credit risk
concentrations. All factoring arrangements are non-recourse.
Trade receivables with a carrying amount of \u00a3754 million (2024:
\u00a3846 million), that would otherwise have appeared on the
Group balance sheet at 31\u00a0December 2025, were derecognised
under factoring arrangements.
Fair value of financial assets and liabilities
excluding lease liabilities
The table on page 252 presents the carrying amounts and the
fair values of the Group\u2019s financial assets and liabilities
excluding lease liabilities at 31\u00a0December 2025 and
31\u00a0December 2024.
The fair values of the financial assets and liabilities are included
at the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market
participants at the measurement date.
The following methods and assumptions are used to measure
the fair values of significant financial instruments carried at fair
value on the balance sheet:
\u2013 Other investments \u2013 equity investments traded in an active
market determined by reference to the relevant stock
exchange quoted bid price; other equity investments
determined by reference to the current market value of
similar instruments, recent financing rounds or the discounted
cash flows of the underlying net assets
\u2013 Trade receivables carried at fair value \u2013 based on invoiced
amount
\u2013 Interest rate swaps, cross currency interest rate swaps, foreign
exchange forward contracts, swaps and options \u2013 based on
the present value of contractual cash \ufb02ows or option
valuation models using market sourced data (for example
exchange rates or interest rates) at the balance sheet date
\u2013 Cash equivalents carried at fair value \u2013 based on net asset
value of the funds
\u2013 Contingent consideration for business acquisitions and
divestments \u2013 based on present value of expected future
cash flows
The following methods and assumptions are used to estimate
the fair values of significant financial instruments which are not
measured at fair value on the balance sheet:
\u2013 Receivables and payables, excluding put options, carried at
amortised cost \u2013 approximates to the carrying amount
\u2013 Payables relating to put options - approximates to the
carrying amount because the Pfizer put option liability is
measured on the gross redemption basis derived from an
internal valuation of the ViiV Healthcare business, utilising a
discounted forecast future cash flow methodology (see Note
28 \u2018Trade and other payables\u2019 for further details)
\u2013 Liquid investments \u2013 approximates to the carrying amount
\u2013 Cash and cash equivalents carried at amortised cost \u2013
approximates to the carrying amount
\u2013 Long-term loans \u2013 based on quoted market prices (a Level 1
fair value measurement) in the case of European and US
Medium Term Notes; approximates to the carrying amount in
the case of\u2008other fixed rate borrowings and floating rate bank
loans
\u2013 Short-term loans, overdrafts and commercial paper \u2013
approximates to the carrying amount because of the short
maturity of these instruments
2025
2024
Notes
Carrying
amount
\u00a3m
Fair
value
\u00a3m
Carrying
amount
\u00a3m
Fair
value
\u00a3m
Financial assets measured at amortised cost:
Other non-current assets
b
2
2
5
5
Trade and other receivables
b
4,091
4,091
3,733
3,733
Liquid investments
9
9
21
21
Cash and cash equivalents
1,604
1,604
2,590
2,590
Financial assets measured at fair value through other comprehensive
income:
Other investments designated at FVTOCI
a
788
788
843
843
Trade and other receivables
a,b
2,346
2,346
2,163
2,163
Financial assets mandatorily measured at fair value through profit or loss:
Current equity investments and other investments
a
249
249
257
257
Other non-current assets
a,b
14
14
31
31
Trade and other receivables
a,b
56
56
53
53
Held for trading derivatives that are not in a designated and
effective hedging relationship
a,d,e
15
15
75
75
Cash and cash equivalents
a
1,793
1,793
1,280
1,280
Derivatives designated and effective as hedging instruments (fair value
movements through other comprehensive income)
a,d,e
106
106
35
35
Total financial assets
11,073
11,073
11,086
11,086
Financial liabilities measured at amortised cost:
Borrowings excluding obligations under lease liabilities:
\u2013\u00a0 bonds in a designated hedging relationship
d
(6,524)
(6,388)
(5,346)
(5,278)
\u2013\u00a0 other bonds
(8,973)
(9,104)
(9,774)
(9,597)
\u2013\u00a0 bank loans and overdrafts
(314)
(314)
(762)
(762)
\u2013\u00a0 commercial paper in a designated hedging relationship
\u2013
\u2013
\u2013
\u2013
\u2013\u00a0 other commercial paper
(1,078)
(1,078)
\u2013
\u2013
\u2013\u00a0 other borrowings
(1)
(1)
(2)
(2)
Total borrowings excluding lease liabilities
f
(16,890)
(16,885)
(15,884)
(15,639)
Trade and other payables
c
(13,185)
(13,185)
(13,160)
(13,160)
Other provisions
c
(306)
(306)
(182)
(182)
Other non-current liabilities
c
(13)
(13)
(46)
(46)
Financial liabilities mandatorily measured at fair value through profit or loss:
Contingent consideration liabilities
a,c
(6,733)
(6,733)
(7,280)
(7,280)
Held for trading derivatives that are not in a designated and
\u00a0 effective hedging relationship
a,d,e
(54)
(54)
(35)
(35)
Derivatives designated and effective as hedging instruments (fair value
movements through other comprehensive income)
a,d,e
(88)
(88)
(157)
(157)
Total financial liabilities excluding lease liabilities
(37,269)
(37,264)
(36,744)
(36,499)
Net financial assets and financial liabilities excluding lease liabilities
(26,196)
(26,191)
(25,658)
(25,413)
The valuation methodology used to measure fair value in the above table is described and categorised on page 251.
Trade and other receivables, Other non-current assets, Trade and other payables, Other provisions, Contingent consideration
liabilities and Other non-current liabilities are reconciled to the relevant Notes on pages 254 to 255.
Fair value of investments in GSK shares
At 31\u00a0December 2025, the Employee Share Ownership Plan (ESOP) Trusts held GSK shares with a carrying amount of \u00a3282 million
(2024: \u00a3397 million) and a market value of \u00a31,147 million (2024: \u00a3866 million) based on quoted market price. The shares are held by
the ESOP Trusts to satisfy future exercises of options and awards under employee incentive schemes. In 2025, the carrying amount,
which is the lower of cost or expected proceeds, of these shares has been recognised as a deduction from other reserves. At
31\u00a0December 2025, GSK held Treasury shares at a cost of \u00a33,948 million (2024: \u00a32,958 million) which has been deducted from
retained earnings.
(a) Financial instruments held at fair value
The following tables categorise the Group\u2019s financial assets and liabilities held at fair value by the valuation methodology applied in
determining their fair value. Where possible, quoted prices in active markets are used (Level 1). Where such prices are not available,
the asset or liability is classified as Level 2, provided all significant inputs to the valuation model used are based on observable
market data. If one or more of the significant inputs to the valuation model is not based on observable market data, the instrument
is classified as Level 3. Other investments classified as Level 3 in the tables below comprise equity investments in unlisted entities
with which the Group has entered into research collaborations and investments which provide access to biotechnology
developments of potential interest.
At 31\u00a0December 2025
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Financial assets at fair value
Financial assets measured at fair value through other comprehensive income:
Other investments designated at FVTOCI
592
\u2013
196
788
Trade and other receivables
\u2013
2,346
\u2013
2,346
Financial assets mandatorily measured at fair value through profit or loss:
Current equity investments and other investments
\u2013
\u2013
249
249
Other non-current assets
\u2013
\u2013
14
14
Trade and other receivables
\u2013
41
15
56
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
15
\u2013
15
Cash and cash equivalents
1,793
\u2013
\u2013
1,793
Derivatives designated and effective as hedging instruments
\u2013
106
\u2013
106
2,385
2,508
474
5,367
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss:
Contingent consideration liabilities
\u2013
\u2013
(6,733)
(6,733)
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
(54)
\u2013
(54)
Derivatives designated and effective as hedging instruments
\u2013
(88)
\u2013
(88)
\u2013
(142)
(6,733)
(6,875)
At 31\u00a0December 2024
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Financial assets at fair value
Financial assets measured at fair value through other comprehensive income:
Other investments designated at FVTOCI
646
\u2013
197
843
Trade and other receivables
\u2013
2,163
\u2013
2,163
Financial assets mandatorily measured at fair value through profit or loss:
Current equity investments and other investments
\u2013
\u2013
257
257
Other non-current assets
\u2013
\u2013
31
31
Trade and other receivables
\u2013
51
2
53
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
75
\u2013
75
Cash and cash equivalents
1,280
\u2013
\u2013
1,280
Derivatives designated and effective as hedging instruments
\u2013
35
\u2013
35
1,926
2,324
487
4,737
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss:
Contingent consideration liabilities
\u2013
\u2013
(7,280)
(7,280)
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
(35)
\u2013
(35)
Derivatives designated and effective as hedging instruments
\u2013
(157)
\u2013
(157)
\u2013
(192)
(7,280)
(7,472)
Movements in the year for financial instruments measured using Level 3 valuation methods are presented below:
2025
\u00a3m
2024
\u00a3m
At 1 January
(6,793)
(6,248)
Exchange adjustments
13
(1)
Net losses recognised in the income statement
(586)
(1,733)
Net losses recognised in other comprehensive income
(30)
(42)
Contingent consideration related to business acquisitions in the period
(280)
(104)
Settlement of contingent consideration liabilities
1,347
1,254
Additions
172
111
Disposals and settlements
(85)
(30)
Transfers from Level 3
(17)
\u2013
At 31 December
(6,259)
(6,793)
Of the total net losses of \u00a3586 million (2024: \u00a31,733 million) attributable to Level 3 financial instruments which were recognised in the
income statement, \u00a3586 million (2024: \u00a31,733 million) were in respect of financial instruments which were held at the end of the year
and were reported in other operating income/expense. Charges of \u00a3649\u00a0million (2024: \u00a31,533\u00a0million) arose from remeasurement of
the contingent consideration payable for the acquisition of the former Shionogi-ViiV Healthcare joint venture. A remeasurement
charge of \u00a3146\u00a0million (2024: \u00a3215 million) arose from remeasurement of the contingent consideration payable for the acquisition of
the Novartis Vaccines business. A gain of \u00a3254\u00a0million (2024: \u00a322 million) arose on the remeasurement of the Affinivax contingent
consideration liability for the year.
Contingent consideration payable for the acquisition of BP Asset IX amounting to \u00a3222\u00a0million was recognised during the year.
Further information on the BP Asset IX acquisition is provided in Note 40, \u2018Acquisitions and disposals\u2019.
There were transfers of \u00a317 million (2024: \u00a3nil) out of Level 3 financial instruments in the year. Movements arising on the translation
of overseas net assets for consolidation into the Group accounts are recorded as exchange adjustments. Net gains and losses
include the impact of other exchange movements.
Financial liabilities measured using Level 3 valuation methods at 31 December 2025 included \u00a35,433\u00a0million (2024: \u00a36,061\u00a0million) in
respect of contingent consideration payable for the acquisition in 2012 of the former Shionogi-ViiV Healthcare joint venture. This
consideration is expected to be paid over a number of years and will vary in line with the future performance of specified products
and movements in certain foreign currencies. A further \u00a3651\u00a0million (2024: \u00a3575\u00a0million) is in respect of contingent consideration for
the acquisition in 2015 of the Novartis Vaccines business. This consideration is expected to be paid over a number of years and will
vary in line with the future performance of specified products, the achievement of certain milestone targets and movements in
certain foreign currencies. Contingent consideration liabilities for the acquisition of Affinivax in 2022 of \u00a3219\u00a0million (2024: \u00a3502
million) and for the acquisition of BP Asset IX during the year of \u00a3231\u00a0million are recognised at 31 December 2025. The consideration
for both Affinivax and BP Asset IX is expected to be paid over a number of years and will vary in line with the achievement of certain
development and regulatory milestones, and movements in the USD/GBP exchange rate. Sensitivity analysis on these liabilities is
provided in Note 32, \u2018Contingent consideration liabilities\u2019.
(b) Trade and other receivables and Other non-current assets in scope of IFRS 9
The following table reconciles financial instruments within Trade and other receivables and Other non-current assets which fall
within the scope of IFRS 9 to the relevant balance sheet amounts. The financial assets are predominantly non-interest earning. Non-
financial instruments include tax receivables, amounts receivable under insurance contracts, pension surplus balances and
prepayments, which are outside the scope of IFRS 9.
2025
2024
At
FVTPL
\u00a3m
At
FVTOCI
\u00a3m
Amortised
cost
\u00a3m
Financial
instruments
\u00a3m
Non-
financial
instruments
\u00a3m
Total
\u00a3m
At
FVTPL
\u00a3m
At
FVTOCI
\u00a3m
Amortised
cost
\u00a3m
Financial
instruments
\u00a3m
Non-
financial
instruments
\u00a3m
Total
\u00a3m
Trade and other
\u00a0 receivables (Note 25)
56
2,346
4,091
6,493
978
7,471
53
2,163
3,733
5,949
887
6,836
Other non-current assets
\u00a0 (Note 23)
14
\u2013
2
16
2,132
2,148
31
\u2013
5
36
1,906
1,942
70
2,346
4,093
6,509
3,110
9,619
84
2,163
3,738
5,985
2,793
8,778
Trade and other receivables include trade receivables of \u00a35,913\u00a0million (2024: \u00a35,563\u00a0million). The Group has portfolios in each of
the three business models under IFRS 9: \u00a341 million (2024: \u00a351 million), measured at FVTPL, is held to sell the contractual cash flows
as the receivables will be sold under a factoring arrangement, \u00a32,346 million (2024: \u00a32,163 million), measured at FVTOCI, is held to
either collect or sell the contractual cash flows as the receivables may be sold under a factoring agreement, and \u00a33,526 million
(2024: \u00a33,349 million), measured at amortised cost, is held to collect the contractual cash flows and there is no factoring agreement
in place.
\"\"
(c) Trade and other payables, Other provisions, Contingent consideration liabilities and Other non-
current liabilities in scope of IFRS 9
The following table reconciles financial instruments within Trade and other payables, Other provisions, Contingent consideration
liabilities and Other non-current liabilities which fall within the scope of IFRS 9 to the relevant balance sheet amounts. The financial
liabilities are predominantly non-interest bearing. Non-financial instruments include payments on account, tax and social security
payables and provisions which do not arise from contractual obligations to deliver cash or another financial asset, which are outside
the scope of IFRS 9.
2025
2024
At FVTPL
\u00a3m
Amortised
cost
\u00a3m
Financial
instruments
\u00a3m
Non-
financial
instruments
\u00a3m
Total
\u00a3m
At FVTPL
\u00a3m
Amortised
cost
\u00a3m
Financial
instruments
\u00a3m
Non-
financial
instruments
\u00a3m
Total
\u00a3m
Trade and other payables
\u00a0 (Note 28)
\u2013
(13,185)
(13,185)
(2,196)
(15,381)
\u2013
(13,160)
(13,160)
(2,175)
(15,335)
Other provisions
\u00a0 (Note 31)
\u2013
(306)
(306)
(1,242)
(1,548)
\u2013
(182)
(182)
(2,353)
(2,535)
Contingent consideration
\u00a0 liabilities (Note 32)
(6,733)
\u2013
(6,733)
\u2013
(6,733)
(7,280)
\u2013
(7,280)
\u2013
(7,280)
Other non-current liabilities
\u00a0 (Note 33)
\u2013
(13)
(13)
(1,010)
(1,023)
\u2013
(46)
(46)
(1,054)
(1,100)
(6,733)
(13,504)
(20,237)
(4,448)
(24,685)
(7,280)
(13,388)
(20,668)
(5,582)
(26,250)
(d) Derivative financial instruments and hedging programmes
Derivatives are only used for economic hedging purposes and not as speculative investments and are measured at FVTPL, other
than designated and effective hedging instruments. Derivatives are presented as current assets or liabilities if they are expected to
be settled within 12 months after the end of the reporting period, otherwise they are classified as non-current. The Group has the
following derivative financial instruments:
2025
Fair value
2024
Fair value
Assets
\u00a3m
Liabilities
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Non-current:
Net investment hedges \u2013 Cross currency interest rate swaps
\u00a0 (net principal amount \u2013 \u00a3807 million (2024: \u00a3nil))
\u2013
(24)
\u2013
\u2013
Cash flow hedges \u2013 Cross currency interest rate swaps
\u00a0 (net principal amount \u2013 \u00a3743 million (2024: \u00a3nil))
\u2013
(42)
\u2013
\u2013
Fair value hedges \u2013 Interest rate swaps
\u00a0 (net principal amount \u2013 \u00a3849 million (2024: \u00a3nil))
\u2013
(1)
\u2013
\u2013
Cash flow hedges \u2013 Interest rate swaps
\u00a0 (net principal amount \u2013 \u00a3849 million (2024: \u00a3nil))
\u2013
\u2013
\u2013
\u2013
Current:
Net investment hedges \u2013 Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a314,720\u00a0million (2024: \u00a313,206\u00a0million)) 1
106
(21)
35
(157)
Derivatives designated and effective as hedging instruments
106
(88)
35
(157)
Non-current:
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a3nil (2024: \u00a335 million ))
\u2013
\u2013
1
\u2013
Current:
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a39,884\u00a0million (2024: \u00a38,676\u00a0million ))
15
(54)
73
(35)
Embedded and other derivatives
\u2013
\u2013
1
\u2013
Derivatives classified as held for trading
15
(54)
75
(35)
Total derivative instruments
121
(142)
110
(192)
(1) Includes options with net principal amount EUR 1 billion (2024: EUR 1.25 billion).
Fair value hedges
At 31\u00a0December 2025, the Group had designated interest rate swaps as fair value hedges as mentioned below in the Interest rate
risk section. At 31\u00a0December 2024, the Group had no designated fair value hedges.
Net investment hedges
At 31\u00a0December 2025, certain foreign exchange contracts were designated as net investment hedges in respect of the foreign
currency translation risk arising on consolidation of the Group\u2019s net investment in its European (Euro), American (USD), Singaporean
(SGD), Canadian (CAD), Chinese (CNH), Swiss Franc (CHF) and Japanese (JPY) foreign operations as shown in the table below.
Additionally, the Group had entered into cross currency interest rate swaps which were designated as net investment hedges and
cash flow hedges.
The carrying amount of bonds on page 252 included \u00a34,944\u00a0million (2024: \u00a35,346\u00a0million) that were designated as hedging
instruments in net investment hedges.
Cash flow hedges
During 2024 and 2025, the Group entered into forward foreign exchange contracts which have been designated as cash flow
hedges. These were entered into to hedge the foreign exchange exposure arising on cash flows from Euro denominated coupon
payments relating to notes issued under the Group\u2019s European Medium Term Note programme, and to hedge foreign currency
payments due on acquisitions, and collaboration or licensing arrangements.
As mentioned above, some of the cross currency interest rate swaps entered into in 2025 were designated as cash flow hedges.
The Group manages its cash flow interest rate risk by using floating-to-fixed interest rate swaps. In addition, the Group carries a
balance in reserves that arose from pre-hedging fluctuations in long-term interest rates when pricing bonds issued in prior years
and in the current year. The balance is reclassified to finance costs over the life of these bonds.
Foreign exchange risk
In the current year, the Group has designated certain foreign exchange forward contracts and swaps as cash flow and net
investment hedges. Additionally, the Group has entered into cross currency interest rate swaps which are designated as (a) cash
flow hedges of foreign exchange and interest rate risk (floating USD to fixed GBP), (b) net investment hedges as mentioned above
(fixed GBP to fixed EUR), and (c) cash flow hedges of foreign exchange risk (fixed USD to fixed GBP). Foreign exchange derivative
financial assets and liabilities are presented in the line \u2018Derivative financial instruments\u2019 (either as assets or liabilities) on the
consolidated balance sheet. The following tables detail the foreign exchange forward contracts and swaps outstanding at the end
of the reporting period, as well as information on the related hedged items.
Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness
assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The Group enters
into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item, and so
a qualitative assessment of effectiveness is performed. If changes in circumstances affect the terms of the hedged item such that
the critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical
derivative method to assess effectiveness.
The main source of hedge ineffectiveness in these hedging relationships is the effect of the counterparty and the Group\u2019s own credit
risk on the fair value of the foreign exchange forward contracts and swaps, which is not reflected in the fair value of the hedged
item attributable to changes in foreign exchange rates. In 2024 another source of ineffectiveness emerged from these hedging
relationships namely the principal amount of USD net investment hedges exceeded the hedged item for a period of ten days owing
to an adjustment to the USD net assets of the Group because of a change in the provision for the Zantac litigation between
quarters but after the financial instruments were entered into with the counterparty. The ineffectiveness recorded for this period was
\u00a3nil (2024: \u00a315\u00a0million). No ineffectiveness was recorded from cash flow hedges in 2025 (2024: \u00a3nil). No other ineffectiveness was
recorded from net investment hedges in 2025 (2024: \u00a3nil).
In 2025, the movement in the time value of options recognised in reserves is \u00a34 million credit\u00a0(2024: \u00a34 million charge) and is
accounted for as a cost of hedging.
2025
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
amount
\u00a3m
Periodic
change in
value for
calculating
hedge
ineffectiveness
\u00a3m
Cash flow hedges:
Cross currency interest rate swaps
Buy foreign currency:
Over 12 months
1.29
USD
743
(42)
(42)
2025
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
amount
\u00a3m
Periodic
change in
value for
calculating
hedge
ineffectiveness
\u00a3m
Net investment hedges:
Foreign exchange contracts:
Sell foreign currency:
Less than 3 months
1.14
EUR
8,669
18
(410)
210.89
JPY
47
\u2013
5
1.33
USD
4,437
43
216
8.77
CNH
60
4
2
3 to 6 months
1.28
USD
223
12
12
Over 6 months
1.82
CAD
285
\u2013
7
1.69
SGD
61
\u2013
3
1.33
USD
735
8
8
9.33
CNH
123
(1)
(2)
1.02
CHF
80
1
\u2013
Cross currency swaps
Over 12 months
1.19
EUR
807
(24)
(30)
Borrowings:
Less than 3 months
EUR
\u2013
\u2013
(31)
3 to 6 months
EUR
873
(873)
(43)
Over 6 months
JPY
202
(201)
14
EUR
3,885
(3,870)
(188)
20,487
(4,883)
(437)
2025
Hedged items
Periodic change in value
for calculating hedge
ineffectiveness
\u00a3m
Cumulative balance in cash
flow hedge reserve/foreign
currency translation reserve
for continuing hedges
\u00a3m
Balance in cash flow hedge
reserve arising from hedging
relationships for which hedge
accounting is no longer
applied
\u00a3m
Cash flow hedges:
Variability in cash flows from foreign exchange exposure and
interest rate risk arising on US Dollar denominated floating
debt issued
28
4
\u2013
Variability in cash flows from foreign exchange exposure and
interest rate risk arising on US Dollar denominated fixed debt
issued
14
\u2013
\u2013
Net investment hedges:
Net investment in foreign operations
437
(648)
\u2013
2024
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
amount
\u00a3m
Periodic
change in
value for
calculating
hedge
ineffectiveness
\u00a3m
Net investment hedges:
Foreign exchange contracts:
Sell foreign currency:
Less than 3 months
1.20
EUR
8,201
19
359
197.82
JPY
84
(1)
13
1.29
USD
2,417
(66)
(56)
9.26
CNH
61
(1)
(1)
3 to 6 months
1.31
USD
1,827
(75)
(75)
Over 6 months
1.76
CAD
244
2
17
1.67
SGD
164
\u2013
3
1.17
EUR
208
\u2013
1
Borrowings:
Less than 3 months
EUR
\u2013
\u2013
42
3 to 6 months
EUR
623
(622)
28
Over 6 months
JPY
216
(216)
19
EUR
4,524
(4,508)
157
18,569
(5,468)
507
2024
Hedged items
Periodic change in value
for calculating hedge
ineffectiveness
\u00a3m
Cumulative balance in cash
flow hedge reserve/foreign
currency translation reserve
for continuing hedges
\u00a3m
Balance in cash flow hedge
reserve arising from hedging
relationships for which hedge
accounting is no longer applied
\u00a3m
Net investment hedges:
Net investment in foreign operations
(522)
(208)
\u2013
\u00a3nil (2024: \u00a3nil) of balances in the cash flow hedge reserve arise from hedging relationships for which hedge accounting is no
longer applied.
The following table details the effectiveness of the hedging relationships and the amounts reclassified from the hedging reserve to
profit or loss:
2025
Amount reclassified to profit or loss
Amount transferred to balance sheet
via basis adjustment
Hedging
gains/(losses)
recognised in
reserves
\u00a3m
Amount
of hedge
ineffectiveness
recognised in
profit or loss
\u00a3m
Line item
in profit or
loss in
which hedge
ineffectiveness
is included
Hedged
future cash
flows
no longer
expected to
occur
\u00a3m
Due to
hedged item
affecting
profit or loss
\u00a3m
Line item in
profit or loss
in which
reclassification
adjustment
is included
Due to hedged
item affecting
balance sheet
\u00a3m
Line item
in balance
sheet in which
reclassification
adjustment
is included
Cash flow hedges:
Variability in cash flows from
foreign exchange exposure
and interest rate risk arising on
US Dollar denominated
floating debt issued
(23)
\u2013
Finance
income or
expense
\u2013
20
Other
income or
expense
\u2013
\u2013
Variability in cash flows from
foreign exchange exposure
and interest rate risk arising on
US Dollar denominated fixed
debt issued
(14)
\u2013
Finance
income or
expense
\u2013
13
Other
income or
expense
\u2013
\u2013
Net investment hedges:
Net investment in foreign
operations
(437)
\u2013
Finance
income
\u2013
3
Other
income or
expense
\u2013
\u2013
Time value of options
4
\u2013
Finance
income or
expense
\u2013
\u2013
Other
income or
expense
\u2013
\u2013
\u2013
2024
Amount reclassified to profit or loss
Amount transferred to balance sheet
via basis adjustment
Hedging
gains/(losses)
recognised in
reserves
\u00a3m
Amount
of hedge
ineffectiveness
recognised in
profit or loss
\u00a3m
Line item
in profit or
loss in
which hedge
ineffectiveness
is included
Hedged
future cash
flows
no longer
expected to
occur
\u00a3m
Due to
hedged item
affecting
profit or loss
\u00a3m
Line item in
profit or loss
in which
reclassification
adjustment
is included
Due to hedged
item affecting
balance sheet
\u00a3m
Line item
in balance
sheet in which
reclassification
adjustment
is included
Cash flow hedges:
Variability in cash flows from
a highly probable forecast
transaction
8
\u2013
Finance
income or
expense
\u2013
\u2013
\u2013
(6)
Intangible
assets
Net investment hedges:
Net investment in foreign
operations
522
(15)
Finance
income
\u2013
5
Other
income or
expense
\u2013
\u2013
Time value of options
(4)
\u2013
Finance
income or
expense
\u2013
\u2013
Other
income or
expense
\u2013
\u2013
\u2013
Interest rate risk
The Group manages its cash flow interest rate risk by using floating-to-fixed interest rate swaps, where at quarterly intervals the
difference between fixed contract rates and floating rate interest amounts calculated by reference to the agreed notional principal
amounts are exchanged.
During 2025, cross currency interest rate swaps were entered into, as mentioned above in the Foreign exchange risk section. The
floating USD to fixed GBP leg of these were hedges of interest rate risk.
There were no cross currency interest rate swaps or interest rate swaps outstanding at 31\u00a0December 2024.
Additionally, interest rate swaps were entered into in 2025 to minimise the interest cost of existing debt. This involved entering into
fixed GBP to floating GBP swaps (designated as fair value hedges) for the full remaining life of the bonds and floating GBP to fixed
GBP (designated as cash flow hedges) for a period of five years.
The only other impact on these financial statements of interest rate swaps is where the interest rate risk on an element of future debt
issuance has been managed by entering into forward starting interest rate swaps, effectively to lock in the interest rates on the debt
in advance. These were closed out at the time of issuing the debt, and the resulting gain or loss held in the cash flow hedge reserve
and reclassified to income statement as the interest payments on the debt impacted the income statement.
Forward starting interest rate swaps
Forward starting interest rate contracts, exchanging floating interest for fixed interest, were designated as cash flow hedges to
hedge the interest variability of the interest cash flows associated with future fixed rate debt.
Interest rate swaps
Interest rate swap contract assets and liabilities are presented (when applicable) in the line \u2018Derivative financial instruments\u2019 (either
as assets or liabilities) on the consolidated balance sheet.
\u00a316 million (2024: \u00a316 million) of balances in the cash flow hedge reserve arise from hedge relationships for which hedge accounting
is no longer applied.
The following tables provide information regarding interest rate swaps and the related hedged items at 31 December 2025. There
were none at 31 December 2024.
2025
Hedging instruments
Average
contracted fixed
rate %
Notional
principal value
\u00a3m
Change in fair
value for
recognising
hedge
ineffectiveness
Fair value
assets/
(liabilities)
Cash flow hedges:
1-5 years
3.67%
371
\u2013
\u2013
5-10 years
3.70%
478
\u2013
\u2013
Fair value hedges:
10-30 years
4.37%
849
(1)
(1)
2025
Hedged items
Change in fair
value for
recognising
hedge
ineffectiveness
Balance in cash
flow hedge
reserve for
continuing
hedges
Variability in fair value of the Sterling external debt attributable to changes in Sterling
interest rates
1
\u2013
The following table details the effectiveness of the hedging relationships and the amounts reclassified from the hedging reserve to
profit or loss:
2025
Amount reclassified to profit or loss
Hedging
gains/(losses)
recognised in
reserves
\u00a3m
Amount
of hedge
ineffectiveness
recognised
in profit or loss
\u00a3m
Line item
in profit or
loss in
which hedge
ineffectiveness
is included
Due to
hedged future
cash flows
no longer
expected to
occur
\u00a3m
Due to
hedged item
affecting
profit or loss
\u00a3m
Line item
in profit or loss
in which
reclassification
adjustment
is included
Cash flow hedges:
Pre-hedging of long-term interest rates:
Matured in the past
(3)
\u2013
Finance
income or
expense
\u2013
4
Finance
income or
expense
2024
Amount reclassified to profit or loss
Hedging
gains/(losses)
recognised in
reserves
\u00a3m
Amount
of hedge
ineffectiveness
recognised in
profit or loss
\u00a3m
Line item
in profit or
loss in
which hedge
ineffectiveness is
included
Due to
hedged future
cash flows
no longer
expected to
occur
\u00a3m
Due to
hedged item
affecting
profit or loss
\u00a3m
Line item
in profit or loss in
which
reclassification
adjustment
is included
Cash flow hedges:
Pre-hedging of long-term interest rates:
Matured in the past
\u2013
\u2013
Finance
income or
expense
\u2013
4
Finance
income or
expense
(e) Offsetting of financial assets and liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet where there is a legally enforceable right
to offset the recognised amounts, and there is an intention to settle on a net basis or realise the asset and settle the liability
simultaneously. There are also arrangements that do not meet the criteria for offsetting but still allow for the related amounts to be
offset in certain circumstances, such as bankruptcy or the termination of a contract.
The following tables set out the financial assets and liabilities that are offset, or subject to enforceable master netting arrangements
and other similar agreements but not offset, as at 31\u00a0December 2025 and 31\u00a0December 2024. The column \u2018Net balance\u2019 shows the
impact on the Group\u2019s balance sheet if all offset rights were exercised.
31\u00a0December 2025
Gross
financial
assets/
(liabilities)
\u00a3m
Gross
financial
(liabilities)/
assets offset
\u00a3m
Net financial
assets/
(liabilities) per
balance sheet
\u00a3m
Related
amounts not
offset in the
balance sheet
\u00a3m
Net
balance
\u00a3m
Financial assets:
Trade and other receivables
6,495
\u2013
6,495
\u2013
6,495
Derivative financial instruments
121
\u2013
121
(63)
58
Financial liabilities:
Trade and other payables
(13,185)
\u2013
(13,185)
\u2013
(13,185)
Derivative financial instruments
(142)
\u2013
(142)
63
(79)
31\u00a0December 2024
Gross
financial
assets/
(liabilities)
\u00a3m
Gross
Financial
(liabilities)/
assets offset
\u00a3m
Net financial
assets/
(liabilities)
\u00a3m
Related
amounts not
offset
\u00a3m
Net
balance
\u00a3m
Financial assets:
Trade and other receivables
5,950
(1)
5,949
\u2013
5,949
Derivative financial instruments
110
\u2013
110
(89)
21
Financial liabilities:
Trade and other payables
(13,161)
1
(13,160)
\u2013
(13,160)
Derivative financial instruments
(192)
\u2013
(192)
89
(103)
Amounts which do not meet the criteria for offsetting on the balance sheet but could be settled net in certain circumstances
principally relate to derivative transactions under ISDA agreements where each party has the option to settle amounts on a net
basis in the event of default of the other party. As there is presently not a legally enforceable right of offset, these amounts have not
been offset in the balance sheet, but have been presented separately in the table above.
(f) Debt interest rate repricing table
The following table sets out the exposure of the Group to interest rates on debt, including commercial paper. The maturity analysis
of fixed rate debt is stated by contractual maturity and of floating rate debt by interest rate repricing dates. For the purpose of this
table, debt is defined as all classes of borrowings other than lease liabilities.
2025
2024
Total
debt
\u00a3m
Total
debt
\u00a3m
Floating and fixed rate debt less than one year
(2,875)
(2,181)
Between one and two years
(1,487)
(1,410)
Between two and three years
(2,247)
(721)
Between three and four years
(1,174)
(2,355)
Between four and five years
(1,646)
(1,207)
Between five and ten years
(3,920)
(2,738)
Greater than ten years
(3,541)
(5,272)
Total
(16,890)
(15,884)
Original issuance profile:
Fixed rate interest
(15,052)
(15,126)
Floating rate interest
(1,838)
(756)
Non-interest bearing
\u2013
(2)
(16,890)
(15,884)
(g) Sensitivity analysis
The tables below illustrate the estimated impact on the income statement and equity as a result of hypothetical market movements
in foreign exchange and interest rates in relation to the Group\u2019s financial instruments. The range of variables chosen for the
sensitivity analysis reflects management\u2019s view of changes which are reasonably possible over a one-year period.
Foreign exchange sensitivity
The Group operates internationally and is primarily exposed to foreign exchange risk in relation to Sterling against movements in US
Dollar, Euro and Japanese Yen. Foreign exchange risk arises from the translation of financial assets and liabilities which are not in
the functional currency of the entity that holds them. Based on the Group\u2019s net financial assets and liabilities as at 31 December a
weakening and strengthening of Sterling against these currencies, with all other variables held constant, is illustrated in the tables
below. The tables exclude financial instruments that expose the Group to foreign exchange risk where this risk is fully hedged with
another financial instrument.
2025
2024
Income statement impact of non-functional currency foreign exchange exposures
Increase/(decrease) in
income
\u00a3m
Increase/(decrease) in
income
\u00a3m
10 cent appreciation of the US Dollar
38
106
15 cent appreciation of the US Dollar
59
167
10 cent appreciation of the Euro
(10)
(42)
15 cent appreciation of the Euro
(16)
(66)
10 yen appreciation of the Yen
\u2013
\u2013
15 yen appreciation of the Yen
\u2013
\u2013
2025
2024
Income statement impact of non-functional currency foreign exchange exposures
Increase/(decrease) in
income
\u00a3m
Increase/(decrease) in
income
\u00a3m
10 cent depreciation of the US Dollar
(32)
(91)
15 cent depreciation of the US Dollar
(47)
(131)
10 cent depreciation of the Euro
9
36
15 cent depreciation of the Euro
13
51
10 yen depreciation of the Yen
\u2013
\u2013
15 yen depreciation of the Yen
\u2013
\u2013
The equity impact, shown below, for foreign exchange sensitivity relates to derivative and non-derivative financial instruments
hedging the Group\u2019s net investments in its European (Euro) foreign operations and cash flow hedges of its foreign exchange
exposure arising on Euro denominated coupon payments relating to notes issued under the Group\u2019s European Medium Term
Note programme.
2025
2024
Equity impact of non-functional currency foreign exchange exposures
Increase/(decrease)
in equity
\u00a3m
Increase/(decrease)
in equity
\u00a3m
10 cent appreciation of the US Dollar
(373)
(368)
15 cent appreciation of the US Dollar
(584)
(577)
10 cent appreciation of the Euro
(1,297)
(1,188)
15 cent appreciation in Euro
(2,031)
(1,834)
2025
2024
Equity impact of non-functional currency foreign exchange exposures
Increase/(decrease)
in equity
\u00a3m
Increase/(decrease)
in equity
\u00a3m
10 cent depreciation of the US Dollar
322
313
15 cent depreciation of the US Dollar
467
453
10 cent depreciation of the Euro
1,108
958
15 cent depreciation of the Euro
1,581
1,384
The tables below present the Group\u2019s sensitivity to a weakening and strengthening of Sterling against the relevant currency based
on the composition of net debt as shown in Note 29, 'Net debt', excluding lease liabilities within \u2018Liabilities relating to assets held for
sale\u2019 and adjusted for the effects of foreign exchange derivatives that are not part of net debt but affect future foreign currency
cash flows.
2025
2024
Impact of foreign exchange movements on adjusted net debt
(Increase)/decrease
in adjusted net debt
\u00a3m
(Increase)/decrease
in adjusted net debt
\u00a3m
10 cent appreciation of the US Dollar
(482)
(555)
15\u00a0 cent appreciation of the US Dollar
(753)
(870)
10 cent appreciation of the Euro
240
178
15 cent appreciation of the Euro
378
279
10 yen appreciation of the Yen
(5)
(5)
15 yen appreciation of the Yen
(7)
(8)
2025
2024
Impact of foreign exchange movements on adjusted net debt
(Increase)/decrease
in adjusted net debt
\u00a3m
(Increase)/decrease
in adjusted net debt
\u00a3m
10 cent depreciation of the US Dollar
415
473
15 cent depreciation of the US Dollar
602
684
10 cent depreciation of the Euro
(202)
(150)
15 cent depreciation of the Euro
(291)
(217)
10 yen depreciation of the Yen
4
5
15 yen depreciation of the Yen
6
7
Interest rate sensitivity
The Group is exposed to interest rate risk on its outstanding borrowings and investments where any changes in interest rates will
affect future cash flows or the fair values of financial instruments.
The majority of debt is issued at fixed interest rates and changes in the floating rates of interest do not significantly affect the
Group\u2019s net interest charge, although the majority of cash and liquid investments earn floating rates of interest.
The table below hypothetically shows the Group\u2019s sensitivity to changes in interest rates in relation to Sterling, US Dollar and Euro
floating rate financial assets and liabilities. A 1% (100 basis points) or 1.5% (150 basis points) movement in Sterling, US Dollar or Euro
interest rates is not deemed to have a material effect on equity. A 1% (100 basis points) or 1.5% (150 basis points) decrease in
Sterling, US Dollar or Euro interest rates would have an equal and opposite impact to that shown below.
2025
2024
Income statement impact of interest rate movements
Increase/(decrease)
in income
\u00a3m
Increase/(decrease)
in income
\u00a3m
1% (100 basis points) increase in Sterling interest rates
71
72
1.5% (150 basis points) increase in Sterling interest rates
106
108
1% (100 basis points) increase in US Dollar interest rates
(52)
(43)
1.5% (150 basis points) increase in US Dollar interest rates
(77)
(64)
1% (100 basis points) increase in Euro interest rates
(21)
(20)
1.5% (150 basis points) increase in Euro interest rates
(32)
(30)
(h) Contractual cash flows for non-derivative financial liabilities and derivative instruments
The following tables provide an analysis of the anticipated contractual cash flows including interest payable for the Group\u2019s non-
derivative financial liabilities on an undiscounted basis. For the purpose of this table, debt is defined as all classes of borrowings
except for lease liabilities and financial liabilities within liabilities relating to assets held for sale. Interest is calculated based on debt
held at 31 December without taking account of future issuance. Floating rate interest is estimated using the prevailing interest rate
at the balance sheet date. Cash flows in foreign currencies are translated using spot rates at 31 December.
At 31\u00a0December 2025
Debt
\u00a3m
Interest
on debt
\u00a3m
Lease
liabilities
\u00a3m
Finance
charge
on lease
liabilities
\u00a3m
Trade payables
and other
liabilities not
in net debt
\u00a3m
Total
\u00a3m
Due in less than one year
(2,879)
(579)
(137)
(56)
(14,733)
\u2013
(18,384)
Between one and two years
(1,487)
(538)
(217)
(37)
(1,382)
\u2013
(3,661)
Between two and three years
(2,252)
(477)
(108)
(25)
(1,182)
\u2013
(4,044)
Between three and four years
(1,180)
(429)
(71)
(20)
(1,352)
\u2013
(3,052)
Between four and five years
(1,286)
(396)
(50)
(16)
(679)
\u2013
(2,427)
Between five and ten years
(3,475)
(1,619)
(176)
(39)
(1,929)
\u2013
(7,238)
Greater than ten years
(4,419)
(954)
(71)
(10)
(1,222)
\u2013
(6,676)
Gross contractual cash flows
(16,978)
(4,992)
(830)
(203)
(22,479)
\u2013
(45,482)
At 31\u00a0December 2024
Debt
\u00a3m
Interest
on debt
\u00a3m
Lease
liabilities
\u00a3m
Finance
charge
on lease
liabilities
\u00a3m
Trade payables
and other
liabilities not
in net debt
\u00a3m
Total
\u00a3m
Due in less than one year
(2,181)
(540)
(168)
(41)
(14,440)
(17,370)
Between one and two years
(1,411)
(500)
(222)
(34)
(1,247)
(3,414)
Between two and three years
(723)
(484)
(146)
(29)
(1,593)
(2,975)
Between three and four years
(2,362)
(434)
(109)
(23)
(1,461)
(4,389)
Between four and five years
(1,213)
(383)
(73)
(20)
(913)
(2,602)
Between five and ten years
(2,759)
(1,646)
(299)
(53)
(2,318)
(7,075)
Greater than ten years
(5,320)
(1,251)
(85)
(14)
(1,313)
(7,983)
Gross contractual cash flows
(15,969)
(5,238)
(1,102)
(214)
(23,285)
(45,808)
The table below provides an analysis of the anticipated contractual cash flows for the Group\u2019s derivative instruments excluding
equity options which do not give rise to cash flows, and other embedded derivatives, which are not material, using undiscounted
cash flows. Cash flows in foreign currencies are translated using spot rates at 31 December. The gross cash flows of foreign
exchange contracts are presented for the purpose of this table although, in practice, the Group uses standard settlement
arrangements to reduce its liquidity requirements on these instruments.
2025
2024
Gross cash
inflows
Gross cash
outflows
Net cash inflows
Net cash
outflows
Gross cash
inflows
Gross cash
outflows
Net cash
inflows
Net cash
outflows
Foreign
exchange
forward
contracts, swaps
and cross
currency interest
rate swaps
\u00a3m
Foreign exchange
forward contracts,
swaps and cross
currency interest
rate swaps
\u00a3m
Interest rate
swap contracts
\u00a3m
Interest rate
swap
contracts
\u00a3m
Foreign
exchange
forward
contracts and
swaps
\u00a3m
Foreign
exchange
forward
contracts and
swaps
\u00a3m
Interest rate
swap
contracts
\u00a3m
Interest rate
swap
contracts
\u00a3m
Less than one year
29,815
(29,748)
3
\u2013
28,567
(28,634)
\u2013
\u2013
Between one and
two years
1,548
(1,612)
8
(2)
36
(35)
\u2013
\u2013
Between two and
three years
\u2013
\u2013
7
(1)
\u2013
\u2013
\u2013
\u2013
Between three and
four years
\u2013
\u2013
6
\u2013
\u2013
\u2013
\u2013
\u2013
Between four and
five years
\u2013
\u2013
6
\u2013
\u2013
\u2013
\u2013
\u2013
Greater than five
years
\u2013
\u2013
6
(49)
\u2013
\u2013
\u2013
\u2013
Gross contractual
cash flows
31,363
(31,360)
36
(52)
28,603
(28,669)
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-667": { "value": "
The objective of GSK\u2019s Treasury activities is to minimise the net
cost of financial operations and reduce its volatility to benefit
earnings and cash flows. GSK uses a variety of financial
instruments to finance its operations and derivative financial
instruments to manage market risks from these operations.
Derivatives principally comprise foreign exchange forward
contracts and swaps which are used to swap borrowings and
liquid assets into currencies required for Group purposes as well
as interest rate swaps and cross currency swaps which are used
to manage exposure to financial risks from changes in interest
rates. These financial instruments reduce the uncertainty of
foreign currency transactions and interest payments.
Derivatives are used exclusively for hedging purposes in relation
to underlying business activities and not as trading or
speculative instruments.
Capital management
GSK\u2019s financial strategy supports the Group\u2019s strategic priorities
and is regularly reviewed by the Board. GSK manages the
capital structure of the Group through an appropriate mix of
debt and equity.
The capital structure of the Group consists of net debt of \u00a314.5
billion ( 2024: \u00a313.1 billion ) (see Note 29, \u2018Net debt\u2019) and total
equity, including items related to non-controlling interests, of
\u00a316.0 billion (2024: \u00a313.1 billion) (see \u2018Consolidated statement of
changes in equity\u2019 on page 188). Total capital, including that
provided by non-controlling interests, is \u00a330.5\u00a0billion (2024:
\u00a326.2\u00a0billion).
The Group continues to manage its financial policies to a credit
profile that particularly targets ratings of at least A2/A
(Moody's/S&P), through the cycle. The Group\u2019s long-term credit
rating with S&P is A (stable outlook) and with Moody\u2019s is A2
(stable outlook). The Group\u2019s short-term credit ratings are A-1
and P-1 with S&P and Moody\u2019s respectively.
Liquidity risk management
GSK\u2019s policy is to borrow centrally in order to meet anticipated
funding requirements. The strategy is to diversify liquidity
sources using a range of facilities and to maintain broad access
to financial markets. Each day, GSK sweeps cash to or from a
number of global subsidiaries and central Treasury accounts for
liquidity management purposes. GSK utilises both physical and
notional cash pool arrangements as appropriate by location
and currency. For notional cash pools, liquidity is drawn against
foreign currency balances to provide both local funding and
central liquidity as required and with balances actively
managed and maintained to appropriate levels. As balances in
notional pooling arrangements are not settled across
currencies, gross cash and overdraft balances are reported.
At 31\u00a0December 2025, GSK had \u00a33.0 billion (2024: \u00a32.3 billion)
of borrowings repayable within one year and held \u00a33.4\u00a0billion
(2024: \u00a33.9\u00a0billion) of cash and cash equivalents and liquid
investments of which \u00a32.6\u00a0billion (2024: \u00a33.1\u00a0billion) was held
centrally.
GSK has access to short-term finance under a $10 billion (\u00a37.4
billion ) US commercial paper programme; $1,450 million (\u00a31,078
million) was in issue at 31\u00a0December 2025 (2024: $nil (\u00a3nil)).
Maximum drawdowns under the US commercial paper
programme during the year were $1,450\u00a0million (\u00a31,078 million)
(2024: $1,315\u00a0million (\u00a31,048 million)). GSK has access to short-
term finance under a \u00a35 billion Euro commercial paper
programme. There was no Euro commercial paper in issue at
31\u00a0December 2025 (2024: \u20acnil (\u00a3nil)). Maximum drawdowns
under the Euro commercial paper programme during the year
were \u20ac750 million (\u00a3642 million) (2024: \u20ac170 million (\u00a3145
million)).
GSK has \u00a31.6 billion of three-year and $2.2 billion (\u00a31.6 billion) of
364-day committed facilities. In August 2025 GSK cancelled
both these committed facilities and replaced them with new
revolving facilities of equivalent size with maturities of
September 2028 for the three-year facility and September 2026
for the 364-day facility. These committed facilities were
undrawn at 31\u00a0December 2025. GSK considers this level of
committed facilities to be adequate, given current liquidity
requirements.
GSK has a \u00a320 billion Euro Medium Term Note programme and
at 31\u00a0December 2025, \u00a38.8 billion of notes were in issue under
this programme. The Group also had $9.0 billion (\u00a36.7\u00a0billion) of
notes in issue at 31\u00a0December 2025 under a US shelf
registration. GSK\u2019s borrowings mature at dates between 2026
and 2045.
Market risk
Interest rate risk management
GSK\u2019s objective is to minimise the effective net interest cost and
to balance the mix of debt at fixed and floating rates over time.
The Group\u2019s main interest rate risk arises from borrowings and
investments with floating rates and refinancing of maturing
fixed rate debt where any changes in interest rates will affect
future cash flows or the fair values of financial instruments. The
policy on interest rate risk management limits the net amount of
floating rate debt to a specific cap, reviewed and agreed no
less than annually by the Board.
The majority of debt is issued at fixed interest rates and
changes in the floating rates of interest do not significantly
affect the Group\u2019s net interest charge. Short-term borrowings
including bank facilities are exposed to the risk of future
changes in market interest rates as are the majority of cash and
liquid investments.
GSK has the ability to further manage interest rate risk through
the use of interest rate swaps and cross currency swaps.
Foreign exchange risk management
The Group\u2019s objective is to minimise the exposure of overseas
operating subsidiaries to transaction risk by matching local
currency income with local currency costs where possible.
Foreign currency transaction exposures arising on external and
internal trade flows are selectively hedged. GSK\u2019s internal
trading transactions are matched centrally and inter-company
payment terms are managed to reduce foreign currency risk.
Where possible, GSK manages the cash surpluses or borrowing
requirements of subsidiary companies centrally using forward
contracts to hedge future repayments back into the originating
currency.
In order to reduce foreign currency translation exposure, the
Group seeks to denominate borrowings in the currencies of our
principal assets and cash flows. These are primarily
denominated in US Dollars, Euros and Sterling. Borrowings can
be swapped into other currencies as required through the use of
cross currency swaps.
Borrowings denominated in, or swapped into, foreign currencies
that match investments in overseas Group assets may be
treated as a hedge against the relevant assets. Forward
contracts in major currencies are also used to reduce exposure
to the Group\u2019s investment in overseas assets (see \u2018Net
investment hedges\u2019 section of this note for further details).
Credit risk
Credit risk is the risk that a counterparty will default on its
contractual obligations resulting in financial loss to the Group
and arises on cash and cash equivalents and favourable
derivative financial instruments held with banks and financial
institutions as well as credit exposures to wholesale and retail
customers, including outstanding receivables.
The Group considers its maximum credit risk at 31\u00a0December
2025 to be \u00a310,036 million (31\u00a0December 2024: \u00a39,986 million)
which is the total of the Group\u2019s financial assets with the
exception of \u2019Other investments\u2019 (comprising equity
investments) which bear equity risk rather than credit risk. See
page 252 for details on the Group\u2019s total financial assets. At
31\u00a0December 2025, GSK\u2019s greatest concentration of credit risk
was \u00a31.3 billion with a wholesaler in the US (2024: \u00a31.1 billion with
a wholesaler in the US). See page 250 for further information on
the Group\u2019s credit risk exposure in respect of the three largest
US wholesaler customers.
There has been no change in the estimation techniques or
significant assumptions made during the current and prior
reporting periods in assessing the loss allowance for financial
assets at amortised cost or at FVTOCI.
Treasury-related credit risk
GSK sets global counterparty limits for each of GSK\u2019s banking
and investment counterparties based on long-term credit
ratings from Moody\u2019s and S&P. Usage of these limits is actively
monitored. Credit Support Annexes (CSAs) can be utilised to
reduce credit risk on selected trades, taking into consideration
impact on current and future liquidity.
GSK actively manages its exposure to credit risk, reducing
surplus cash balances wherever possible. This is part of GSK\u2019s
strategy to regionalise cash management and to concentrate
cash centrally as much as possible. The table below sets out the
credit exposure to counterparties by rating for liquid
investments, cash and cash equivalents and derivatives.
The gross asset position on each derivative contract is
considered for the purpose of this table, although, under
International Swaps and Derivatives Association (ISDA)
agreements, the amount at risk is the net position with each
counterparty. Table (e) on page 261 sets out the Group\u2019s
financial assets and liabilities on an offset basis.
At 31\u00a0December 2025, \u00a351 million (2024: \u00a324 million) of cash is categorised as held with unrated or sub-investment grade rated
counterparties (lower than BBB-/Baa3). This exposure is concentrated in overseas banks used for local cash management or
investment purposes, including: \u00a329 million with Banco de Galicia Y Buenos Aires in Argentina; \u00a315 million with Halk Bank in Turkey;
\u00a34 million in Ecuador held with Banco De La Produccion; and \u00a32 million in Brazil held with Banco Bradesco, Ita\u00fa Unibanco, Banco
Do Brasil and Caixa Econ\u00f4mica Federal. Of the \u00a369 million (2024: \u00a380 million) of bank balances and deposits held with BBB/Baa
rated counterparties, \u00a323 million was held with BBB-/Baa3 rated counterparties, including balances or deposits of \u00a313 million with
OTP Bank in Russia; \u00a38 million with ICICI bank in India; and \u00a32 million with State Bank of India in India. These banks are used for
local investment purposes, with the exception of Russia where there are no plans for new investments.
GSK measures expected credit losses over cash and cash equivalents as a function of individual counterparty credit ratings and
associated 12 month default rates. Expected credit losses over cash and cash equivalents and third-party financial derivatives are
deemed to be immaterial and no such loss has been experienced during 2025 or 2024.
Credit ratings are assigned by S&P and Moody\u2019s respectively. Where the opinions of the two rating agencies differ, GSK assigns the
lower rating of the two to the counterparty. Where local rating agency or Fitch data is the only source available, the ratings are
converted to global ratings equivalent to those of S&P or Moody\u2019s using published conversion tables. These credit ratings form the
basis of the assessment of the expected credit loss on Treasury-related balances held at amortised cost being bank balances and
deposits and Government securities.
2025
AAA/Aaa
\u00a3m
AA/Aa
\u00a3m
A/A
\u00a3m
BBB/Baa
\u00a3m
BB+/Ba1
and below
/unrated
\u00a3m
Total
\u00a3m
Bank balances and deposits
\u2013
48
1,436
69
51
1,604
US Treasury and Treasury repo only money market funds
431
\u2013
\u2013
\u2013
\u2013
431
Liquidity funds
1,362
\u2013
\u2013
\u2013
\u2013
1,362
Government securities
\u2013
9
\u2013
\u2013
\u2013
9
Third-party financial derivatives
\u2013
\u2013
121
\u2013
\u2013
121
Total
1,793
57
1,557
69
51
3,527
2024
AAA/Aaa
\u00a3m
AA/Aa
\u00a3m
A/A
\u00a3m
BBB/Baa
\u00a3m
BB+/Ba1
and below
/unrated
\u00a3m
Total
\u00a3m
Bank balances and deposits
\u2013
36
2,450
80
24
2,590
US Treasury and Treasury repo only money market funds
300
\u2013
\u2013
\u2013
\u2013
300
Liquidity funds
980
\u2013
\u2013
\u2013
\u2013
980
Government securities
\u2013
21
\u2013
\u2013
\u2013
21
Third-party financial derivatives
\u2013
\u2013
110
\u2013
\u2013
110
Total
1,280
57
2,560
80
24
4,001
GSK\u2019s centrally managed cash reserves amounted to \u00a32.6 billion
(2024: \u00a33.1 billion) at 31\u00a0December 2025, all available within
three months. This includes \u00a32.3 billion (2024: \u00a31.9 billion) of
cash managed by the Group for ViiV Healthcare, a 78.3%
(2024: 78.3%) owned subsidiary. The Group has invested
centrally managed liquid assets in bank deposits, Aaa/AAA
rated US Treasury and Treasury repo only money market funds
and Aaa/AAA rated liquidity funds.
Wholesale and retail credit risk
Outside the US, no customer accounts for more than 5% of the
Group\u2019s trade receivables balance.
In the US, in line with other pharmaceutical companies, the
Group sells its products through a small number of wholesalers
in addition to hospitals, pharmacies, physicians and other
groups. Sales to the three largest wholesalers amounted to
approximately 79% (2024: 77%) of the sales of the US
Commercial Operations business in 2025.
At 31\u00a0December 2025, the Group had trade receivables due
from these three wholesalers totalling \u00a33,127 million or 53% of
total trade receivables (2024: \u00a32,766 million or 50%). The Group
is exposed to a concentration of credit risk in respect of these
wholesalers such that, if one or more of them encounters
financial difficulty, it could materially and adversely affect the
Group\u2019s financial results.
This concentration of trade receivables is reflective of standard
market practice in the US pharmaceuticals sector where a
significant portion of sales are made to these three wholesalers,
as disclosed in Note 6, 'Turnover and segment information'.
GSK\u2019s assessment is that there is limited credit risk associated
with these customers.
The Group\u2019s credit risk monitoring activities relating to these
wholesalers include a review of their quarterly financial
information and S&P credit ratings, development of GSK
internal risk ratings, and establishment and periodic review of
credit limits.
All new customers are subject to a credit vetting process and
existing customers are subject to a review at least annually. The
vetting process and subsequent reviews involve obtaining
information including the customer\u2019s status as a government or
private sector entity, audited financial statements, credit bureau
reports, debt rating agency (e.g. Moody\u2019s, S&P) reports,
payment performance history (from trade references, industry
credit groups) and bank references.
Trade receivables consist of amounts due from a large number
of customers, spread across diverse industries and
geographical areas. Ongoing credit evaluation is performed on
the financial condition of accounts receivable and, where
appropriate, credit insurance is purchased or factoring
arrangements put in place.
The amount of information obtained is proportional to the level
of exposure being considered. The information is evaluated
quantitatively (i.e. credit score) and qualitatively (i.e.
judgement) in conjunction with the customer\u2019s credit
requirements to determine a credit limit.
Trade receivables are grouped into customer segments that
have similar loss patterns to assess credit risk while other
receivables and other financial assets are assessed individually.
Historical and forward-looking information is considered to
determine the appropriate expected credit loss allowance.
The Group believes there is no further credit risk provision
required in excess of the allowance for expected credit losses
(see Note 25, \u2018Trade and other receivables\u2019).
Credit enhancements
The Group uses credit enhancements including factoring, letters
of credit and credit insurance to minimise the credit risk of the
trade receivables in the Group. At 31\u00a0December 2025, \u00a3211
million (2024: \u00a3307 million) of trade receivables were insured in
order to protect the receivables from loss due to credit risks
such as default, insolvency and bankruptcy.
Each Group entity assesses the credit risk of its private
customers to determine if credit insurance is required.
Factoring arrangements are managed locally by entities and
are used to mitigate risk arising from large credit risk
concentrations. All factoring arrangements are non-recourse.
Trade receivables with a carrying amount of \u00a3754 million (2024:
\u00a3846 million), that would otherwise have appeared on the
Group balance sheet at 31\u00a0December 2025, were derecognised
under factoring arrangements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-668": { "value": "
Capital management
GSK\u2019s financial strategy supports the Group\u2019s strategic priorities
and is regularly reviewed by the Board. GSK manages the
capital structure of the Group through an appropriate mix of
debt and equity.
The capital structure of the Group consists of net debt of \u00a314.5
billion ( 2024: \u00a313.1 billion ) (see Note 29, \u2018Net debt\u2019) and total
equity, including items related to non-controlling interests, of
\u00a316.0 billion (2024: \u00a313.1 billion) (see \u2018Consolidated statement of
changes in equity\u2019 on page 188). Total capital, including that
provided by non-controlling interests, is \u00a330.5\u00a0billion (2024:
\u00a326.2\u00a0billion).
The Group continues to manage its financial policies to a credit
profile that particularly targets ratings of at least A2/A
(Moody's/S&P), through the cycle. The Group\u2019s long-term credit
rating with S&P is A (stable outlook) and with Moody\u2019s is A2
(stable outlook). The Group\u2019s short-term credit ratings are A-1
and P-1 with S&P and Moody\u2019s respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-669": { "value": "
Liquidity risk management
GSK\u2019s policy is to borrow centrally in order to meet anticipated
funding requirements. The strategy is to diversify liquidity
sources using a range of facilities and to maintain broad access
to financial markets. Each day, GSK sweeps cash to or from a
number of global subsidiaries and central Treasury accounts for
liquidity management purposes. GSK utilises both physical and
notional cash pool arrangements as appropriate by location
and currency. For notional cash pools, liquidity is drawn against
foreign currency balances to provide both local funding and
central liquidity as required and with balances actively
managed and maintained to appropriate levels. As balances in
notional pooling arrangements are not settled across
currencies, gross cash and overdraft balances are reported.
At 31\u00a0December 2025, GSK had \u00a33.0 billion (2024: \u00a32.3 billion)
of borrowings repayable within one year and held \u00a33.4\u00a0billion
(2024: \u00a33.9\u00a0billion) of cash and cash equivalents and liquid
investments of which \u00a32.6\u00a0billion (2024: \u00a33.1\u00a0billion) was held
centrally.
GSK has access to short-term finance under a $10 billion (\u00a37.4
billion ) US commercial paper programme; $1,450 million (\u00a31,078
million) was in issue at 31\u00a0December 2025 (2024: $nil (\u00a3nil)).
Maximum drawdowns under the US commercial paper
programme during the year were $1,450\u00a0million (\u00a31,078 million)
(2024: $1,315\u00a0million (\u00a31,048 million)). GSK has access to short-
term finance under a \u00a35 billion Euro commercial paper
programme. There was no Euro commercial paper in issue at
31\u00a0December 2025 (2024: \u20acnil (\u00a3nil)). Maximum drawdowns
under the Euro commercial paper programme during the year
were \u20ac750 million (\u00a3642 million) (2024: \u20ac170 million (\u00a3145
million)).
GSK has \u00a31.6 billion of three-year and $2.2 billion (\u00a31.6 billion) of
364-day committed facilities. In August 2025 GSK cancelled
both these committed facilities and replaced them with new
revolving facilities of equivalent size with maturities of
September 2028 for the three-year facility and September 2026
for the 364-day facility. These committed facilities were
undrawn at 31\u00a0December 2025. GSK considers this level of
committed facilities to be adequate, given current liquidity
requirements.
GSK has a \u00a320 billion Euro Medium Term Note programme and
at 31\u00a0December 2025, \u00a38.8 billion of notes were in issue under
this programme. The Group also had $9.0 billion (\u00a36.7\u00a0billion) of
notes in issue at 31\u00a0December 2025 under a US shelf
registration. GSK\u2019s borrowings mature at dates between 2026
and 2045.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-670": { "value": "
Market risk
Interest rate risk management
GSK\u2019s objective is to minimise the effective net interest cost and
to balance the mix of debt at fixed and floating rates over time.
The Group\u2019s main interest rate risk arises from borrowings and
investments with floating rates and refinancing of maturing
fixed rate debt where any changes in interest rates will affect
future cash flows or the fair values of financial instruments. The
policy on interest rate risk management limits the net amount of
floating rate debt to a specific cap, reviewed and agreed no
less than annually by the Board.
The majority of debt is issued at fixed interest rates and
changes in the floating rates of interest do not significantly
affect the Group\u2019s net interest charge. Short-term borrowings
including bank facilities are exposed to the risk of future
changes in market interest rates as are the majority of cash and
liquid investments.
GSK has the ability to further manage interest rate risk through
the use of interest rate swaps and cross currency swaps.
Foreign exchange risk management
The Group\u2019s objective is to minimise the exposure of overseas
operating subsidiaries to transaction risk by matching local
currency income with local currency costs where possible.
Foreign currency transaction exposures arising on external and
internal trade flows are selectively hedged. GSK\u2019s internal
trading transactions are matched centrally and inter-company
payment terms are managed to reduce foreign currency risk.
Where possible, GSK manages the cash surpluses or borrowing
requirements of subsidiary companies centrally using forward
contracts to hedge future repayments back into the originating
currency.
In order to reduce foreign currency translation exposure, the
Group seeks to denominate borrowings in the currencies of our
principal assets and cash flows. These are primarily
denominated in US Dollars, Euros and Sterling. Borrowings can
be swapped into other currencies as required through the use of
cross currency swaps.
Borrowings denominated in, or swapped into, foreign currencies
that match investments in overseas Group assets may be
treated as a hedge against the relevant assets. Forward
contracts in major currencies are also used to reduce exposure
to the Group\u2019s investment in overseas assets (see \u2018Net
investment hedges\u2019 section of this note for further details).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-671": { "value": "
Credit risk
Credit risk is the risk that a counterparty will default on its
contractual obligations resulting in financial loss to the Group
and arises on cash and cash equivalents and favourable
derivative financial instruments held with banks and financial
institutions as well as credit exposures to wholesale and retail
customers, including outstanding receivables.
The Group considers its maximum credit risk at 31\u00a0December
2025 to be \u00a310,036 million (31\u00a0December 2024: \u00a39,986 million)
which is the total of the Group\u2019s financial assets with the
exception of \u2019Other investments\u2019 (comprising equity
investments) which bear equity risk rather than credit risk. See
page 252 for details on the Group\u2019s total financial assets. At
31\u00a0December 2025, GSK\u2019s greatest concentration of credit risk
was \u00a31.3 billion with a wholesaler in the US (2024: \u00a31.1 billion with
a wholesaler in the US). See page 250 for further information on
the Group\u2019s credit risk exposure in respect of the three largest
US wholesaler customers.
There has been no change in the estimation techniques or
significant assumptions made during the current and prior
reporting periods in assessing the loss allowance for financial
assets at amortised cost or at FVTOCI.
Treasury-related credit risk
GSK sets global counterparty limits for each of GSK\u2019s banking
and investment counterparties based on long-term credit
ratings from Moody\u2019s and S&P. Usage of these limits is actively
monitored. Credit Support Annexes (CSAs) can be utilised to
reduce credit risk on selected trades, taking into consideration
impact on current and future liquidity.
GSK actively manages its exposure to credit risk, reducing
surplus cash balances wherever possible. This is part of GSK\u2019s
strategy to regionalise cash management and to concentrate
cash centrally as much as possible. The table below sets out the
credit exposure to counterparties by rating for liquid
investments, cash and cash equivalents and derivatives.
The gross asset position on each derivative contract is
considered for the purpose of this table, although, under
International Swaps and Derivatives Association (ISDA)
agreements, the amount at risk is the net position with each
counterparty. Table (e) on page 261 sets out the Group\u2019s
financial assets and liabilities on an offset basis.
At 31\u00a0December 2025, \u00a351 million (2024: \u00a324 million) of cash is categorised as held with unrated or sub-investment grade rated
counterparties (lower than BBB-/Baa3). This exposure is concentrated in overseas banks used for local cash management or
investment purposes, including: \u00a329 million with Banco de Galicia Y Buenos Aires in Argentina; \u00a315 million with Halk Bank in Turkey;
\u00a34 million in Ecuador held with Banco De La Produccion; and \u00a32 million in Brazil held with Banco Bradesco, Ita\u00fa Unibanco, Banco
Do Brasil and Caixa Econ\u00f4mica Federal. Of the \u00a369 million (2024: \u00a380 million) of bank balances and deposits held with BBB/Baa
rated counterparties, \u00a323 million was held with BBB-/Baa3 rated counterparties, including balances or deposits of \u00a313 million with
OTP Bank in Russia; \u00a38 million with ICICI bank in India; and \u00a32 million with State Bank of India in India. These banks are used for
local investment purposes, with the exception of Russia where there are no plans for new investments.
GSK measures expected credit losses over cash and cash equivalents as a function of individual counterparty credit ratings and
associated 12 month default rates. Expected credit losses over cash and cash equivalents and third-party financial derivatives are
deemed to be immaterial and no such loss has been experienced during 2025 or 2024.
Credit ratings are assigned by S&P and Moody\u2019s respectively. Where the opinions of the two rating agencies differ, GSK assigns the
lower rating of the two to the counterparty. Where local rating agency or Fitch data is the only source available, the ratings are
converted to global ratings equivalent to those of S&P or Moody\u2019s using published conversion tables. These credit ratings form the
basis of the assessment of the expected credit loss on Treasury-related balances held at amortised cost being bank balances and
deposits and Government securities.
2025
AAA/Aaa
\u00a3m
AA/Aa
\u00a3m
A/A
\u00a3m
BBB/Baa
\u00a3m
BB+/Ba1
and below
/unrated
\u00a3m
Total
\u00a3m
Bank balances and deposits
\u2013
48
1,436
69
51
1,604
US Treasury and Treasury repo only money market funds
431
\u2013
\u2013
\u2013
\u2013
431
Liquidity funds
1,362
\u2013
\u2013
\u2013
\u2013
1,362
Government securities
\u2013
9
\u2013
\u2013
\u2013
9
Third-party financial derivatives
\u2013
\u2013
121
\u2013
\u2013
121
Total
1,793
57
1,557
69
51
3,527
2024
AAA/Aaa
\u00a3m
AA/Aa
\u00a3m
A/A
\u00a3m
BBB/Baa
\u00a3m
BB+/Ba1
and below
/unrated
\u00a3m
Total
\u00a3m
Bank balances and deposits
\u2013
36
2,450
80
24
2,590
US Treasury and Treasury repo only money market funds
300
\u2013
\u2013
\u2013
\u2013
300
Liquidity funds
980
\u2013
\u2013
\u2013
\u2013
980
Government securities
\u2013
21
\u2013
\u2013
\u2013
21
Third-party financial derivatives
\u2013
\u2013
110
\u2013
\u2013
110
Total
1,280
57
2,560
80
24
4,001
GSK\u2019s centrally managed cash reserves amounted to \u00a32.6 billion
(2024: \u00a33.1 billion) at 31\u00a0December 2025, all available within
three months. This includes \u00a32.3 billion (2024: \u00a31.9 billion) of
cash managed by the Group for ViiV Healthcare, a 78.3%
(2024: 78.3%) owned subsidiary. The Group has invested
centrally managed liquid assets in bank deposits, Aaa/AAA
rated US Treasury and Treasury repo only money market funds
and Aaa/AAA rated liquidity funds.
Wholesale and retail credit risk
Outside the US, no customer accounts for more than 5% of the
Group\u2019s trade receivables balance.
In the US, in line with other pharmaceutical companies, the
Group sells its products through a small number of wholesalers
in addition to hospitals, pharmacies, physicians and other
groups. Sales to the three largest wholesalers amounted to
approximately 79% (2024: 77%) of the sales of the US
Commercial Operations business in 2025.
At 31\u00a0December 2025, the Group had trade receivables due
from these three wholesalers totalling \u00a33,127 million or 53% of
total trade receivables (2024: \u00a32,766 million or 50%). The Group
is exposed to a concentration of credit risk in respect of these
wholesalers such that, if one or more of them encounters
financial difficulty, it could materially and adversely affect the
Group\u2019s financial results.
This concentration of trade receivables is reflective of standard
market practice in the US pharmaceuticals sector where a
significant portion of sales are made to these three wholesalers,
as disclosed in Note 6, 'Turnover and segment information'.
GSK\u2019s assessment is that there is limited credit risk associated
with these customers.
The Group\u2019s credit risk monitoring activities relating to these
wholesalers include a review of their quarterly financial
information and S&P credit ratings, development of GSK
internal risk ratings, and establishment and periodic review of
credit limits.
All new customers are subject to a credit vetting process and
existing customers are subject to a review at least annually. The
vetting process and subsequent reviews involve obtaining
information including the customer\u2019s status as a government or
private sector entity, audited financial statements, credit bureau
reports, debt rating agency (e.g. Moody\u2019s, S&P) reports,
payment performance history (from trade references, industry
credit groups) and bank references.
Trade receivables consist of amounts due from a large number
of customers, spread across diverse industries and
geographical areas. Ongoing credit evaluation is performed on
the financial condition of accounts receivable and, where
appropriate, credit insurance is purchased or factoring
arrangements put in place.
The amount of information obtained is proportional to the level
of exposure being considered. The information is evaluated
quantitatively (i.e. credit score) and qualitatively (i.e.
judgement) in conjunction with the customer\u2019s credit
requirements to determine a credit limit.
Trade receivables are grouped into customer segments that
have similar loss patterns to assess credit risk while other
receivables and other financial assets are assessed individually.
Historical and forward-looking information is considered to
determine the appropriate expected credit loss allowance.
The Group believes there is no further credit risk provision
required in excess of the allowance for expected credit losses
(see Note 25, \u2018Trade and other receivables\u2019).
Credit enhancements
The Group uses credit enhancements including factoring, letters
of credit and credit insurance to minimise the credit risk of the
trade receivables in the Group. At 31\u00a0December 2025, \u00a3211
million (2024: \u00a3307 million) of trade receivables were insured in
order to protect the receivables from loss due to credit risks
such as default, insolvency and bankruptcy.
Each Group entity assesses the credit risk of its private
customers to determine if credit insurance is required.
Factoring arrangements are managed locally by entities and
are used to mitigate risk arising from large credit risk
concentrations. All factoring arrangements are non-recourse.
Trade receivables with a carrying amount of \u00a3754 million (2024:
\u00a3846 million), that would otherwise have appeared on the
Group balance sheet at 31\u00a0December 2025, were derecognised
under factoring arrangements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-674": { "value": "
Fair value of financial assets and liabilities
excluding lease liabilities
The table on page 252 presents the carrying amounts and the
fair values of the Group\u2019s financial assets and liabilities
excluding lease liabilities at 31\u00a0December 2025 and
31\u00a0December 2024.
The fair values of the financial assets and liabilities are included
at the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market
participants at the measurement date.
The following methods and assumptions are used to measure
the fair values of significant financial instruments carried at fair
value on the balance sheet:
\u2013 Other investments \u2013 equity investments traded in an active
market determined by reference to the relevant stock
exchange quoted bid price; other equity investments
determined by reference to the current market value of
similar instruments, recent financing rounds or the discounted
cash flows of the underlying net assets
\u2013 Trade receivables carried at fair value \u2013 based on invoiced
amount
\u2013 Interest rate swaps, cross currency interest rate swaps, foreign
exchange forward contracts, swaps and options \u2013 based on
the present value of contractual cash \ufb02ows or option
valuation models using market sourced data (for example
exchange rates or interest rates) at the balance sheet date
\u2013 Cash equivalents carried at fair value \u2013 based on net asset
value of the funds
\u2013 Contingent consideration for business acquisitions and
divestments \u2013 based on present value of expected future
cash flows
The following methods and assumptions are used to estimate
the fair values of significant financial instruments which are not
measured at fair value on the balance sheet:
\u2013 Receivables and payables, excluding put options, carried at
amortised cost \u2013 approximates to the carrying amount
\u2013 Payables relating to put options - approximates to the
carrying amount because the Pfizer put option liability is
measured on the gross redemption basis derived from an
internal valuation of the ViiV Healthcare business, utilising a
discounted forecast future cash flow methodology (see Note
28 \u2018Trade and other payables\u2019 for further details)
\u2013 Liquid investments \u2013 approximates to the carrying amount
\u2013 Cash and cash equivalents carried at amortised cost \u2013
approximates to the carrying amount
\u2013 Long-term loans \u2013 based on quoted market prices (a Level 1
fair value measurement) in the case of European and US
Medium Term Notes; approximates to the carrying amount in
the case of\u2008other fixed rate borrowings and floating rate bank
loans
\u2013 Short-term loans, overdrafts and commercial paper \u2013
approximates to the carrying amount because of the short
maturity of these instruments
2025
2024
Notes
Carrying
amount
\u00a3m
Fair
value
\u00a3m
Carrying
amount
\u00a3m
Fair
value
\u00a3m
Financial assets measured at amortised cost:
Other non-current assets
b
2
2
5
5
Trade and other receivables
b
4,091
4,091
3,733
3,733
Liquid investments
9
9
21
21
Cash and cash equivalents
1,604
1,604
2,590
2,590
Financial assets measured at fair value through other comprehensive
income:
Other investments designated at FVTOCI
a
788
788
843
843
Trade and other receivables
a,b
2,346
2,346
2,163
2,163
Financial assets mandatorily measured at fair value through profit or loss:
Current equity investments and other investments
a
249
249
257
257
Other non-current assets
a,b
14
14
31
31
Trade and other receivables
a,b
56
56
53
53
Held for trading derivatives that are not in a designated and
effective hedging relationship
a,d,e
15
15
75
75
Cash and cash equivalents
a
1,793
1,793
1,280
1,280
Derivatives designated and effective as hedging instruments (fair value
movements through other comprehensive income)
a,d,e
106
106
35
35
Total financial assets
11,073
11,073
11,086
11,086
Financial liabilities measured at amortised cost:
Borrowings excluding obligations under lease liabilities:
\u2013\u00a0 bonds in a designated hedging relationship
d
(6,524)
(6,388)
(5,346)
(5,278)
\u2013\u00a0 other bonds
(8,973)
(9,104)
(9,774)
(9,597)
\u2013\u00a0 bank loans and overdrafts
(314)
(314)
(762)
(762)
\u2013\u00a0 commercial paper in a designated hedging relationship
\u2013
\u2013
\u2013
\u2013
\u2013\u00a0 other commercial paper
(1,078)
(1,078)
\u2013
\u2013
\u2013\u00a0 other borrowings
(1)
(1)
(2)
(2)
Total borrowings excluding lease liabilities
f
(16,890)
(16,885)
(15,884)
(15,639)
Trade and other payables
c
(13,185)
(13,185)
(13,160)
(13,160)
Other provisions
c
(306)
(306)
(182)
(182)
Other non-current liabilities
c
(13)
(13)
(46)
(46)
Financial liabilities mandatorily measured at fair value through profit or loss:
Contingent consideration liabilities
a,c
(6,733)
(6,733)
(7,280)
(7,280)
Held for trading derivatives that are not in a designated and
\u00a0 effective hedging relationship
a,d,e
(54)
(54)
(35)
(35)
Derivatives designated and effective as hedging instruments (fair value
movements through other comprehensive income)
a,d,e
(88)
(88)
(157)
(157)
Total financial liabilities excluding lease liabilities
(37,269)
(37,264)
(36,744)
(36,499)
Net financial assets and financial liabilities excluding lease liabilities
(26,196)
(26,191)
(25,658)
(25,413)
The valuation methodology used to measure fair value in the above table is described and categorised on page 251.
Trade and other receivables, Other non-current assets, Trade and other payables, Other provisions, Contingent consideration
liabilities and Other non-current liabilities are reconciled to the relevant Notes on pages 254 to 255.
Fair value of investments in GSK shares
At 31\u00a0December 2025, the Employee Share Ownership Plan (ESOP) Trusts held GSK shares with a carrying amount of \u00a3282 million
(2024: \u00a3397 million) and a market value of \u00a31,147 million (2024: \u00a3866 million) based on quoted market price. The shares are held by
the ESOP Trusts to satisfy future exercises of options and awards under employee incentive schemes. In 2025, the carrying amount,
which is the lower of cost or expected proceeds, of these shares has been recognised as a deduction from other reserves. At
31\u00a0December 2025, GSK held Treasury shares at a cost of \u00a33,948 million (2024: \u00a32,958 million) which has been deducted from
retained earnings.
(a) Financial instruments held at fair value
The following tables categorise the Group\u2019s financial assets and liabilities held at fair value by the valuation methodology applied in
determining their fair value. Where possible, quoted prices in active markets are used (Level 1). Where such prices are not available,
the asset or liability is classified as Level 2, provided all significant inputs to the valuation model used are based on observable
market data. If one or more of the significant inputs to the valuation model is not based on observable market data, the instrument
is classified as Level 3. Other investments classified as Level 3 in the tables below comprise equity investments in unlisted entities
with which the Group has entered into research collaborations and investments which provide access to biotechnology
developments of potential interest.
At 31\u00a0December 2025
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Financial assets at fair value
Financial assets measured at fair value through other comprehensive income:
Other investments designated at FVTOCI
592
\u2013
196
788
Trade and other receivables
\u2013
2,346
\u2013
2,346
Financial assets mandatorily measured at fair value through profit or loss:
Current equity investments and other investments
\u2013
\u2013
249
249
Other non-current assets
\u2013
\u2013
14
14
Trade and other receivables
\u2013
41
15
56
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
15
\u2013
15
Cash and cash equivalents
1,793
\u2013
\u2013
1,793
Derivatives designated and effective as hedging instruments
\u2013
106
\u2013
106
2,385
2,508
474
5,367
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss:
Contingent consideration liabilities
\u2013
\u2013
(6,733)
(6,733)
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
(54)
\u2013
(54)
Derivatives designated and effective as hedging instruments
\u2013
(88)
\u2013
(88)
\u2013
(142)
(6,733)
(6,875)
At 31\u00a0December 2024
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Financial assets at fair value
Financial assets measured at fair value through other comprehensive income:
Other investments designated at FVTOCI
646
\u2013
197
843
Trade and other receivables
\u2013
2,163
\u2013
2,163
Financial assets mandatorily measured at fair value through profit or loss:
Current equity investments and other investments
\u2013
\u2013
257
257
Other non-current assets
\u2013
\u2013
31
31
Trade and other receivables
\u2013
51
2
53
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
75
\u2013
75
Cash and cash equivalents
1,280
\u2013
\u2013
1,280
Derivatives designated and effective as hedging instruments
\u2013
35
\u2013
35
1,926
2,324
487
4,737
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss:
Contingent consideration liabilities
\u2013
\u2013
(7,280)
(7,280)
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
(35)
\u2013
(35)
Derivatives designated and effective as hedging instruments
\u2013
(157)
\u2013
(157)
\u2013
(192)
(7,280)
(7,472)
Movements in the year for financial instruments measured using Level 3 valuation methods are presented below:
2025
\u00a3m
2024
\u00a3m
At 1 January
(6,793)
(6,248)
Exchange adjustments
13
(1)
Net losses recognised in the income statement
(586)
(1,733)
Net losses recognised in other comprehensive income
(30)
(42)
Contingent consideration related to business acquisitions in the period
(280)
(104)
Settlement of contingent consideration liabilities
1,347
1,254
Additions
172
111
Disposals and settlements
(85)
(30)
Transfers from Level 3
(17)
\u2013
At 31 December
(6,259)
(6,793)
Of the total net losses of \u00a3586 million (2024: \u00a31,733 million) attributable to Level 3 financial instruments which were recognised in the
income statement, \u00a3586 million (2024: \u00a31,733 million) were in respect of financial instruments which were held at the end of the year
and were reported in other operating income/expense. Charges of \u00a3649\u00a0million (2024: \u00a31,533\u00a0million) arose from remeasurement of
the contingent consideration payable for the acquisition of the former Shionogi-ViiV Healthcare joint venture. A remeasurement
charge of \u00a3146\u00a0million (2024: \u00a3215 million) arose from remeasurement of the contingent consideration payable for the acquisition of
the Novartis Vaccines business. A gain of \u00a3254\u00a0million (2024: \u00a322 million) arose on the remeasurement of the Affinivax contingent
consideration liability for the year.
Contingent consideration payable for the acquisition of BP Asset IX amounting to \u00a3222\u00a0million was recognised during the year.
Further information on the BP Asset IX acquisition is provided in Note 40, \u2018Acquisitions and disposals\u2019.
There were transfers of \u00a317 million (2024: \u00a3nil) out of Level 3 financial instruments in the year. Movements arising on the translation
of overseas net assets for consolidation into the Group accounts are recorded as exchange adjustments. Net gains and losses
include the impact of other exchange movements.
Financial liabilities measured using Level 3 valuation methods at 31 December 2025 included \u00a35,433\u00a0million (2024: \u00a36,061\u00a0million) in
respect of contingent consideration payable for the acquisition in 2012 of the former Shionogi-ViiV Healthcare joint venture. This
consideration is expected to be paid over a number of years and will vary in line with the future performance of specified products
and movements in certain foreign currencies. A further \u00a3651\u00a0million (2024: \u00a3575\u00a0million) is in respect of contingent consideration for
the acquisition in 2015 of the Novartis Vaccines business. This consideration is expected to be paid over a number of years and will
vary in line with the future performance of specified products, the achievement of certain milestone targets and movements in
certain foreign currencies. Contingent consideration liabilities for the acquisition of Affinivax in 2022 of \u00a3219\u00a0million (2024: \u00a3502
million) and for the acquisition of BP Asset IX during the year of \u00a3231\u00a0million are recognised at 31 December 2025. The consideration
for both Affinivax and BP Asset IX is expected to be paid over a number of years and will vary in line with the achievement of certain
development and regulatory milestones, and movements in the USD/GBP exchange rate. Sensitivity analysis on these liabilities is
provided in Note 32, \u2018Contingent consideration liabilities\u2019.
(b) Trade and other receivables and Other non-current assets in scope of IFRS 9
The following table reconciles financial instruments within Trade and other receivables and Other non-current assets which fall
within the scope of IFRS 9 to the relevant balance sheet amounts. The financial assets are predominantly non-interest earning. Non-
financial instruments include tax receivables, amounts receivable under insurance contracts, pension surplus balances and
prepayments, which are outside the scope of IFRS 9.
2025
2024
At
FVTPL
\u00a3m
At
FVTOCI
\u00a3m
Amortised
cost
\u00a3m
Financial
instruments
\u00a3m
Non-
financial
instruments
\u00a3m
Total
\u00a3m
At
FVTPL
\u00a3m
At
FVTOCI
\u00a3m
Amortised
cost
\u00a3m
Financial
instruments
\u00a3m
Non-
financial
instruments
\u00a3m
Total
\u00a3m
Trade and other
\u00a0 receivables (Note 25)
56
2,346
4,091
6,493
978
7,471
53
2,163
3,733
5,949
887
6,836
Other non-current assets
\u00a0 (Note 23)
14
\u2013
2
16
2,132
2,148
31
\u2013
5
36
1,906
1,942
70
2,346
4,093
6,509
3,110
9,619
84
2,163
3,738
5,985
2,793
8,778
Trade and other receivables include trade receivables of \u00a35,913\u00a0million (2024: \u00a35,563\u00a0million). The Group has portfolios in each of
the three business models under IFRS 9: \u00a341 million (2024: \u00a351 million), measured at FVTPL, is held to sell the contractual cash flows
as the receivables will be sold under a factoring arrangement, \u00a32,346 million (2024: \u00a32,163 million), measured at FVTOCI, is held to
either collect or sell the contractual cash flows as the receivables may be sold under a factoring agreement, and \u00a33,526 million
(2024: \u00a33,349 million), measured at amortised cost, is held to collect the contractual cash flows and there is no factoring agreement
in place.
\"\"
(c) Trade and other payables, Other provisions, Contingent consideration liabilities and Other non-
current liabilities in scope of IFRS 9
The following table reconciles financial instruments within Trade and other payables, Other provisions, Contingent consideration
liabilities and Other non-current liabilities which fall within the scope of IFRS 9 to the relevant balance sheet amounts. The financial
liabilities are predominantly non-interest bearing. Non-financial instruments include payments on account, tax and social security
payables and provisions which do not arise from contractual obligations to deliver cash or another financial asset, which are outside
the scope of IFRS 9.
2025
2024
At FVTPL
\u00a3m
Amortised
cost
\u00a3m
Financial
instruments
\u00a3m
Non-
financial
instruments
\u00a3m
Total
\u00a3m
At FVTPL
\u00a3m
Amortised
cost
\u00a3m
Financial
instruments
\u00a3m
Non-
financial
instruments
\u00a3m
Total
\u00a3m
Trade and other payables
\u00a0 (Note 28)
\u2013
(13,185)
(13,185)
(2,196)
(15,381)
\u2013
(13,160)
(13,160)
(2,175)
(15,335)
Other provisions
\u00a0 (Note 31)
\u2013
(306)
(306)
(1,242)
(1,548)
\u2013
(182)
(182)
(2,353)
(2,535)
Contingent consideration
\u00a0 liabilities (Note 32)
(6,733)
\u2013
(6,733)
\u2013
(6,733)
(7,280)
\u2013
(7,280)
\u2013
(7,280)
Other non-current liabilities
\u00a0 (Note 33)
\u2013
(13)
(13)
(1,010)
(1,023)
\u2013
(46)
(46)
(1,054)
(1,100)
(6,733)
(13,504)
(20,237)
(4,448)
(24,685)
(7,280)
(13,388)
(20,668)
(5,582)
(26,250)
(d) Derivative financial instruments and hedging programmes
Derivatives are only used for economic hedging purposes and not as speculative investments and are measured at FVTPL, other
than designated and effective hedging instruments. Derivatives are presented as current assets or liabilities if they are expected to
be settled within 12 months after the end of the reporting period, otherwise they are classified as non-current. The Group has the
following derivative financial instruments:
2025
Fair value
2024
Fair value
Assets
\u00a3m
Liabilities
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Non-current:
Net investment hedges \u2013 Cross currency interest rate swaps
\u00a0 (net principal amount \u2013 \u00a3807 million (2024: \u00a3nil))
\u2013
(24)
\u2013
\u2013
Cash flow hedges \u2013 Cross currency interest rate swaps
\u00a0 (net principal amount \u2013 \u00a3743 million (2024: \u00a3nil))
\u2013
(42)
\u2013
\u2013
Fair value hedges \u2013 Interest rate swaps
\u00a0 (net principal amount \u2013 \u00a3849 million (2024: \u00a3nil))
\u2013
(1)
\u2013
\u2013
Cash flow hedges \u2013 Interest rate swaps
\u00a0 (net principal amount \u2013 \u00a3849 million (2024: \u00a3nil))
\u2013
\u2013
\u2013
\u2013
Current:
Net investment hedges \u2013 Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a314,720\u00a0million (2024: \u00a313,206\u00a0million)) 1
106
(21)
35
(157)
Derivatives designated and effective as hedging instruments
106
(88)
35
(157)
Non-current:
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a3nil (2024: \u00a335 million ))
\u2013
\u2013
1
\u2013
Current:
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a39,884\u00a0million (2024: \u00a38,676\u00a0million ))
15
(54)
73
(35)
Embedded and other derivatives
\u2013
\u2013
1
\u2013
Derivatives classified as held for trading
15
(54)
75
(35)
Total derivative instruments
121
(142)
110
(192)
(1) Includes options with net principal amount EUR 1 billion (2024: EUR 1.25 billion).
Fair value hedges
At 31\u00a0December 2025, the Group had designated interest rate swaps as fair value hedges as mentioned below in the Interest rate
risk section. At 31\u00a0December 2024, the Group had no designated fair value hedges.
Net investment hedges
At 31\u00a0December 2025, certain foreign exchange contracts were designated as net investment hedges in respect of the foreign
currency translation risk arising on consolidation of the Group\u2019s net investment in its European (Euro), American (USD), Singaporean
(SGD), Canadian (CAD), Chinese (CNH), Swiss Franc (CHF) and Japanese (JPY) foreign operations as shown in the table below.
Additionally, the Group had entered into cross currency interest rate swaps which were designated as net investment hedges and
cash flow hedges.
The carrying amount of bonds on page 252 included \u00a34,944\u00a0million (2024: \u00a35,346\u00a0million) that were designated as hedging
instruments in net investment hedges.
Cash flow hedges
During 2024 and 2025, the Group entered into forward foreign exchange contracts which have been designated as cash flow
hedges. These were entered into to hedge the foreign exchange exposure arising on cash flows from Euro denominated coupon
payments relating to notes issued under the Group\u2019s European Medium Term Note programme, and to hedge foreign currency
payments due on acquisitions, and collaboration or licensing arrangements.
As mentioned above, some of the cross currency interest rate swaps entered into in 2025 were designated as cash flow hedges.
The Group manages its cash flow interest rate risk by using floating-to-fixed interest rate swaps. In addition, the Group carries a
balance in reserves that arose from pre-hedging fluctuations in long-term interest rates when pricing bonds issued in prior years
and in the current year. The balance is reclassified to finance costs over the life of these bonds.
Foreign exchange risk
In the current year, the Group has designated certain foreign exchange forward contracts and swaps as cash flow and net
investment hedges. Additionally, the Group has entered into cross currency interest rate swaps which are designated as (a) cash
flow hedges of foreign exchange and interest rate risk (floating USD to fixed GBP), (b) net investment hedges as mentioned above
(fixed GBP to fixed EUR), and (c) cash flow hedges of foreign exchange risk (fixed USD to fixed GBP). Foreign exchange derivative
financial assets and liabilities are presented in the line \u2018Derivative financial instruments\u2019 (either as assets or liabilities) on the
consolidated balance sheet. The following tables detail the foreign exchange forward contracts and swaps outstanding at the end
of the reporting period, as well as information on the related hedged items.
Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness
assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The Group enters
into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item, and so
a qualitative assessment of effectiveness is performed. If changes in circumstances affect the terms of the hedged item such that
the critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical
derivative method to assess effectiveness.
The main source of hedge ineffectiveness in these hedging relationships is the effect of the counterparty and the Group\u2019s own credit
risk on the fair value of the foreign exchange forward contracts and swaps, which is not reflected in the fair value of the hedged
item attributable to changes in foreign exchange rates. In 2024 another source of ineffectiveness emerged from these hedging
relationships namely the principal amount of USD net investment hedges exceeded the hedged item for a period of ten days owing
to an adjustment to the USD net assets of the Group because of a change in the provision for the Zantac litigation between
quarters but after the financial instruments were entered into with the counterparty. The ineffectiveness recorded for this period was
\u00a3nil (2024: \u00a315\u00a0million). No ineffectiveness was recorded from cash flow hedges in 2025 (2024: \u00a3nil). No other ineffectiveness was
recorded from net investment hedges in 2025 (2024: \u00a3nil).
In 2025, the movement in the time value of options recognised in reserves is \u00a34 million credit\u00a0(2024: \u00a34 million charge) and is
accounted for as a cost of hedging.
2025
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
amount
\u00a3m
Periodic
change in
value for
calculating
hedge
ineffectiveness
\u00a3m
Cash flow hedges:
Cross currency interest rate swaps
Buy foreign currency:
Over 12 months
1.29
USD
743
(42)
(42)
2025
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
amount
\u00a3m
Periodic
change in
value for
calculating
hedge
ineffectiveness
\u00a3m
Net investment hedges:
Foreign exchange contracts:
Sell foreign currency:
Less than 3 months
1.14
EUR
8,669
18
(410)
210.89
JPY
47
\u2013
5
1.33
USD
4,437
43
216
8.77
CNH
60
4
2
3 to 6 months
1.28
USD
223
12
12
Over 6 months
1.82
CAD
285
\u2013
7
1.69
SGD
61
\u2013
3
1.33
USD
735
8
8
9.33
CNH
123
(1)
(2)
1.02
CHF
80
1
\u2013
Cross currency swaps
Over 12 months
1.19
EUR
807
(24)
(30)
Borrowings:
Less than 3 months
EUR
\u2013
\u2013
(31)
3 to 6 months
EUR
873
(873)
(43)
Over 6 months
JPY
202
(201)
14
EUR
3,885
(3,870)
(188)
20,487
(4,883)
(437)
2025
Hedged items
Periodic change in value
for calculating hedge
ineffectiveness
\u00a3m
Cumulative balance in cash
flow hedge reserve/foreign
currency translation reserve
for continuing hedges
\u00a3m
Balance in cash flow hedge
reserve arising from hedging
relationships for which hedge
accounting is no longer
applied
\u00a3m
Cash flow hedges:
Variability in cash flows from foreign exchange exposure and
interest rate risk arising on US Dollar denominated floating
debt issued
28
4
\u2013
Variability in cash flows from foreign exchange exposure and
interest rate risk arising on US Dollar denominated fixed debt
issued
14
\u2013
\u2013
Net investment hedges:
Net investment in foreign operations
437
(648)
\u2013
2024
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
amount
\u00a3m
Periodic
change in
value for
calculating
hedge
ineffectiveness
\u00a3m
Net investment hedges:
Foreign exchange contracts:
Sell foreign currency:
Less than 3 months
1.20
EUR
8,201
19
359
197.82
JPY
84
(1)
13
1.29
USD
2,417
(66)
(56)
9.26
CNH
61
(1)
(1)
3 to 6 months
1.31
USD
1,827
(75)
(75)
Over 6 months
1.76
CAD
244
2
17
1.67
SGD
164
\u2013
3
1.17
EUR
208
\u2013
1
Borrowings:
Less than 3 months
EUR
\u2013
\u2013
42
3 to 6 months
EUR
623
(622)
28
Over 6 months
JPY
216
(216)
19
EUR
4,524
(4,508)
157
18,569
(5,468)
507
2024
Hedged items
Periodic change in value
for calculating hedge
ineffectiveness
\u00a3m
Cumulative balance in cash
flow hedge reserve/foreign
currency translation reserve
for continuing hedges
\u00a3m
Balance in cash flow hedge
reserve arising from hedging
relationships for which hedge
accounting is no longer applied
\u00a3m
Net investment hedges:
Net investment in foreign operations
(522)
(208)
\u2013
\u00a3nil (2024: \u00a3nil) of balances in the cash flow hedge reserve arise from hedging relationships for which hedge accounting is no
longer applied.
The following table details the effectiveness of the hedging relationships and the amounts reclassified from the hedging reserve to
profit or loss:
2025
Amount reclassified to profit or loss
Amount transferred to balance sheet
via basis adjustment
Hedging
gains/(losses)
recognised in
reserves
\u00a3m
Amount
of hedge
ineffectiveness
recognised in
profit or loss
\u00a3m
Line item
in profit or
loss in
which hedge
ineffectiveness
is included
Hedged
future cash
flows
no longer
expected to
occur
\u00a3m
Due to
hedged item
affecting
profit or loss
\u00a3m
Line item in
profit or loss
in which
reclassification
adjustment
is included
Due to hedged
item affecting
balance sheet
\u00a3m
Line item
in balance
sheet in which
reclassification
adjustment
is included
Cash flow hedges:
Variability in cash flows from
foreign exchange exposure
and interest rate risk arising on
US Dollar denominated
floating debt issued
(23)
\u2013
Finance
income or
expense
\u2013
20
Other
income or
expense
\u2013
\u2013
Variability in cash flows from
foreign exchange exposure
and interest rate risk arising on
US Dollar denominated fixed
debt issued
(14)
\u2013
Finance
income or
expense
\u2013
13
Other
income or
expense
\u2013
\u2013
Net investment hedges:
Net investment in foreign
operations
(437)
\u2013
Finance
income
\u2013
3
Other
income or
expense
\u2013
\u2013
Time value of options
4
\u2013
Finance
income or
expense
\u2013
\u2013
Other
income or
expense
\u2013
\u2013
\u2013
2024
Amount reclassified to profit or loss
Amount transferred to balance sheet
via basis adjustment
Hedging
gains/(losses)
recognised in
reserves
\u00a3m
Amount
of hedge
ineffectiveness
recognised in
profit or loss
\u00a3m
Line item
in profit or
loss in
which hedge
ineffectiveness
is included
Hedged
future cash
flows
no longer
expected to
occur
\u00a3m
Due to
hedged item
affecting
profit or loss
\u00a3m
Line item in
profit or loss
in which
reclassification
adjustment
is included
Due to hedged
item affecting
balance sheet
\u00a3m
Line item
in balance
sheet in which
reclassification
adjustment
is included
Cash flow hedges:
Variability in cash flows from
a highly probable forecast
transaction
8
\u2013
Finance
income or
expense
\u2013
\u2013
\u2013
(6)
Intangible
assets
Net investment hedges:
Net investment in foreign
operations
522
(15)
Finance
income
\u2013
5
Other
income or
expense
\u2013
\u2013
Time value of options
(4)
\u2013
Finance
income or
expense
\u2013
\u2013
Other
income or
expense
\u2013
\u2013
\u2013
Interest rate risk
The Group manages its cash flow interest rate risk by using floating-to-fixed interest rate swaps, where at quarterly intervals the
difference between fixed contract rates and floating rate interest amounts calculated by reference to the agreed notional principal
amounts are exchanged.
During 2025, cross currency interest rate swaps were entered into, as mentioned above in the Foreign exchange risk section. The
floating USD to fixed GBP leg of these were hedges of interest rate risk.
There were no cross currency interest rate swaps or interest rate swaps outstanding at 31\u00a0December 2024.
Additionally, interest rate swaps were entered into in 2025 to minimise the interest cost of existing debt. This involved entering into
fixed GBP to floating GBP swaps (designated as fair value hedges) for the full remaining life of the bonds and floating GBP to fixed
GBP (designated as cash flow hedges) for a period of five years.
The only other impact on these financial statements of interest rate swaps is where the interest rate risk on an element of future debt
issuance has been managed by entering into forward starting interest rate swaps, effectively to lock in the interest rates on the debt
in advance. These were closed out at the time of issuing the debt, and the resulting gain or loss held in the cash flow hedge reserve
and reclassified to income statement as the interest payments on the debt impacted the income statement.
Forward starting interest rate swaps
Forward starting interest rate contracts, exchanging floating interest for fixed interest, were designated as cash flow hedges to
hedge the interest variability of the interest cash flows associated with future fixed rate debt.
Interest rate swaps
Interest rate swap contract assets and liabilities are presented (when applicable) in the line \u2018Derivative financial instruments\u2019 (either
as assets or liabilities) on the consolidated balance sheet.
\u00a316 million (2024: \u00a316 million) of balances in the cash flow hedge reserve arise from hedge relationships for which hedge accounting
is no longer applied.
The following tables provide information regarding interest rate swaps and the related hedged items at 31 December 2025. There
were none at 31 December 2024.
2025
Hedging instruments
Average
contracted fixed
rate %
Notional
principal value
\u00a3m
Change in fair
value for
recognising
hedge
ineffectiveness
Fair value
assets/
(liabilities)
Cash flow hedges:
1-5 years
3.67%
371
\u2013
\u2013
5-10 years
3.70%
478
\u2013
\u2013
Fair value hedges:
10-30 years
4.37%
849
(1)
(1)
2025
Hedged items
Change in fair
value for
recognising
hedge
ineffectiveness
Balance in cash
flow hedge
reserve for
continuing
hedges
Variability in fair value of the Sterling external debt attributable to changes in Sterling
interest rates
1
\u2013
The following table details the effectiveness of the hedging relationships and the amounts reclassified from the hedging reserve to
profit or loss:
2025
Amount reclassified to profit or loss
Hedging
gains/(losses)
recognised in
reserves
\u00a3m
Amount
of hedge
ineffectiveness
recognised
in profit or loss
\u00a3m
Line item
in profit or
loss in
which hedge
ineffectiveness
is included
Due to
hedged future
cash flows
no longer
expected to
occur
\u00a3m
Due to
hedged item
affecting
profit or loss
\u00a3m
Line item
in profit or loss
in which
reclassification
adjustment
is included
Cash flow hedges:
Pre-hedging of long-term interest rates:
Matured in the past
(3)
\u2013
Finance
income or
expense
\u2013
4
Finance
income or
expense
2024
Amount reclassified to profit or loss
Hedging
gains/(losses)
recognised in
reserves
\u00a3m
Amount
of hedge
ineffectiveness
recognised in
profit or loss
\u00a3m
Line item
in profit or
loss in
which hedge
ineffectiveness is
included
Due to
hedged future
cash flows
no longer
expected to
occur
\u00a3m
Due to
hedged item
affecting
profit or loss
\u00a3m
Line item
in profit or loss in
which
reclassification
adjustment
is included
Cash flow hedges:
Pre-hedging of long-term interest rates:
Matured in the past
\u2013
\u2013
Finance
income or
expense
\u2013
4
Finance
income or
expense
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-673": { "value": "
Fair value of financial assets and liabilities
excluding lease liabilities
The table on page 252 presents the carrying amounts and the
fair values of the Group\u2019s financial assets and liabilities
excluding lease liabilities at 31\u00a0December 2025 and
31\u00a0December 2024.
The fair values of the financial assets and liabilities are included
at the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market
participants at the measurement date.
The following methods and assumptions are used to measure
the fair values of significant financial instruments carried at fair
value on the balance sheet:
\u2013 Other investments \u2013 equity investments traded in an active
market determined by reference to the relevant stock
exchange quoted bid price; other equity investments
determined by reference to the current market value of
similar instruments, recent financing rounds or the discounted
cash flows of the underlying net assets
\u2013 Trade receivables carried at fair value \u2013 based on invoiced
amount
\u2013 Interest rate swaps, cross currency interest rate swaps, foreign
exchange forward contracts, swaps and options \u2013 based on
the present value of contractual cash \ufb02ows or option
valuation models using market sourced data (for example
exchange rates or interest rates) at the balance sheet date
\u2013 Cash equivalents carried at fair value \u2013 based on net asset
value of the funds
\u2013 Contingent consideration for business acquisitions and
divestments \u2013 based on present value of expected future
cash flows
The following methods and assumptions are used to estimate
the fair values of significant financial instruments which are not
measured at fair value on the balance sheet:
\u2013 Receivables and payables, excluding put options, carried at
amortised cost \u2013 approximates to the carrying amount
\u2013 Payables relating to put options - approximates to the
carrying amount because the Pfizer put option liability is
measured on the gross redemption basis derived from an
internal valuation of the ViiV Healthcare business, utilising a
discounted forecast future cash flow methodology (see Note
28 \u2018Trade and other payables\u2019 for further details)
\u2013 Liquid investments \u2013 approximates to the carrying amount
\u2013 Cash and cash equivalents carried at amortised cost \u2013
approximates to the carrying amount
\u2013 Long-term loans \u2013 based on quoted market prices (a Level 1
fair value measurement) in the case of European and US
Medium Term Notes; approximates to the carrying amount in
the case of\u2008other fixed rate borrowings and floating rate bank
loans
\u2013 Short-term loans, overdrafts and commercial paper \u2013
approximates to the carrying amount because of the short
maturity of these instruments
2025
2024
Notes
Carrying
amount
\u00a3m
Fair
value
\u00a3m
Carrying
amount
\u00a3m
Fair
value
\u00a3m
Financial assets measured at amortised cost:
Other non-current assets
b
2
2
5
5
Trade and other receivables
b
4,091
4,091
3,733
3,733
Liquid investments
9
9
21
21
Cash and cash equivalents
1,604
1,604
2,590
2,590
Financial assets measured at fair value through other comprehensive
income:
Other investments designated at FVTOCI
a
788
788
843
843
Trade and other receivables
a,b
2,346
2,346
2,163
2,163
Financial assets mandatorily measured at fair value through profit or loss:
Current equity investments and other investments
a
249
249
257
257
Other non-current assets
a,b
14
14
31
31
Trade and other receivables
a,b
56
56
53
53
Held for trading derivatives that are not in a designated and
effective hedging relationship
a,d,e
15
15
75
75
Cash and cash equivalents
a
1,793
1,793
1,280
1,280
Derivatives designated and effective as hedging instruments (fair value
movements through other comprehensive income)
a,d,e
106
106
35
35
Total financial assets
11,073
11,073
11,086
11,086
Financial liabilities measured at amortised cost:
Borrowings excluding obligations under lease liabilities:
\u2013\u00a0 bonds in a designated hedging relationship
d
(6,524)
(6,388)
(5,346)
(5,278)
\u2013\u00a0 other bonds
(8,973)
(9,104)
(9,774)
(9,597)
\u2013\u00a0 bank loans and overdrafts
(314)
(314)
(762)
(762)
\u2013\u00a0 commercial paper in a designated hedging relationship
\u2013
\u2013
\u2013
\u2013
\u2013\u00a0 other commercial paper
(1,078)
(1,078)
\u2013
\u2013
\u2013\u00a0 other borrowings
(1)
(1)
(2)
(2)
Total borrowings excluding lease liabilities
f
(16,890)
(16,885)
(15,884)
(15,639)
Trade and other payables
c
(13,185)
(13,185)
(13,160)
(13,160)
Other provisions
c
(306)
(306)
(182)
(182)
Other non-current liabilities
c
(13)
(13)
(46)
(46)
Financial liabilities mandatorily measured at fair value through profit or loss:
Contingent consideration liabilities
a,c
(6,733)
(6,733)
(7,280)
(7,280)
Held for trading derivatives that are not in a designated and
\u00a0 effective hedging relationship
a,d,e
(54)
(54)
(35)
(35)
Derivatives designated and effective as hedging instruments (fair value
movements through other comprehensive income)
a,d,e
(88)
(88)
(157)
(157)
Total financial liabilities excluding lease liabilities
(37,269)
(37,264)
(36,744)
(36,499)
Net financial assets and financial liabilities excluding lease liabilities
(26,196)
(26,191)
(25,658)
(25,413)
The valuation methodology used to measure fair value in the above table is described and categorised on page 251.
Trade and other receivables, Other non-current assets, Trade and other payables, Other provisions, Contingent consideration
liabilities and Other non-current liabilities are reconciled to the relevant Notes on pages 254 to 255.
Fair value of investments in GSK shares
At 31\u00a0December 2025, the Employee Share Ownership Plan (ESOP) Trusts held GSK shares with a carrying amount of \u00a3282 million
(2024: \u00a3397 million) and a market value of \u00a31,147 million (2024: \u00a3866 million) based on quoted market price. The shares are held by
the ESOP Trusts to satisfy future exercises of options and awards under employee incentive schemes. In 2025, the carrying amount,
which is the lower of cost or expected proceeds, of these shares has been recognised as a deduction from other reserves. At
31\u00a0December 2025, GSK held Treasury shares at a cost of \u00a33,948 million (2024: \u00a32,958 million) which has been deducted from
retained earnings.
(a) Financial instruments held at fair value
The following tables categorise the Group\u2019s financial assets and liabilities held at fair value by the valuation methodology applied in
determining their fair value. Where possible, quoted prices in active markets are used (Level 1). Where such prices are not available,
the asset or liability is classified as Level 2, provided all significant inputs to the valuation model used are based on observable
market data. If one or more of the significant inputs to the valuation model is not based on observable market data, the instrument
is classified as Level 3. Other investments classified as Level 3 in the tables below comprise equity investments in unlisted entities
with which the Group has entered into research collaborations and investments which provide access to biotechnology
developments of potential interest.
At 31\u00a0December 2025
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Financial assets at fair value
Financial assets measured at fair value through other comprehensive income:
Other investments designated at FVTOCI
592
\u2013
196
788
Trade and other receivables
\u2013
2,346
\u2013
2,346
Financial assets mandatorily measured at fair value through profit or loss:
Current equity investments and other investments
\u2013
\u2013
249
249
Other non-current assets
\u2013
\u2013
14
14
Trade and other receivables
\u2013
41
15
56
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
15
\u2013
15
Cash and cash equivalents
1,793
\u2013
\u2013
1,793
Derivatives designated and effective as hedging instruments
\u2013
106
\u2013
106
2,385
2,508
474
5,367
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss:
Contingent consideration liabilities
\u2013
\u2013
(6,733)
(6,733)
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
(54)
\u2013
(54)
Derivatives designated and effective as hedging instruments
\u2013
(88)
\u2013
(88)
\u2013
(142)
(6,733)
(6,875)
At 31\u00a0December 2024
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Financial assets at fair value
Financial assets measured at fair value through other comprehensive income:
Other investments designated at FVTOCI
646
\u2013
197
843
Trade and other receivables
\u2013
2,163
\u2013
2,163
Financial assets mandatorily measured at fair value through profit or loss:
Current equity investments and other investments
\u2013
\u2013
257
257
Other non-current assets
\u2013
\u2013
31
31
Trade and other receivables
\u2013
51
2
53
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
75
\u2013
75
Cash and cash equivalents
1,280
\u2013
\u2013
1,280
Derivatives designated and effective as hedging instruments
\u2013
35
\u2013
35
1,926
2,324
487
4,737
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss:
Contingent consideration liabilities
\u2013
\u2013
(7,280)
(7,280)
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
(35)
\u2013
(35)
Derivatives designated and effective as hedging instruments
\u2013
(157)
\u2013
(157)
\u2013
(192)
(7,280)
(7,472)
Movements in the year for financial instruments measured using Level 3 valuation methods are presented below:
2025
\u00a3m
2024
\u00a3m
At 1 January
(6,793)
(6,248)
Exchange adjustments
13
(1)
Net losses recognised in the income statement
(586)
(1,733)
Net losses recognised in other comprehensive income
(30)
(42)
Contingent consideration related to business acquisitions in the period
(280)
(104)
Settlement of contingent consideration liabilities
1,347
1,254
Additions
172
111
Disposals and settlements
(85)
(30)
Transfers from Level 3
(17)
\u2013
At 31 December
(6,259)
(6,793)
Of the total net losses of \u00a3586 million (2024: \u00a31,733 million) attributable to Level 3 financial instruments which were recognised in the
income statement, \u00a3586 million (2024: \u00a31,733 million) were in respect of financial instruments which were held at the end of the year
and were reported in other operating income/expense. Charges of \u00a3649\u00a0million (2024: \u00a31,533\u00a0million) arose from remeasurement of
the contingent consideration payable for the acquisition of the former Shionogi-ViiV Healthcare joint venture. A remeasurement
charge of \u00a3146\u00a0million (2024: \u00a3215 million) arose from remeasurement of the contingent consideration payable for the acquisition of
the Novartis Vaccines business. A gain of \u00a3254\u00a0million (2024: \u00a322 million) arose on the remeasurement of the Affinivax contingent
consideration liability for the year.
Contingent consideration payable for the acquisition of BP Asset IX amounting to \u00a3222\u00a0million was recognised during the year.
Further information on the BP Asset IX acquisition is provided in Note 40, \u2018Acquisitions and disposals\u2019.
There were transfers of \u00a317 million (2024: \u00a3nil) out of Level 3 financial instruments in the year. Movements arising on the translation
of overseas net assets for consolidation into the Group accounts are recorded as exchange adjustments. Net gains and losses
include the impact of other exchange movements.
Financial liabilities measured using Level 3 valuation methods at 31 December 2025 included \u00a35,433\u00a0million (2024: \u00a36,061\u00a0million) in
respect of contingent consideration payable for the acquisition in 2012 of the former Shionogi-ViiV Healthcare joint venture. This
consideration is expected to be paid over a number of years and will vary in line with the future performance of specified products
and movements in certain foreign currencies. A further \u00a3651\u00a0million (2024: \u00a3575\u00a0million) is in respect of contingent consideration for
the acquisition in 2015 of the Novartis Vaccines business. This consideration is expected to be paid over a number of years and will
vary in line with the future performance of specified products, the achievement of certain milestone targets and movements in
certain foreign currencies. Contingent consideration liabilities for the acquisition of Affinivax in 2022 of \u00a3219\u00a0million (2024: \u00a3502
million) and for the acquisition of BP Asset IX during the year of \u00a3231\u00a0million are recognised at 31 December 2025. The consideration
for both Affinivax and BP Asset IX is expected to be paid over a number of years and will vary in line with the achievement of certain
development and regulatory milestones, and movements in the USD/GBP exchange rate. Sensitivity analysis on these liabilities is
provided in Note 32, \u2018Contingent consideration liabilities\u2019.
(b) Trade and other receivables and Other non-current assets in scope of IFRS 9
The following table reconciles financial instruments within Trade and other receivables and Other non-current assets which fall
within the scope of IFRS 9 to the relevant balance sheet amounts. The financial assets are predominantly non-interest earning. Non-
financial instruments include tax receivables, amounts receivable under insurance contracts, pension surplus balances and
prepayments, which are outside the scope of IFRS 9.
2025
2024
At
FVTPL
\u00a3m
At
FVTOCI
\u00a3m
Amortised
cost
\u00a3m
Financial
instruments
\u00a3m
Non-
financial
instruments
\u00a3m
Total
\u00a3m
At
FVTPL
\u00a3m
At
FVTOCI
\u00a3m
Amortised
cost
\u00a3m
Financial
instruments
\u00a3m
Non-
financial
instruments
\u00a3m
Total
\u00a3m
Trade and other
\u00a0 receivables (Note 25)
56
2,346
4,091
6,493
978
7,471
53
2,163
3,733
5,949
887
6,836
Other non-current assets
\u00a0 (Note 23)
14
\u2013
2
16
2,132
2,148
31
\u2013
5
36
1,906
1,942
70
2,346
4,093
6,509
3,110
9,619
84
2,163
3,738
5,985
2,793
8,778
Trade and other receivables include trade receivables of \u00a35,913\u00a0million (2024: \u00a35,563\u00a0million). The Group has portfolios in each of
the three business models under IFRS 9: \u00a341 million (2024: \u00a351 million), measured at FVTPL, is held to sell the contractual cash flows
as the receivables will be sold under a factoring arrangement, \u00a32,346 million (2024: \u00a32,163 million), measured at FVTOCI, is held to
either collect or sell the contractual cash flows as the receivables may be sold under a factoring agreement, and \u00a33,526 million
(2024: \u00a33,349 million), measured at amortised cost, is held to collect the contractual cash flows and there is no factoring agreement
in place.
\"\"
(c) Trade and other payables, Other provisions, Contingent consideration liabilities and Other non-
current liabilities in scope of IFRS 9
The following table reconciles financial instruments within Trade and other payables, Other provisions, Contingent consideration
liabilities and Other non-current liabilities which fall within the scope of IFRS 9 to the relevant balance sheet amounts. The financial
liabilities are predominantly non-interest bearing. Non-financial instruments include payments on account, tax and social security
payables and provisions which do not arise from contractual obligations to deliver cash or another financial asset, which are outside
the scope of IFRS 9.
2025
2024
At FVTPL
\u00a3m
Amortised
cost
\u00a3m
Financial
instruments
\u00a3m
Non-
financial
instruments
\u00a3m
Total
\u00a3m
At FVTPL
\u00a3m
Amortised
cost
\u00a3m
Financial
instruments
\u00a3m
Non-
financial
instruments
\u00a3m
Total
\u00a3m
Trade and other payables
\u00a0 (Note 28)
\u2013
(13,185)
(13,185)
(2,196)
(15,381)
\u2013
(13,160)
(13,160)
(2,175)
(15,335)
Other provisions
\u00a0 (Note 31)
\u2013
(306)
(306)
(1,242)
(1,548)
\u2013
(182)
(182)
(2,353)
(2,535)
Contingent consideration
\u00a0 liabilities (Note 32)
(6,733)
\u2013
(6,733)
\u2013
(6,733)
(7,280)
\u2013
(7,280)
\u2013
(7,280)
Other non-current liabilities
\u00a0 (Note 33)
\u2013
(13)
(13)
(1,010)
(1,023)
\u2013
(46)
(46)
(1,054)
(1,100)
(6,733)
(13,504)
(20,237)
(4,448)
(24,685)
(7,280)
(13,388)
(20,668)
(5,582)
(26,250)
(d) Derivative financial instruments and hedging programmes
Derivatives are only used for economic hedging purposes and not as speculative investments and are measured at FVTPL, other
than designated and effective hedging instruments. Derivatives are presented as current assets or liabilities if they are expected to
be settled within 12 months after the end of the reporting period, otherwise they are classified as non-current. The Group has the
following derivative financial instruments:
2025
Fair value
2024
Fair value
Assets
\u00a3m
Liabilities
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Non-current:
Net investment hedges \u2013 Cross currency interest rate swaps
\u00a0 (net principal amount \u2013 \u00a3807 million (2024: \u00a3nil))
\u2013
(24)
\u2013
\u2013
Cash flow hedges \u2013 Cross currency interest rate swaps
\u00a0 (net principal amount \u2013 \u00a3743 million (2024: \u00a3nil))
\u2013
(42)
\u2013
\u2013
Fair value hedges \u2013 Interest rate swaps
\u00a0 (net principal amount \u2013 \u00a3849 million (2024: \u00a3nil))
\u2013
(1)
\u2013
\u2013
Cash flow hedges \u2013 Interest rate swaps
\u00a0 (net principal amount \u2013 \u00a3849 million (2024: \u00a3nil))
\u2013
\u2013
\u2013
\u2013
Current:
Net investment hedges \u2013 Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a314,720\u00a0million (2024: \u00a313,206\u00a0million)) 1
106
(21)
35
(157)
Derivatives designated and effective as hedging instruments
106
(88)
35
(157)
Non-current:
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a3nil (2024: \u00a335 million ))
\u2013
\u2013
1
\u2013
Current:
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a39,884\u00a0million (2024: \u00a38,676\u00a0million ))
15
(54)
73
(35)
Embedded and other derivatives
\u2013
\u2013
1
\u2013
Derivatives classified as held for trading
15
(54)
75
(35)
Total derivative instruments
121
(142)
110
(192)
(1) Includes options with net principal amount EUR 1 billion (2024: EUR 1.25 billion).
Fair value hedges
At 31\u00a0December 2025, the Group had designated interest rate swaps as fair value hedges as mentioned below in the Interest rate
risk section. At 31\u00a0December 2024, the Group had no designated fair value hedges.
Net investment hedges
At 31\u00a0December 2025, certain foreign exchange contracts were designated as net investment hedges in respect of the foreign
currency translation risk arising on consolidation of the Group\u2019s net investment in its European (Euro), American (USD), Singaporean
(SGD), Canadian (CAD), Chinese (CNH), Swiss Franc (CHF) and Japanese (JPY) foreign operations as shown in the table below.
Additionally, the Group had entered into cross currency interest rate swaps which were designated as net investment hedges and
cash flow hedges.
The carrying amount of bonds on page 252 included \u00a34,944\u00a0million (2024: \u00a35,346\u00a0million) that were designated as hedging
instruments in net investment hedges.
Cash flow hedges
During 2024 and 2025, the Group entered into forward foreign exchange contracts which have been designated as cash flow
hedges. These were entered into to hedge the foreign exchange exposure arising on cash flows from Euro denominated coupon
payments relating to notes issued under the Group\u2019s European Medium Term Note programme, and to hedge foreign currency
payments due on acquisitions, and collaboration or licensing arrangements.
As mentioned above, some of the cross currency interest rate swaps entered into in 2025 were designated as cash flow hedges.
The Group manages its cash flow interest rate risk by using floating-to-fixed interest rate swaps. In addition, the Group carries a
balance in reserves that arose from pre-hedging fluctuations in long-term interest rates when pricing bonds issued in prior years
and in the current year. The balance is reclassified to finance costs over the life of these bonds.
Foreign exchange risk
In the current year, the Group has designated certain foreign exchange forward contracts and swaps as cash flow and net
investment hedges. Additionally, the Group has entered into cross currency interest rate swaps which are designated as (a) cash
flow hedges of foreign exchange and interest rate risk (floating USD to fixed GBP), (b) net investment hedges as mentioned above
(fixed GBP to fixed EUR), and (c) cash flow hedges of foreign exchange risk (fixed USD to fixed GBP). Foreign exchange derivative
financial assets and liabilities are presented in the line \u2018Derivative financial instruments\u2019 (either as assets or liabilities) on the
consolidated balance sheet. The following tables detail the foreign exchange forward contracts and swaps outstanding at the end
of the reporting period, as well as information on the related hedged items.
Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness
assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The Group enters
into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item, and so
a qualitative assessment of effectiveness is performed. If changes in circumstances affect the terms of the hedged item such that
the critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical
derivative method to assess effectiveness.
The main source of hedge ineffectiveness in these hedging relationships is the effect of the counterparty and the Group\u2019s own credit
risk on the fair value of the foreign exchange forward contracts and swaps, which is not reflected in the fair value of the hedged
item attributable to changes in foreign exchange rates. In 2024 another source of ineffectiveness emerged from these hedging
relationships namely the principal amount of USD net investment hedges exceeded the hedged item for a period of ten days owing
to an adjustment to the USD net assets of the Group because of a change in the provision for the Zantac litigation between
quarters but after the financial instruments were entered into with the counterparty. The ineffectiveness recorded for this period was
\u00a3nil (2024: \u00a315\u00a0million). No ineffectiveness was recorded from cash flow hedges in 2025 (2024: \u00a3nil). No other ineffectiveness was
recorded from net investment hedges in 2025 (2024: \u00a3nil).
In 2025, the movement in the time value of options recognised in reserves is \u00a34 million credit\u00a0(2024: \u00a34 million charge) and is
accounted for as a cost of hedging.
2025
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
amount
\u00a3m
Periodic
change in
value for
calculating
hedge
ineffectiveness
\u00a3m
Cash flow hedges:
Cross currency interest rate swaps
Buy foreign currency:
Over 12 months
1.29
USD
743
(42)
(42)
2025
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
amount
\u00a3m
Periodic
change in
value for
calculating
hedge
ineffectiveness
\u00a3m
Net investment hedges:
Foreign exchange contracts:
Sell foreign currency:
Less than 3 months
1.14
EUR
8,669
18
(410)
210.89
JPY
47
\u2013
5
1.33
USD
4,437
43
216
8.77
CNH
60
4
2
3 to 6 months
1.28
USD
223
12
12
Over 6 months
1.82
CAD
285
\u2013
7
1.69
SGD
61
\u2013
3
1.33
USD
735
8
8
9.33
CNH
123
(1)
(2)
1.02
CHF
80
1
\u2013
Cross currency swaps
Over 12 months
1.19
EUR
807
(24)
(30)
Borrowings:
Less than 3 months
EUR
\u2013
\u2013
(31)
3 to 6 months
EUR
873
(873)
(43)
Over 6 months
JPY
202
(201)
14
EUR
3,885
(3,870)
(188)
20,487
(4,883)
(437)
2025
Hedged items
Periodic change in value
for calculating hedge
ineffectiveness
\u00a3m
Cumulative balance in cash
flow hedge reserve/foreign
currency translation reserve
for continuing hedges
\u00a3m
Balance in cash flow hedge
reserve arising from hedging
relationships for which hedge
accounting is no longer
applied
\u00a3m
Cash flow hedges:
Variability in cash flows from foreign exchange exposure and
interest rate risk arising on US Dollar denominated floating
debt issued
28
4
\u2013
Variability in cash flows from foreign exchange exposure and
interest rate risk arising on US Dollar denominated fixed debt
issued
14
\u2013
\u2013
Net investment hedges:
Net investment in foreign operations
437
(648)
\u2013
2024
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
amount
\u00a3m
Periodic
change in
value for
calculating
hedge
ineffectiveness
\u00a3m
Net investment hedges:
Foreign exchange contracts:
Sell foreign currency:
Less than 3 months
1.20
EUR
8,201
19
359
197.82
JPY
84
(1)
13
1.29
USD
2,417
(66)
(56)
9.26
CNH
61
(1)
(1)
3 to 6 months
1.31
USD
1,827
(75)
(75)
Over 6 months
1.76
CAD
244
2
17
1.67
SGD
164
\u2013
3
1.17
EUR
208
\u2013
1
Borrowings:
Less than 3 months
EUR
\u2013
\u2013
42
3 to 6 months
EUR
623
(622)
28
Over 6 months
JPY
216
(216)
19
EUR
4,524
(4,508)
157
18,569
(5,468)
507
2024
Hedged items
Periodic change in value
for calculating hedge
ineffectiveness
\u00a3m
Cumulative balance in cash
flow hedge reserve/foreign
currency translation reserve
for continuing hedges
\u00a3m
Balance in cash flow hedge
reserve arising from hedging
relationships for which hedge
accounting is no longer applied
\u00a3m
Net investment hedges:
Net investment in foreign operations
(522)
(208)
\u2013
\u00a3nil (2024: \u00a3nil) of balances in the cash flow hedge reserve arise from hedging relationships for which hedge accounting is no
longer applied.
The following table details the effectiveness of the hedging relationships and the amounts reclassified from the hedging reserve to
profit or loss:
2025
Amount reclassified to profit or loss
Amount transferred to balance sheet
via basis adjustment
Hedging
gains/(losses)
recognised in
reserves
\u00a3m
Amount
of hedge
ineffectiveness
recognised in
profit or loss
\u00a3m
Line item
in profit or
loss in
which hedge
ineffectiveness
is included
Hedged
future cash
flows
no longer
expected to
occur
\u00a3m
Due to
hedged item
affecting
profit or loss
\u00a3m
Line item in
profit or loss
in which
reclassification
adjustment
is included
Due to hedged
item affecting
balance sheet
\u00a3m
Line item
in balance
sheet in which
reclassification
adjustment
is included
Cash flow hedges:
Variability in cash flows from
foreign exchange exposure
and interest rate risk arising on
US Dollar denominated
floating debt issued
(23)
\u2013
Finance
income or
expense
\u2013
20
Other
income or
expense
\u2013
\u2013
Variability in cash flows from
foreign exchange exposure
and interest rate risk arising on
US Dollar denominated fixed
debt issued
(14)
\u2013
Finance
income or
expense
\u2013
13
Other
income or
expense
\u2013
\u2013
Net investment hedges:
Net investment in foreign
operations
(437)
\u2013
Finance
income
\u2013
3
Other
income or
expense
\u2013
\u2013
Time value of options
4
\u2013
Finance
income or
expense
\u2013
\u2013
Other
income or
expense
\u2013
\u2013
\u2013
2024
Amount reclassified to profit or loss
Amount transferred to balance sheet
via basis adjustment
Hedging
gains/(losses)
recognised in
reserves
\u00a3m
Amount
of hedge
ineffectiveness
recognised in
profit or loss
\u00a3m
Line item
in profit or
loss in
which hedge
ineffectiveness
is included
Hedged
future cash
flows
no longer
expected to
occur
\u00a3m
Due to
hedged item
affecting
profit or loss
\u00a3m
Line item in
profit or loss
in which
reclassification
adjustment
is included
Due to hedged
item affecting
balance sheet
\u00a3m
Line item
in balance
sheet in which
reclassification
adjustment
is included
Cash flow hedges:
Variability in cash flows from
a highly probable forecast
transaction
8
\u2013
Finance
income or
expense
\u2013
\u2013
\u2013
(6)
Intangible
assets
Net investment hedges:
Net investment in foreign
operations
522
(15)
Finance
income
\u2013
5
Other
income or
expense
\u2013
\u2013
Time value of options
(4)
\u2013
Finance
income or
expense
\u2013
\u2013
Other
income or
expense
\u2013
\u2013
\u2013
Interest rate risk
The Group manages its cash flow interest rate risk by using floating-to-fixed interest rate swaps, where at quarterly intervals the
difference between fixed contract rates and floating rate interest amounts calculated by reference to the agreed notional principal
amounts are exchanged.
During 2025, cross currency interest rate swaps were entered into, as mentioned above in the Foreign exchange risk section. The
floating USD to fixed GBP leg of these were hedges of interest rate risk.
There were no cross currency interest rate swaps or interest rate swaps outstanding at 31\u00a0December 2024.
Additionally, interest rate swaps were entered into in 2025 to minimise the interest cost of existing debt. This involved entering into
fixed GBP to floating GBP swaps (designated as fair value hedges) for the full remaining life of the bonds and floating GBP to fixed
GBP (designated as cash flow hedges) for a period of five years.
The only other impact on these financial statements of interest rate swaps is where the interest rate risk on an element of future debt
issuance has been managed by entering into forward starting interest rate swaps, effectively to lock in the interest rates on the debt
in advance. These were closed out at the time of issuing the debt, and the resulting gain or loss held in the cash flow hedge reserve
and reclassified to income statement as the interest payments on the debt impacted the income statement.
Forward starting interest rate swaps
Forward starting interest rate contracts, exchanging floating interest for fixed interest, were designated as cash flow hedges to
hedge the interest variability of the interest cash flows associated with future fixed rate debt.
Interest rate swaps
Interest rate swap contract assets and liabilities are presented (when applicable) in the line \u2018Derivative financial instruments\u2019 (either
as assets or liabilities) on the consolidated balance sheet.
\u00a316 million (2024: \u00a316 million) of balances in the cash flow hedge reserve arise from hedge relationships for which hedge accounting
is no longer applied.
The following tables provide information regarding interest rate swaps and the related hedged items at 31 December 2025. There
were none at 31 December 2024.
2025
Hedging instruments
Average
contracted fixed
rate %
Notional
principal value
\u00a3m
Change in fair
value for
recognising
hedge
ineffectiveness
Fair value
assets/
(liabilities)
Cash flow hedges:
1-5 years
3.67%
371
\u2013
\u2013
5-10 years
3.70%
478
\u2013
\u2013
Fair value hedges:
10-30 years
4.37%
849
(1)
(1)
2025
Hedged items
Change in fair
value for
recognising
hedge
ineffectiveness
Balance in cash
flow hedge
reserve for
continuing
hedges
Variability in fair value of the Sterling external debt attributable to changes in Sterling
interest rates
1
\u2013
The following table details the effectiveness of the hedging relationships and the amounts reclassified from the hedging reserve to
profit or loss:
2025
Amount reclassified to profit or loss
Hedging
gains/(losses)
recognised in
reserves
\u00a3m
Amount
of hedge
ineffectiveness
recognised
in profit or loss
\u00a3m
Line item
in profit or
loss in
which hedge
ineffectiveness
is included
Due to
hedged future
cash flows
no longer
expected to
occur
\u00a3m
Due to
hedged item
affecting
profit or loss
\u00a3m
Line item
in profit or loss
in which
reclassification
adjustment
is included
Cash flow hedges:
Pre-hedging of long-term interest rates:
Matured in the past
(3)
\u2013
Finance
income or
expense
\u2013
4
Finance
income or
expense
2024
Amount reclassified to profit or loss
Hedging
gains/(losses)
recognised in
reserves
\u00a3m
Amount
of hedge
ineffectiveness
recognised in
profit or loss
\u00a3m
Line item
in profit or
loss in
which hedge
ineffectiveness is
included
Due to
hedged future
cash flows
no longer
expected to
occur
\u00a3m
Due to
hedged item
affecting
profit or loss
\u00a3m
Line item
in profit or loss in
which
reclassification
adjustment
is included
Cash flow hedges:
Pre-hedging of long-term interest rates:
Matured in the past
\u2013
\u2013
Finance
income or
expense
\u2013
4
Finance
income or
expense
(e) Offsetting of financial assets and liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet where there is a legally enforceable right
to offset the recognised amounts, and there is an intention to settle on a net basis or realise the asset and settle the liability
simultaneously. There are also arrangements that do not meet the criteria for offsetting but still allow for the related amounts to be
offset in certain circumstances, such as bankruptcy or the termination of a contract.
The following tables set out the financial assets and liabilities that are offset, or subject to enforceable master netting arrangements
and other similar agreements but not offset, as at 31\u00a0December 2025 and 31\u00a0December 2024. The column \u2018Net balance\u2019 shows the
impact on the Group\u2019s balance sheet if all offset rights were exercised.
31\u00a0December 2025
Gross
financial
assets/
(liabilities)
\u00a3m
Gross
financial
(liabilities)/
assets offset
\u00a3m
Net financial
assets/
(liabilities) per
balance sheet
\u00a3m
Related
amounts not
offset in the
balance sheet
\u00a3m
Net
balance
\u00a3m
Financial assets:
Trade and other receivables
6,495
\u2013
6,495
\u2013
6,495
Derivative financial instruments
121
\u2013
121
(63)
58
Financial liabilities:
Trade and other payables
(13,185)
\u2013
(13,185)
\u2013
(13,185)
Derivative financial instruments
(142)
\u2013
(142)
63
(79)
31\u00a0December 2024
Gross
financial
assets/
(liabilities)
\u00a3m
Gross
Financial
(liabilities)/
assets offset
\u00a3m
Net financial
assets/
(liabilities)
\u00a3m
Related
amounts not
offset
\u00a3m
Net
balance
\u00a3m
Financial assets:
Trade and other receivables
5,950
(1)
5,949
\u2013
5,949
Derivative financial instruments
110
\u2013
110
(89)
21
Financial liabilities:
Trade and other payables
(13,161)
1
(13,160)
\u2013
(13,160)
Derivative financial instruments
(192)
\u2013
(192)
89
(103)
Amounts which do not meet the criteria for offsetting on the balance sheet but could be settled net in certain circumstances
principally relate to derivative transactions under ISDA agreements where each party has the option to settle amounts on a net
basis in the event of default of the other party. As there is presently not a legally enforceable right of offset, these amounts have not
been offset in the balance sheet, but have been presented separately in the table above.
(f) Debt interest rate repricing table
The following table sets out the exposure of the Group to interest rates on debt, including commercial paper. The maturity analysis
of fixed rate debt is stated by contractual maturity and of floating rate debt by interest rate repricing dates. For the purpose of this
table, debt is defined as all classes of borrowings other than lease liabilities.
2025
2024
Total
debt
\u00a3m
Total
debt
\u00a3m
Floating and fixed rate debt less than one year
(2,875)
(2,181)
Between one and two years
(1,487)
(1,410)
Between two and three years
(2,247)
(721)
Between three and four years
(1,174)
(2,355)
Between four and five years
(1,646)
(1,207)
Between five and ten years
(3,920)
(2,738)
Greater than ten years
(3,541)
(5,272)
Total
(16,890)
(15,884)
Original issuance profile:
Fixed rate interest
(15,052)
(15,126)
Floating rate interest
(1,838)
(756)
Non-interest bearing
\u2013
(2)
(16,890)
(15,884)
(g) Sensitivity analysis
The tables below illustrate the estimated impact on the income statement and equity as a result of hypothetical market movements
in foreign exchange and interest rates in relation to the Group\u2019s financial instruments. The range of variables chosen for the
sensitivity analysis reflects management\u2019s view of changes which are reasonably possible over a one-year period.
Foreign exchange sensitivity
The Group operates internationally and is primarily exposed to foreign exchange risk in relation to Sterling against movements in US
Dollar, Euro and Japanese Yen. Foreign exchange risk arises from the translation of financial assets and liabilities which are not in
the functional currency of the entity that holds them. Based on the Group\u2019s net financial assets and liabilities as at 31 December a
weakening and strengthening of Sterling against these currencies, with all other variables held constant, is illustrated in the tables
below. The tables exclude financial instruments that expose the Group to foreign exchange risk where this risk is fully hedged with
another financial instrument.
2025
2024
Income statement impact of non-functional currency foreign exchange exposures
Increase/(decrease) in
income
\u00a3m
Increase/(decrease) in
income
\u00a3m
10 cent appreciation of the US Dollar
38
106
15 cent appreciation of the US Dollar
59
167
10 cent appreciation of the Euro
(10)
(42)
15 cent appreciation of the Euro
(16)
(66)
10 yen appreciation of the Yen
\u2013
\u2013
15 yen appreciation of the Yen
\u2013
\u2013
2025
2024
Income statement impact of non-functional currency foreign exchange exposures
Increase/(decrease) in
income
\u00a3m
Increase/(decrease) in
income
\u00a3m
10 cent depreciation of the US Dollar
(32)
(91)
15 cent depreciation of the US Dollar
(47)
(131)
10 cent depreciation of the Euro
9
36
15 cent depreciation of the Euro
13
51
10 yen depreciation of the Yen
\u2013
\u2013
15 yen depreciation of the Yen
\u2013
\u2013
The equity impact, shown below, for foreign exchange sensitivity relates to derivative and non-derivative financial instruments
hedging the Group\u2019s net investments in its European (Euro) foreign operations and cash flow hedges of its foreign exchange
exposure arising on Euro denominated coupon payments relating to notes issued under the Group\u2019s European Medium Term
Note programme.
2025
2024
Equity impact of non-functional currency foreign exchange exposures
Increase/(decrease)
in equity
\u00a3m
Increase/(decrease)
in equity
\u00a3m
10 cent appreciation of the US Dollar
(373)
(368)
15 cent appreciation of the US Dollar
(584)
(577)
10 cent appreciation of the Euro
(1,297)
(1,188)
15 cent appreciation in Euro
(2,031)
(1,834)
2025
2024
Equity impact of non-functional currency foreign exchange exposures
Increase/(decrease)
in equity
\u00a3m
Increase/(decrease)
in equity
\u00a3m
10 cent depreciation of the US Dollar
322
313
15 cent depreciation of the US Dollar
467
453
10 cent depreciation of the Euro
1,108
958
15 cent depreciation of the Euro
1,581
1,384
The tables below present the Group\u2019s sensitivity to a weakening and strengthening of Sterling against the relevant currency based
on the composition of net debt as shown in Note 29, 'Net debt', excluding lease liabilities within \u2018Liabilities relating to assets held for
sale\u2019 and adjusted for the effects of foreign exchange derivatives that are not part of net debt but affect future foreign currency
cash flows.
2025
2024
Impact of foreign exchange movements on adjusted net debt
(Increase)/decrease
in adjusted net debt
\u00a3m
(Increase)/decrease
in adjusted net debt
\u00a3m
10 cent appreciation of the US Dollar
(482)
(555)
15\u00a0 cent appreciation of the US Dollar
(753)
(870)
10 cent appreciation of the Euro
240
178
15 cent appreciation of the Euro
378
279
10 yen appreciation of the Yen
(5)
(5)
15 yen appreciation of the Yen
(7)
(8)
2025
2024
Impact of foreign exchange movements on adjusted net debt
(Increase)/decrease
in adjusted net debt
\u00a3m
(Increase)/decrease
in adjusted net debt
\u00a3m
10 cent depreciation of the US Dollar
415
473
15 cent depreciation of the US Dollar
602
684
10 cent depreciation of the Euro
(202)
(150)
15 cent depreciation of the Euro
(291)
(217)
10 yen depreciation of the Yen
4
5
15 yen depreciation of the Yen
6
7
Interest rate sensitivity
The Group is exposed to interest rate risk on its outstanding borrowings and investments where any changes in interest rates will
affect future cash flows or the fair values of financial instruments.
The majority of debt is issued at fixed interest rates and changes in the floating rates of interest do not significantly affect the
Group\u2019s net interest charge, although the majority of cash and liquid investments earn floating rates of interest.
The table below hypothetically shows the Group\u2019s sensitivity to changes in interest rates in relation to Sterling, US Dollar and Euro
floating rate financial assets and liabilities. A 1% (100 basis points) or 1.5% (150 basis points) movement in Sterling, US Dollar or Euro
interest rates is not deemed to have a material effect on equity. A 1% (100 basis points) or 1.5% (150 basis points) decrease in
Sterling, US Dollar or Euro interest rates would have an equal and opposite impact to that shown below.
2025
2024
Income statement impact of interest rate movements
Increase/(decrease)
in income
\u00a3m
Increase/(decrease)
in income
\u00a3m
1% (100 basis points) increase in Sterling interest rates
71
72
1.5% (150 basis points) increase in Sterling interest rates
106
108
1% (100 basis points) increase in US Dollar interest rates
(52)
(43)
1.5% (150 basis points) increase in US Dollar interest rates
(77)
(64)
1% (100 basis points) increase in Euro interest rates
(21)
(20)
1.5% (150 basis points) increase in Euro interest rates
(32)
(30)
(h) Contractual cash flows for non-derivative financial liabilities and derivative instruments
The following tables provide an analysis of the anticipated contractual cash flows including interest payable for the Group\u2019s non-
derivative financial liabilities on an undiscounted basis. For the purpose of this table, debt is defined as all classes of borrowings
except for lease liabilities and financial liabilities within liabilities relating to assets held for sale. Interest is calculated based on debt
held at 31 December without taking account of future issuance. Floating rate interest is estimated using the prevailing interest rate
at the balance sheet date. Cash flows in foreign currencies are translated using spot rates at 31 December.
At 31\u00a0December 2025
Debt
\u00a3m
Interest
on debt
\u00a3m
Lease
liabilities
\u00a3m
Finance
charge
on lease
liabilities
\u00a3m
Trade payables
and other
liabilities not
in net debt
\u00a3m
Total
\u00a3m
Due in less than one year
(2,879)
(579)
(137)
(56)
(14,733)
\u2013
(18,384)
Between one and two years
(1,487)
(538)
(217)
(37)
(1,382)
\u2013
(3,661)
Between two and three years
(2,252)
(477)
(108)
(25)
(1,182)
\u2013
(4,044)
Between three and four years
(1,180)
(429)
(71)
(20)
(1,352)
\u2013
(3,052)
Between four and five years
(1,286)
(396)
(50)
(16)
(679)
\u2013
(2,427)
Between five and ten years
(3,475)
(1,619)
(176)
(39)
(1,929)
\u2013
(7,238)
Greater than ten years
(4,419)
(954)
(71)
(10)
(1,222)
\u2013
(6,676)
Gross contractual cash flows
(16,978)
(4,992)
(830)
(203)
(22,479)
\u2013
(45,482)
At 31\u00a0December 2024
Debt
\u00a3m
Interest
on debt
\u00a3m
Lease
liabilities
\u00a3m
Finance
charge
on lease
liabilities
\u00a3m
Trade payables
and other
liabilities not
in net debt
\u00a3m
Total
\u00a3m
Due in less than one year
(2,181)
(540)
(168)
(41)
(14,440)
(17,370)
Between one and two years
(1,411)
(500)
(222)
(34)
(1,247)
(3,414)
Between two and three years
(723)
(484)
(146)
(29)
(1,593)
(2,975)
Between three and four years
(2,362)
(434)
(109)
(23)
(1,461)
(4,389)
Between four and five years
(1,213)
(383)
(73)
(20)
(913)
(2,602)
Between five and ten years
(2,759)
(1,646)
(299)
(53)
(2,318)
(7,075)
Greater than ten years
(5,320)
(1,251)
(85)
(14)
(1,313)
(7,983)
Gross contractual cash flows
(15,969)
(5,238)
(1,102)
(214)
(23,285)
(45,808)
The table below provides an analysis of the anticipated contractual cash flows for the Group\u2019s derivative instruments excluding
equity options which do not give rise to cash flows, and other embedded derivatives, which are not material, using undiscounted
cash flows. Cash flows in foreign currencies are translated using spot rates at 31 December. The gross cash flows of foreign
exchange contracts are presented for the purpose of this table although, in practice, the Group uses standard settlement
arrangements to reduce its liquidity requirements on these instruments.
2025
2024
Gross cash
inflows
Gross cash
outflows
Net cash inflows
Net cash
outflows
Gross cash
inflows
Gross cash
outflows
Net cash
inflows
Net cash
outflows
Foreign
exchange
forward
contracts, swaps
and cross
currency interest
rate swaps
\u00a3m
Foreign exchange
forward contracts,
swaps and cross
currency interest
rate swaps
\u00a3m
Interest rate
swap contracts
\u00a3m
Interest rate
swap
contracts
\u00a3m
Foreign
exchange
forward
contracts and
swaps
\u00a3m
Foreign
exchange
forward
contracts and
swaps
\u00a3m
Interest rate
swap
contracts
\u00a3m
Interest rate
swap
contracts
\u00a3m
Less than one year
29,815
(29,748)
3
\u2013
28,567
(28,634)
\u2013
\u2013
Between one and
two years
1,548
(1,612)
8
(2)
36
(35)
\u2013
\u2013
Between two and
three years
\u2013
\u2013
7
(1)
\u2013
\u2013
\u2013
\u2013
Between three and
four years
\u2013
\u2013
6
\u2013
\u2013
\u2013
\u2013
\u2013
Between four and
five years
\u2013
\u2013
6
\u2013
\u2013
\u2013
\u2013
\u2013
Greater than five
years
\u2013
\u2013
6
(49)
\u2013
\u2013
\u2013
\u2013
Gross contractual
cash flows
31,363
(31,360)
36
(52)
28,603
(28,669)
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-672": { "value": "
Fair value of financial assets and liabilities
excluding lease liabilities
The table on page 252 presents the carrying amounts and the
fair values of the Group\u2019s financial assets and liabilities
excluding lease liabilities at 31\u00a0December 2025 and
31\u00a0December 2024.
The fair values of the financial assets and liabilities are included
at the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market
participants at the measurement date.
The following methods and assumptions are used to measure
the fair values of significant financial instruments carried at fair
value on the balance sheet:
\u2013 Other investments \u2013 equity investments traded in an active
market determined by reference to the relevant stock
exchange quoted bid price; other equity investments
determined by reference to the current market value of
similar instruments, recent financing rounds or the discounted
cash flows of the underlying net assets
\u2013 Trade receivables carried at fair value \u2013 based on invoiced
amount
\u2013 Interest rate swaps, cross currency interest rate swaps, foreign
exchange forward contracts, swaps and options \u2013 based on
the present value of contractual cash \ufb02ows or option
valuation models using market sourced data (for example
exchange rates or interest rates) at the balance sheet date
\u2013 Cash equivalents carried at fair value \u2013 based on net asset
value of the funds
\u2013 Contingent consideration for business acquisitions and
divestments \u2013 based on present value of expected future
cash flows
The following methods and assumptions are used to estimate
the fair values of significant financial instruments which are not
measured at fair value on the balance sheet:
\u2013 Receivables and payables, excluding put options, carried at
amortised cost \u2013 approximates to the carrying amount
\u2013 Payables relating to put options - approximates to the
carrying amount because the Pfizer put option liability is
measured on the gross redemption basis derived from an
internal valuation of the ViiV Healthcare business, utilising a
discounted forecast future cash flow methodology (see Note
28 \u2018Trade and other payables\u2019 for further details)
\u2013 Liquid investments \u2013 approximates to the carrying amount
\u2013 Cash and cash equivalents carried at amortised cost \u2013
approximates to the carrying amount
\u2013 Long-term loans \u2013 based on quoted market prices (a Level 1
fair value measurement) in the case of European and US
Medium Term Notes; approximates to the carrying amount in
the case of\u2008other fixed rate borrowings and floating rate bank
loans
\u2013 Short-term loans, overdrafts and commercial paper \u2013
approximates to the carrying amount because of the short
maturity of these instruments
2025
2024
Notes
Carrying
amount
\u00a3m
Fair
value
\u00a3m
Carrying
amount
\u00a3m
Fair
value
\u00a3m
Financial assets measured at amortised cost:
Other non-current assets
b
2
2
5
5
Trade and other receivables
b
4,091
4,091
3,733
3,733
Liquid investments
9
9
21
21
Cash and cash equivalents
1,604
1,604
2,590
2,590
Financial assets measured at fair value through other comprehensive
income:
Other investments designated at FVTOCI
a
788
788
843
843
Trade and other receivables
a,b
2,346
2,346
2,163
2,163
Financial assets mandatorily measured at fair value through profit or loss:
Current equity investments and other investments
a
249
249
257
257
Other non-current assets
a,b
14
14
31
31
Trade and other receivables
a,b
56
56
53
53
Held for trading derivatives that are not in a designated and
effective hedging relationship
a,d,e
15
15
75
75
Cash and cash equivalents
a
1,793
1,793
1,280
1,280
Derivatives designated and effective as hedging instruments (fair value
movements through other comprehensive income)
a,d,e
106
106
35
35
Total financial assets
11,073
11,073
11,086
11,086
Financial liabilities measured at amortised cost:
Borrowings excluding obligations under lease liabilities:
\u2013\u00a0 bonds in a designated hedging relationship
d
(6,524)
(6,388)
(5,346)
(5,278)
\u2013\u00a0 other bonds
(8,973)
(9,104)
(9,774)
(9,597)
\u2013\u00a0 bank loans and overdrafts
(314)
(314)
(762)
(762)
\u2013\u00a0 commercial paper in a designated hedging relationship
\u2013
\u2013
\u2013
\u2013
\u2013\u00a0 other commercial paper
(1,078)
(1,078)
\u2013
\u2013
\u2013\u00a0 other borrowings
(1)
(1)
(2)
(2)
Total borrowings excluding lease liabilities
f
(16,890)
(16,885)
(15,884)
(15,639)
Trade and other payables
c
(13,185)
(13,185)
(13,160)
(13,160)
Other provisions
c
(306)
(306)
(182)
(182)
Other non-current liabilities
c
(13)
(13)
(46)
(46)
Financial liabilities mandatorily measured at fair value through profit or loss:
Contingent consideration liabilities
a,c
(6,733)
(6,733)
(7,280)
(7,280)
Held for trading derivatives that are not in a designated and
\u00a0 effective hedging relationship
a,d,e
(54)
(54)
(35)
(35)
Derivatives designated and effective as hedging instruments (fair value
movements through other comprehensive income)
a,d,e
(88)
(88)
(157)
(157)
Total financial liabilities excluding lease liabilities
(37,269)
(37,264)
(36,744)
(36,499)
Net financial assets and financial liabilities excluding lease liabilities
(26,196)
(26,191)
(25,658)
(25,413)
The valuation methodology used to measure fair value in the above table is described and categorised on page 251.
Trade and other receivables, Other non-current assets, Trade and other payables, Other provisions, Contingent consideration
liabilities and Other non-current liabilities are reconciled to the relevant Notes on pages 254 to 255.
Fair value of investments in GSK shares
At 31\u00a0December 2025, the Employee Share Ownership Plan (ESOP) Trusts held GSK shares with a carrying amount of \u00a3282 million
(2024: \u00a3397 million) and a market value of \u00a31,147 million (2024: \u00a3866 million) based on quoted market price. The shares are held by
the ESOP Trusts to satisfy future exercises of options and awards under employee incentive schemes. In 2025, the carrying amount,
which is the lower of cost or expected proceeds, of these shares has been recognised as a deduction from other reserves. At
31\u00a0December 2025, GSK held Treasury shares at a cost of \u00a33,948 million (2024: \u00a32,958 million) which has been deducted from
retained earnings.
(a) Financial instruments held at fair value
The following tables categorise the Group\u2019s financial assets and liabilities held at fair value by the valuation methodology applied in
determining their fair value. Where possible, quoted prices in active markets are used (Level 1). Where such prices are not available,
the asset or liability is classified as Level 2, provided all significant inputs to the valuation model used are based on observable
market data. If one or more of the significant inputs to the valuation model is not based on observable market data, the instrument
is classified as Level 3. Other investments classified as Level 3 in the tables below comprise equity investments in unlisted entities
with which the Group has entered into research collaborations and investments which provide access to biotechnology
developments of potential interest.
At 31\u00a0December 2025
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Financial assets at fair value
Financial assets measured at fair value through other comprehensive income:
Other investments designated at FVTOCI
592
\u2013
196
788
Trade and other receivables
\u2013
2,346
\u2013
2,346
Financial assets mandatorily measured at fair value through profit or loss:
Current equity investments and other investments
\u2013
\u2013
249
249
Other non-current assets
\u2013
\u2013
14
14
Trade and other receivables
\u2013
41
15
56
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
15
\u2013
15
Cash and cash equivalents
1,793
\u2013
\u2013
1,793
Derivatives designated and effective as hedging instruments
\u2013
106
\u2013
106
2,385
2,508
474
5,367
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss:
Contingent consideration liabilities
\u2013
\u2013
(6,733)
(6,733)
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
(54)
\u2013
(54)
Derivatives designated and effective as hedging instruments
\u2013
(88)
\u2013
(88)
\u2013
(142)
(6,733)
(6,875)
At 31\u00a0December 2024
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Financial assets at fair value
Financial assets measured at fair value through other comprehensive income:
Other investments designated at FVTOCI
646
\u2013
197
843
Trade and other receivables
\u2013
2,163
\u2013
2,163
Financial assets mandatorily measured at fair value through profit or loss:
Current equity investments and other investments
\u2013
\u2013
257
257
Other non-current assets
\u2013
\u2013
31
31
Trade and other receivables
\u2013
51
2
53
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
75
\u2013
75
Cash and cash equivalents
1,280
\u2013
\u2013
1,280
Derivatives designated and effective as hedging instruments
\u2013
35
\u2013
35
1,926
2,324
487
4,737
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss:
Contingent consideration liabilities
\u2013
\u2013
(7,280)
(7,280)
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
(35)
\u2013
(35)
Derivatives designated and effective as hedging instruments
\u2013
(157)
\u2013
(157)
\u2013
(192)
(7,280)
(7,472)
Movements in the year for financial instruments measured using Level 3 valuation methods are presented below:
2025
\u00a3m
2024
\u00a3m
At 1 January
(6,793)
(6,248)
Exchange adjustments
13
(1)
Net losses recognised in the income statement
(586)
(1,733)
Net losses recognised in other comprehensive income
(30)
(42)
Contingent consideration related to business acquisitions in the period
(280)
(104)
Settlement of contingent consideration liabilities
1,347
1,254
Additions
172
111
Disposals and settlements
(85)
(30)
Transfers from Level 3
(17)
\u2013
At 31 December
(6,259)
(6,793)
Of the total net losses of \u00a3586 million (2024: \u00a31,733 million) attributable to Level 3 financial instruments which were recognised in the
income statement, \u00a3586 million (2024: \u00a31,733 million) were in respect of financial instruments which were held at the end of the year
and were reported in other operating income/expense. Charges of \u00a3649\u00a0million (2024: \u00a31,533\u00a0million) arose from remeasurement of
the contingent consideration payable for the acquisition of the former Shionogi-ViiV Healthcare joint venture. A remeasurement
charge of \u00a3146\u00a0million (2024: \u00a3215 million) arose from remeasurement of the contingent consideration payable for the acquisition of
the Novartis Vaccines business. A gain of \u00a3254\u00a0million (2024: \u00a322 million) arose on the remeasurement of the Affinivax contingent
consideration liability for the year.
Contingent consideration payable for the acquisition of BP Asset IX amounting to \u00a3222\u00a0million was recognised during the year.
Further information on the BP Asset IX acquisition is provided in Note 40, \u2018Acquisitions and disposals\u2019.
There were transfers of \u00a317 million (2024: \u00a3nil) out of Level 3 financial instruments in the year. Movements arising on the translation
of overseas net assets for consolidation into the Group accounts are recorded as exchange adjustments. Net gains and losses
include the impact of other exchange movements.
Financial liabilities measured using Level 3 valuation methods at 31 December 2025 included \u00a35,433\u00a0million (2024: \u00a36,061\u00a0million) in
respect of contingent consideration payable for the acquisition in 2012 of the former Shionogi-ViiV Healthcare joint venture. This
consideration is expected to be paid over a number of years and will vary in line with the future performance of specified products
and movements in certain foreign currencies. A further \u00a3651\u00a0million (2024: \u00a3575\u00a0million) is in respect of contingent consideration for
the acquisition in 2015 of the Novartis Vaccines business. This consideration is expected to be paid over a number of years and will
vary in line with the future performance of specified products, the achievement of certain milestone targets and movements in
certain foreign currencies. Contingent consideration liabilities for the acquisition of Affinivax in 2022 of \u00a3219\u00a0million (2024: \u00a3502
million) and for the acquisition of BP Asset IX during the year of \u00a3231\u00a0million are recognised at 31 December 2025. The consideration
for both Affinivax and BP Asset IX is expected to be paid over a number of years and will vary in line with the achievement of certain
development and regulatory milestones, and movements in the USD/GBP exchange rate. Sensitivity analysis on these liabilities is
provided in Note 32, \u2018Contingent consideration liabilities\u2019.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-675": { "value": "
The fair values of the financial assets and liabilities are included
at the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market
participants at the measurement date.
The following methods and assumptions are used to measure
the fair values of significant financial instruments carried at fair
value on the balance sheet:
\u2013 Other investments \u2013 equity investments traded in an active
market determined by reference to the relevant stock
exchange quoted bid price; other equity investments
determined by reference to the current market value of
similar instruments, recent financing rounds or the discounted
cash flows of the underlying net assets
\u2013 Trade receivables carried at fair value \u2013 based on invoiced
amount
\u2013 Interest rate swaps, cross currency interest rate swaps, foreign
exchange forward contracts, swaps and options \u2013 based on
the present value of contractual cash \ufb02ows or option
valuation models using market sourced data (for example
exchange rates or interest rates) at the balance sheet date
\u2013 Cash equivalents carried at fair value \u2013 based on net asset
value of the funds
\u2013 Contingent consideration for business acquisitions and
divestments \u2013 based on present value of expected future
cash flows
The following methods and assumptions are used to estimate
the fair values of significant financial instruments which are not
measured at fair value on the balance sheet:
\u2013 Receivables and payables, excluding put options, carried at
amortised cost \u2013 approximates to the carrying amount
\u2013 Payables relating to put options - approximates to the
carrying amount because the Pfizer put option liability is
measured on the gross redemption basis derived from an
internal valuation of the ViiV Healthcare business, utilising a
discounted forecast future cash flow methodology (see Note
28 \u2018Trade and other payables\u2019 for further details)
\u2013 Liquid investments \u2013 approximates to the carrying amount
\u2013 Cash and cash equivalents carried at amortised cost \u2013
approximates to the carrying amount
\u2013 Long-term loans \u2013 based on quoted market prices (a Level 1
fair value measurement) in the case of European and US
Medium Term Notes; approximates to the carrying amount in
the case of\u2008other fixed rate borrowings and floating rate bank
loans
\u2013 Short-term loans, overdrafts and commercial paper \u2013
approximates to the carrying amount because of the short
maturity of these instruments
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-679": { "value": "
(a) Financial instruments held at fair value
The following tables categorise the Group\u2019s financial assets and liabilities held at fair value by the valuation methodology applied in
determining their fair value. Where possible, quoted prices in active markets are used (Level 1). Where such prices are not available,
the asset or liability is classified as Level 2, provided all significant inputs to the valuation model used are based on observable
market data. If one or more of the significant inputs to the valuation model is not based on observable market data, the instrument
is classified as Level 3. Other investments classified as Level 3 in the tables below comprise equity investments in unlisted entities
with which the Group has entered into research collaborations and investments which provide access to biotechnology
developments of potential interest.
At 31\u00a0December 2025
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Financial assets at fair value
Financial assets measured at fair value through other comprehensive income:
Other investments designated at FVTOCI
592
\u2013
196
788
Trade and other receivables
\u2013
2,346
\u2013
2,346
Financial assets mandatorily measured at fair value through profit or loss:
Current equity investments and other investments
\u2013
\u2013
249
249
Other non-current assets
\u2013
\u2013
14
14
Trade and other receivables
\u2013
41
15
56
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
15
\u2013
15
Cash and cash equivalents
1,793
\u2013
\u2013
1,793
Derivatives designated and effective as hedging instruments
\u2013
106
\u2013
106
2,385
2,508
474
5,367
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss:
Contingent consideration liabilities
\u2013
\u2013
(6,733)
(6,733)
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
(54)
\u2013
(54)
Derivatives designated and effective as hedging instruments
\u2013
(88)
\u2013
(88)
\u2013
(142)
(6,733)
(6,875)
At 31\u00a0December 2024
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Financial assets at fair value
Financial assets measured at fair value through other comprehensive income:
Other investments designated at FVTOCI
646
\u2013
197
843
Trade and other receivables
\u2013
2,163
\u2013
2,163
Financial assets mandatorily measured at fair value through profit or loss:
Current equity investments and other investments
\u2013
\u2013
257
257
Other non-current assets
\u2013
\u2013
31
31
Trade and other receivables
\u2013
51
2
53
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
75
\u2013
75
Cash and cash equivalents
1,280
\u2013
\u2013
1,280
Derivatives designated and effective as hedging instruments
\u2013
35
\u2013
35
1,926
2,324
487
4,737
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss:
Contingent consideration liabilities
\u2013
\u2013
(7,280)
(7,280)
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
(35)
\u2013
(35)
Derivatives designated and effective as hedging instruments
\u2013
(157)
\u2013
(157)
\u2013
(192)
(7,280)
(7,472)
Movements in the year for financial instruments measured using Level 3 valuation methods are presented below:
2025
\u00a3m
2024
\u00a3m
At 1 January
(6,793)
(6,248)
Exchange adjustments
13
(1)
Net losses recognised in the income statement
(586)
(1,733)
Net losses recognised in other comprehensive income
(30)
(42)
Contingent consideration related to business acquisitions in the period
(280)
(104)
Settlement of contingent consideration liabilities
1,347
1,254
Additions
172
111
Disposals and settlements
(85)
(30)
Transfers from Level 3
(17)
\u2013
At 31 December
(6,259)
(6,793)
Of the total net losses of \u00a3586 million (2024: \u00a31,733 million) attributable to Level 3 financial instruments which were recognised in the
income statement, \u00a3586 million (2024: \u00a31,733 million) were in respect of financial instruments which were held at the end of the year
and were reported in other operating income/expense. Charges of \u00a3649\u00a0million (2024: \u00a31,533\u00a0million) arose from remeasurement of
the contingent consideration payable for the acquisition of the former Shionogi-ViiV Healthcare joint venture. A remeasurement
charge of \u00a3146\u00a0million (2024: \u00a3215 million) arose from remeasurement of the contingent consideration payable for the acquisition of
the Novartis Vaccines business. A gain of \u00a3254\u00a0million (2024: \u00a322 million) arose on the remeasurement of the Affinivax contingent
consideration liability for the year.
Contingent consideration payable for the acquisition of BP Asset IX amounting to \u00a3222\u00a0million was recognised during the year.
Further information on the BP Asset IX acquisition is provided in Note 40, \u2018Acquisitions and disposals\u2019.
There were transfers of \u00a317 million (2024: \u00a3nil) out of Level 3 financial instruments in the year. Movements arising on the translation
of overseas net assets for consolidation into the Group accounts are recorded as exchange adjustments. Net gains and losses
include the impact of other exchange movements.
Financial liabilities measured using Level 3 valuation methods at 31 December 2025 included \u00a35,433\u00a0million (2024: \u00a36,061\u00a0million) in
respect of contingent consideration payable for the acquisition in 2012 of the former Shionogi-ViiV Healthcare joint venture. This
consideration is expected to be paid over a number of years and will vary in line with the future performance of specified products
and movements in certain foreign currencies. A further \u00a3651\u00a0million (2024: \u00a3575\u00a0million) is in respect of contingent consideration for
the acquisition in 2015 of the Novartis Vaccines business. This consideration is expected to be paid over a number of years and will
vary in line with the future performance of specified products, the achievement of certain milestone targets and movements in
certain foreign currencies. Contingent consideration liabilities for the acquisition of Affinivax in 2022 of \u00a3219\u00a0million (2024: \u00a3502
million) and for the acquisition of BP Asset IX during the year of \u00a3231\u00a0million are recognised at 31 December 2025. The consideration
for both Affinivax and BP Asset IX is expected to be paid over a number of years and will vary in line with the achievement of certain
development and regulatory milestones, and movements in the USD/GBP exchange rate. Sensitivity analysis on these liabilities is
provided in Note 32, \u2018Contingent consideration liabilities\u2019.
(b) Trade and other receivables and Other non-current assets in scope of IFRS 9
The following table reconciles financial instruments within Trade and other receivables and Other non-current assets which fall
within the scope of IFRS 9 to the relevant balance sheet amounts. The financial assets are predominantly non-interest earning. Non-
financial instruments include tax receivables, amounts receivable under insurance contracts, pension surplus balances and
prepayments, which are outside the scope of IFRS 9.
2025
2024
At
FVTPL
\u00a3m
At
FVTOCI
\u00a3m
Amortised
cost
\u00a3m
Financial
instruments
\u00a3m
Non-
financial
instruments
\u00a3m
Total
\u00a3m
At
FVTPL
\u00a3m
At
FVTOCI
\u00a3m
Amortised
cost
\u00a3m
Financial
instruments
\u00a3m
Non-
financial
instruments
\u00a3m
Total
\u00a3m
Trade and other
\u00a0 receivables (Note 25)
56
2,346
4,091
6,493
978
7,471
53
2,163
3,733
5,949
887
6,836
Other non-current assets
\u00a0 (Note 23)
14
\u2013
2
16
2,132
2,148
31
\u2013
5
36
1,906
1,942
70
2,346
4,093
6,509
3,110
9,619
84
2,163
3,738
5,985
2,793
8,778
Trade and other receivables include trade receivables of \u00a35,913\u00a0million (2024: \u00a35,563\u00a0million). The Group has portfolios in each of
the three business models under IFRS 9: \u00a341 million (2024: \u00a351 million), measured at FVTPL, is held to sell the contractual cash flows
as the receivables will be sold under a factoring arrangement, \u00a32,346 million (2024: \u00a32,163 million), measured at FVTOCI, is held to
either collect or sell the contractual cash flows as the receivables may be sold under a factoring agreement, and \u00a33,526 million
(2024: \u00a33,349 million), measured at amortised cost, is held to collect the contractual cash flows and there is no factoring agreement
in place.
\"\"
(c) Trade and other payables, Other provisions, Contingent consideration liabilities and Other non-
current liabilities in scope of IFRS 9
The following table reconciles financial instruments within Trade and other payables, Other provisions, Contingent consideration
liabilities and Other non-current liabilities which fall within the scope of IFRS 9 to the relevant balance sheet amounts. The financial
liabilities are predominantly non-interest bearing. Non-financial instruments include payments on account, tax and social security
payables and provisions which do not arise from contractual obligations to deliver cash or another financial asset, which are outside
the scope of IFRS 9.
2025
2024
At FVTPL
\u00a3m
Amortised
cost
\u00a3m
Financial
instruments
\u00a3m
Non-
financial
instruments
\u00a3m
Total
\u00a3m
At FVTPL
\u00a3m
Amortised
cost
\u00a3m
Financial
instruments
\u00a3m
Non-
financial
instruments
\u00a3m
Total
\u00a3m
Trade and other payables
\u00a0 (Note 28)
\u2013
(13,185)
(13,185)
(2,196)
(15,381)
\u2013
(13,160)
(13,160)
(2,175)
(15,335)
Other provisions
\u00a0 (Note 31)
\u2013
(306)
(306)
(1,242)
(1,548)
\u2013
(182)
(182)
(2,353)
(2,535)
Contingent consideration
\u00a0 liabilities (Note 32)
(6,733)
\u2013
(6,733)
\u2013
(6,733)
(7,280)
\u2013
(7,280)
\u2013
(7,280)
Other non-current liabilities
\u00a0 (Note 33)
\u2013
(13)
(13)
(1,010)
(1,023)
\u2013
(46)
(46)
(1,054)
(1,100)
(6,733)
(13,504)
(20,237)
(4,448)
(24,685)
(7,280)
(13,388)
(20,668)
(5,582)
(26,250)
(d) Derivative financial instruments and hedging programmes
Derivatives are only used for economic hedging purposes and not as speculative investments and are measured at FVTPL, other
than designated and effective hedging instruments. Derivatives are presented as current assets or liabilities if they are expected to
be settled within 12 months after the end of the reporting period, otherwise they are classified as non-current. The Group has the
following derivative financial instruments:
2025
Fair value
2024
Fair value
Assets
\u00a3m
Liabilities
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Non-current:
Net investment hedges \u2013 Cross currency interest rate swaps
\u00a0 (net principal amount \u2013 \u00a3807 million (2024: \u00a3nil))
\u2013
(24)
\u2013
\u2013
Cash flow hedges \u2013 Cross currency interest rate swaps
\u00a0 (net principal amount \u2013 \u00a3743 million (2024: \u00a3nil))
\u2013
(42)
\u2013
\u2013
Fair value hedges \u2013 Interest rate swaps
\u00a0 (net principal amount \u2013 \u00a3849 million (2024: \u00a3nil))
\u2013
(1)
\u2013
\u2013
Cash flow hedges \u2013 Interest rate swaps
\u00a0 (net principal amount \u2013 \u00a3849 million (2024: \u00a3nil))
\u2013
\u2013
\u2013
\u2013
Current:
Net investment hedges \u2013 Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a314,720\u00a0million (2024: \u00a313,206\u00a0million)) 1
106
(21)
35
(157)
Derivatives designated and effective as hedging instruments
106
(88)
35
(157)
Non-current:
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a3nil (2024: \u00a335 million ))
\u2013
\u2013
1
\u2013
Current:
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a39,884\u00a0million (2024: \u00a38,676\u00a0million ))
15
(54)
73
(35)
Embedded and other derivatives
\u2013
\u2013
1
\u2013
Derivatives classified as held for trading
15
(54)
75
(35)
Total derivative instruments
121
(142)
110
(192)
(1) Includes options with net principal amount EUR 1 billion (2024: EUR 1.25 billion).
Fair value hedges
At 31\u00a0December 2025, the Group had designated interest rate swaps as fair value hedges as mentioned below in the Interest rate
risk section. At 31\u00a0December 2024, the Group had no designated fair value hedges.
Net investment hedges
At 31\u00a0December 2025, certain foreign exchange contracts were designated as net investment hedges in respect of the foreign
currency translation risk arising on consolidation of the Group\u2019s net investment in its European (Euro), American (USD), Singaporean
(SGD), Canadian (CAD), Chinese (CNH), Swiss Franc (CHF) and Japanese (JPY) foreign operations as shown in the table below.
Additionally, the Group had entered into cross currency interest rate swaps which were designated as net investment hedges and
cash flow hedges.
The carrying amount of bonds on page 252 included \u00a34,944\u00a0million (2024: \u00a35,346\u00a0million) that were designated as hedging
instruments in net investment hedges.
Cash flow hedges
During 2024 and 2025, the Group entered into forward foreign exchange contracts which have been designated as cash flow
hedges. These were entered into to hedge the foreign exchange exposure arising on cash flows from Euro denominated coupon
payments relating to notes issued under the Group\u2019s European Medium Term Note programme, and to hedge foreign currency
payments due on acquisitions, and collaboration or licensing arrangements.
As mentioned above, some of the cross currency interest rate swaps entered into in 2025 were designated as cash flow hedges.
The Group manages its cash flow interest rate risk by using floating-to-fixed interest rate swaps. In addition, the Group carries a
balance in reserves that arose from pre-hedging fluctuations in long-term interest rates when pricing bonds issued in prior years
and in the current year. The balance is reclassified to finance costs over the life of these bonds.
Foreign exchange risk
In the current year, the Group has designated certain foreign exchange forward contracts and swaps as cash flow and net
investment hedges. Additionally, the Group has entered into cross currency interest rate swaps which are designated as (a) cash
flow hedges of foreign exchange and interest rate risk (floating USD to fixed GBP), (b) net investment hedges as mentioned above
(fixed GBP to fixed EUR), and (c) cash flow hedges of foreign exchange risk (fixed USD to fixed GBP). Foreign exchange derivative
financial assets and liabilities are presented in the line \u2018Derivative financial instruments\u2019 (either as assets or liabilities) on the
consolidated balance sheet. The following tables detail the foreign exchange forward contracts and swaps outstanding at the end
of the reporting period, as well as information on the related hedged items.
Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness
assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The Group enters
into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item, and so
a qualitative assessment of effectiveness is performed. If changes in circumstances affect the terms of the hedged item such that
the critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical
derivative method to assess effectiveness.
The main source of hedge ineffectiveness in these hedging relationships is the effect of the counterparty and the Group\u2019s own credit
risk on the fair value of the foreign exchange forward contracts and swaps, which is not reflected in the fair value of the hedged
item attributable to changes in foreign exchange rates. In 2024 another source of ineffectiveness emerged from these hedging
relationships namely the principal amount of USD net investment hedges exceeded the hedged item for a period of ten days owing
to an adjustment to the USD net assets of the Group because of a change in the provision for the Zantac litigation between
quarters but after the financial instruments were entered into with the counterparty. The ineffectiveness recorded for this period was
\u00a3nil (2024: \u00a315\u00a0million). No ineffectiveness was recorded from cash flow hedges in 2025 (2024: \u00a3nil). No other ineffectiveness was
recorded from net investment hedges in 2025 (2024: \u00a3nil).
In 2025, the movement in the time value of options recognised in reserves is \u00a34 million credit\u00a0(2024: \u00a34 million charge) and is
accounted for as a cost of hedging.
2025
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
amount
\u00a3m
Periodic
change in
value for
calculating
hedge
ineffectiveness
\u00a3m
Cash flow hedges:
Cross currency interest rate swaps
Buy foreign currency:
Over 12 months
1.29
USD
743
(42)
(42)
2025
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
amount
\u00a3m
Periodic
change in
value for
calculating
hedge
ineffectiveness
\u00a3m
Net investment hedges:
Foreign exchange contracts:
Sell foreign currency:
Less than 3 months
1.14
EUR
8,669
18
(410)
210.89
JPY
47
\u2013
5
1.33
USD
4,437
43
216
8.77
CNH
60
4
2
3 to 6 months
1.28
USD
223
12
12
Over 6 months
1.82
CAD
285
\u2013
7
1.69
SGD
61
\u2013
3
1.33
USD
735
8
8
9.33
CNH
123
(1)
(2)
1.02
CHF
80
1
\u2013
Cross currency swaps
Over 12 months
1.19
EUR
807
(24)
(30)
Borrowings:
Less than 3 months
EUR
\u2013
\u2013
(31)
3 to 6 months
EUR
873
(873)
(43)
Over 6 months
JPY
202
(201)
14
EUR
3,885
(3,870)
(188)
20,487
(4,883)
(437)
2025
Hedged items
Periodic change in value
for calculating hedge
ineffectiveness
\u00a3m
Cumulative balance in cash
flow hedge reserve/foreign
currency translation reserve
for continuing hedges
\u00a3m
Balance in cash flow hedge
reserve arising from hedging
relationships for which hedge
accounting is no longer
applied
\u00a3m
Cash flow hedges:
Variability in cash flows from foreign exchange exposure and
interest rate risk arising on US Dollar denominated floating
debt issued
28
4
\u2013
Variability in cash flows from foreign exchange exposure and
interest rate risk arising on US Dollar denominated fixed debt
issued
14
\u2013
\u2013
Net investment hedges:
Net investment in foreign operations
437
(648)
\u2013
2024
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
amount
\u00a3m
Periodic
change in
value for
calculating
hedge
ineffectiveness
\u00a3m
Net investment hedges:
Foreign exchange contracts:
Sell foreign currency:
Less than 3 months
1.20
EUR
8,201
19
359
197.82
JPY
84
(1)
13
1.29
USD
2,417
(66)
(56)
9.26
CNH
61
(1)
(1)
3 to 6 months
1.31
USD
1,827
(75)
(75)
Over 6 months
1.76
CAD
244
2
17
1.67
SGD
164
\u2013
3
1.17
EUR
208
\u2013
1
Borrowings:
Less than 3 months
EUR
\u2013
\u2013
42
3 to 6 months
EUR
623
(622)
28
Over 6 months
JPY
216
(216)
19
EUR
4,524
(4,508)
157
18,569
(5,468)
507
2024
Hedged items
Periodic change in value
for calculating hedge
ineffectiveness
\u00a3m
Cumulative balance in cash
flow hedge reserve/foreign
currency translation reserve
for continuing hedges
\u00a3m
Balance in cash flow hedge
reserve arising from hedging
relationships for which hedge
accounting is no longer applied
\u00a3m
Net investment hedges:
Net investment in foreign operations
(522)
(208)
\u2013
\u00a3nil (2024: \u00a3nil) of balances in the cash flow hedge reserve arise from hedging relationships for which hedge accounting is no
longer applied.
The following table details the effectiveness of the hedging relationships and the amounts reclassified from the hedging reserve to
profit or loss:
2025
Amount reclassified to profit or loss
Amount transferred to balance sheet
via basis adjustment
Hedging
gains/(losses)
recognised in
reserves
\u00a3m
Amount
of hedge
ineffectiveness
recognised in
profit or loss
\u00a3m
Line item
in profit or
loss in
which hedge
ineffectiveness
is included
Hedged
future cash
flows
no longer
expected to
occur
\u00a3m
Due to
hedged item
affecting
profit or loss
\u00a3m
Line item in
profit or loss
in which
reclassification
adjustment
is included
Due to hedged
item affecting
balance sheet
\u00a3m
Line item
in balance
sheet in which
reclassification
adjustment
is included
Cash flow hedges:
Variability in cash flows from
foreign exchange exposure
and interest rate risk arising on
US Dollar denominated
floating debt issued
(23)
\u2013
Finance
income or
expense
\u2013
20
Other
income or
expense
\u2013
\u2013
Variability in cash flows from
foreign exchange exposure
and interest rate risk arising on
US Dollar denominated fixed
debt issued
(14)
\u2013
Finance
income or
expense
\u2013
13
Other
income or
expense
\u2013
\u2013
Net investment hedges:
Net investment in foreign
operations
(437)
\u2013
Finance
income
\u2013
3
Other
income or
expense
\u2013
\u2013
Time value of options
4
\u2013
Finance
income or
expense
\u2013
\u2013
Other
income or
expense
\u2013
\u2013
\u2013
2024
Amount reclassified to profit or loss
Amount transferred to balance sheet
via basis adjustment
Hedging
gains/(losses)
recognised in
reserves
\u00a3m
Amount
of hedge
ineffectiveness
recognised in
profit or loss
\u00a3m
Line item
in profit or
loss in
which hedge
ineffectiveness
is included
Hedged
future cash
flows
no longer
expected to
occur
\u00a3m
Due to
hedged item
affecting
profit or loss
\u00a3m
Line item in
profit or loss
in which
reclassification
adjustment
is included
Due to hedged
item affecting
balance sheet
\u00a3m
Line item
in balance
sheet in which
reclassification
adjustment
is included
Cash flow hedges:
Variability in cash flows from
a highly probable forecast
transaction
8
\u2013
Finance
income or
expense
\u2013
\u2013
\u2013
(6)
Intangible
assets
Net investment hedges:
Net investment in foreign
operations
522
(15)
Finance
income
\u2013
5
Other
income or
expense
\u2013
\u2013
Time value of options
(4)
\u2013
Finance
income or
expense
\u2013
\u2013
Other
income or
expense
\u2013
\u2013
\u2013
Interest rate risk
The Group manages its cash flow interest rate risk by using floating-to-fixed interest rate swaps, where at quarterly intervals the
difference between fixed contract rates and floating rate interest amounts calculated by reference to the agreed notional principal
amounts are exchanged.
During 2025, cross currency interest rate swaps were entered into, as mentioned above in the Foreign exchange risk section. The
floating USD to fixed GBP leg of these were hedges of interest rate risk.
There were no cross currency interest rate swaps or interest rate swaps outstanding at 31\u00a0December 2024.
Additionally, interest rate swaps were entered into in 2025 to minimise the interest cost of existing debt. This involved entering into
fixed GBP to floating GBP swaps (designated as fair value hedges) for the full remaining life of the bonds and floating GBP to fixed
GBP (designated as cash flow hedges) for a period of five years.
The only other impact on these financial statements of interest rate swaps is where the interest rate risk on an element of future debt
issuance has been managed by entering into forward starting interest rate swaps, effectively to lock in the interest rates on the debt
in advance. These were closed out at the time of issuing the debt, and the resulting gain or loss held in the cash flow hedge reserve
and reclassified to income statement as the interest payments on the debt impacted the income statement.
Forward starting interest rate swaps
Forward starting interest rate contracts, exchanging floating interest for fixed interest, were designated as cash flow hedges to
hedge the interest variability of the interest cash flows associated with future fixed rate debt.
Interest rate swaps
Interest rate swap contract assets and liabilities are presented (when applicable) in the line \u2018Derivative financial instruments\u2019 (either
as assets or liabilities) on the consolidated balance sheet.
\u00a316 million (2024: \u00a316 million) of balances in the cash flow hedge reserve arise from hedge relationships for which hedge accounting
is no longer applied.
The following tables provide information regarding interest rate swaps and the related hedged items at 31 December 2025. There
were none at 31 December 2024.
2025
Hedging instruments
Average
contracted fixed
rate %
Notional
principal value
\u00a3m
Change in fair
value for
recognising
hedge
ineffectiveness
Fair value
assets/
(liabilities)
Cash flow hedges:
1-5 years
3.67%
371
\u2013
\u2013
5-10 years
3.70%
478
\u2013
\u2013
Fair value hedges:
10-30 years
4.37%
849
(1)
(1)
2025
Hedged items
Change in fair
value for
recognising
hedge
ineffectiveness
Balance in cash
flow hedge
reserve for
continuing
hedges
Variability in fair value of the Sterling external debt attributable to changes in Sterling
interest rates
1
\u2013
The following table details the effectiveness of the hedging relationships and the amounts reclassified from the hedging reserve to
profit or loss:
2025
Amount reclassified to profit or loss
Hedging
gains/(losses)
recognised in
reserves
\u00a3m
Amount
of hedge
ineffectiveness
recognised
in profit or loss
\u00a3m
Line item
in profit or
loss in
which hedge
ineffectiveness
is included
Due to
hedged future
cash flows
no longer
expected to
occur
\u00a3m
Due to
hedged item
affecting
profit or loss
\u00a3m
Line item
in profit or loss
in which
reclassification
adjustment
is included
Cash flow hedges:
Pre-hedging of long-term interest rates:
Matured in the past
(3)
\u2013
Finance
income or
expense
\u2013
4
Finance
income or
expense
2024
Amount reclassified to profit or loss
Hedging
gains/(losses)
recognised in
reserves
\u00a3m
Amount
of hedge
ineffectiveness
recognised in
profit or loss
\u00a3m
Line item
in profit or
loss in
which hedge
ineffectiveness is
included
Due to
hedged future
cash flows
no longer
expected to
occur
\u00a3m
Due to
hedged item
affecting
profit or loss
\u00a3m
Line item
in profit or loss in
which
reclassification
adjustment
is included
Cash flow hedges:
Pre-hedging of long-term interest rates:
Matured in the past
\u2013
\u2013
Finance
income or
expense
\u2013
4
Finance
income or
expense
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-678": { "value": "
(a) Financial instruments held at fair value
The following tables categorise the Group\u2019s financial assets and liabilities held at fair value by the valuation methodology applied in
determining their fair value. Where possible, quoted prices in active markets are used (Level 1). Where such prices are not available,
the asset or liability is classified as Level 2, provided all significant inputs to the valuation model used are based on observable
market data. If one or more of the significant inputs to the valuation model is not based on observable market data, the instrument
is classified as Level 3. Other investments classified as Level 3 in the tables below comprise equity investments in unlisted entities
with which the Group has entered into research collaborations and investments which provide access to biotechnology
developments of potential interest.
At 31\u00a0December 2025
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Financial assets at fair value
Financial assets measured at fair value through other comprehensive income:
Other investments designated at FVTOCI
592
\u2013
196
788
Trade and other receivables
\u2013
2,346
\u2013
2,346
Financial assets mandatorily measured at fair value through profit or loss:
Current equity investments and other investments
\u2013
\u2013
249
249
Other non-current assets
\u2013
\u2013
14
14
Trade and other receivables
\u2013
41
15
56
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
15
\u2013
15
Cash and cash equivalents
1,793
\u2013
\u2013
1,793
Derivatives designated and effective as hedging instruments
\u2013
106
\u2013
106
2,385
2,508
474
5,367
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss:
Contingent consideration liabilities
\u2013
\u2013
(6,733)
(6,733)
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
(54)
\u2013
(54)
Derivatives designated and effective as hedging instruments
\u2013
(88)
\u2013
(88)
\u2013
(142)
(6,733)
(6,875)
At 31\u00a0December 2024
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Financial assets at fair value
Financial assets measured at fair value through other comprehensive income:
Other investments designated at FVTOCI
646
\u2013
197
843
Trade and other receivables
\u2013
2,163
\u2013
2,163
Financial assets mandatorily measured at fair value through profit or loss:
Current equity investments and other investments
\u2013
\u2013
257
257
Other non-current assets
\u2013
\u2013
31
31
Trade and other receivables
\u2013
51
2
53
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
75
\u2013
75
Cash and cash equivalents
1,280
\u2013
\u2013
1,280
Derivatives designated and effective as hedging instruments
\u2013
35
\u2013
35
1,926
2,324
487
4,737
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss:
Contingent consideration liabilities
\u2013
\u2013
(7,280)
(7,280)
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
(35)
\u2013
(35)
Derivatives designated and effective as hedging instruments
\u2013
(157)
\u2013
(157)
\u2013
(192)
(7,280)
(7,472)
(d) Derivative financial instruments and hedging programmes
Derivatives are only used for economic hedging purposes and not as speculative investments and are measured at FVTPL, other
than designated and effective hedging instruments. Derivatives are presented as current assets or liabilities if they are expected to
be settled within 12 months after the end of the reporting period, otherwise they are classified as non-current. The Group has the
following derivative financial instruments:
2025
Fair value
2024
Fair value
Assets
\u00a3m
Liabilities
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Non-current:
Net investment hedges \u2013 Cross currency interest rate swaps
\u00a0 (net principal amount \u2013 \u00a3807 million (2024: \u00a3nil))
\u2013
(24)
\u2013
\u2013
Cash flow hedges \u2013 Cross currency interest rate swaps
\u00a0 (net principal amount \u2013 \u00a3743 million (2024: \u00a3nil))
\u2013
(42)
\u2013
\u2013
Fair value hedges \u2013 Interest rate swaps
\u00a0 (net principal amount \u2013 \u00a3849 million (2024: \u00a3nil))
\u2013
(1)
\u2013
\u2013
Cash flow hedges \u2013 Interest rate swaps
\u00a0 (net principal amount \u2013 \u00a3849 million (2024: \u00a3nil))
\u2013
\u2013
\u2013
\u2013
Current:
Net investment hedges \u2013 Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a314,720\u00a0million (2024: \u00a313,206\u00a0million)) 1
106
(21)
35
(157)
Derivatives designated and effective as hedging instruments
106
(88)
35
(157)
Non-current:
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a3nil (2024: \u00a335 million ))
\u2013
\u2013
1
\u2013
Current:
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a39,884\u00a0million (2024: \u00a38,676\u00a0million ))
15
(54)
73
(35)
Embedded and other derivatives
\u2013
\u2013
1
\u2013
Derivatives classified as held for trading
15
(54)
75
(35)
Total derivative instruments
121
(142)
110
(192)
(1) Includes options with net principal amount EUR 1 billion (2024: EUR 1.25 billion).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-677": { "value": "
(a) Financial instruments held at fair value
The following tables categorise the Group\u2019s financial assets and liabilities held at fair value by the valuation methodology applied in
determining their fair value. Where possible, quoted prices in active markets are used (Level 1). Where such prices are not available,
the asset or liability is classified as Level 2, provided all significant inputs to the valuation model used are based on observable
market data. If one or more of the significant inputs to the valuation model is not based on observable market data, the instrument
is classified as Level 3. Other investments classified as Level 3 in the tables below comprise equity investments in unlisted entities
with which the Group has entered into research collaborations and investments which provide access to biotechnology
developments of potential interest.
At 31\u00a0December 2025
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Financial assets at fair value
Financial assets measured at fair value through other comprehensive income:
Other investments designated at FVTOCI
592
\u2013
196
788
Trade and other receivables
\u2013
2,346
\u2013
2,346
Financial assets mandatorily measured at fair value through profit or loss:
Current equity investments and other investments
\u2013
\u2013
249
249
Other non-current assets
\u2013
\u2013
14
14
Trade and other receivables
\u2013
41
15
56
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
15
\u2013
15
Cash and cash equivalents
1,793
\u2013
\u2013
1,793
Derivatives designated and effective as hedging instruments
\u2013
106
\u2013
106
2,385
2,508
474
5,367
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss:
Contingent consideration liabilities
\u2013
\u2013
(6,733)
(6,733)
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
(54)
\u2013
(54)
Derivatives designated and effective as hedging instruments
\u2013
(88)
\u2013
(88)
\u2013
(142)
(6,733)
(6,875)
At 31\u00a0December 2024
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Financial assets at fair value
Financial assets measured at fair value through other comprehensive income:
Other investments designated at FVTOCI
646
\u2013
197
843
Trade and other receivables
\u2013
2,163
\u2013
2,163
Financial assets mandatorily measured at fair value through profit or loss:
Current equity investments and other investments
\u2013
\u2013
257
257
Other non-current assets
\u2013
\u2013
31
31
Trade and other receivables
\u2013
51
2
53
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
75
\u2013
75
Cash and cash equivalents
1,280
\u2013
\u2013
1,280
Derivatives designated and effective as hedging instruments
\u2013
35
\u2013
35
1,926
2,324
487
4,737
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss:
Contingent consideration liabilities
\u2013
\u2013
(7,280)
(7,280)
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
(35)
\u2013
(35)
Derivatives designated and effective as hedging instruments
\u2013
(157)
\u2013
(157)
\u2013
(192)
(7,280)
(7,472)
(d) Derivative financial instruments and hedging programmes
Derivatives are only used for economic hedging purposes and not as speculative investments and are measured at FVTPL, other
than designated and effective hedging instruments. Derivatives are presented as current assets or liabilities if they are expected to
be settled within 12 months after the end of the reporting period, otherwise they are classified as non-current. The Group has the
following derivative financial instruments:
2025
Fair value
2024
Fair value
Assets
\u00a3m
Liabilities
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Non-current:
Net investment hedges \u2013 Cross currency interest rate swaps
\u00a0 (net principal amount \u2013 \u00a3807 million (2024: \u00a3nil))
\u2013
(24)
\u2013
\u2013
Cash flow hedges \u2013 Cross currency interest rate swaps
\u00a0 (net principal amount \u2013 \u00a3743 million (2024: \u00a3nil))
\u2013
(42)
\u2013
\u2013
Fair value hedges \u2013 Interest rate swaps
\u00a0 (net principal amount \u2013 \u00a3849 million (2024: \u00a3nil))
\u2013
(1)
\u2013
\u2013
Cash flow hedges \u2013 Interest rate swaps
\u00a0 (net principal amount \u2013 \u00a3849 million (2024: \u00a3nil))
\u2013
\u2013
\u2013
\u2013
Current:
Net investment hedges \u2013 Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a314,720\u00a0million (2024: \u00a313,206\u00a0million)) 1
106
(21)
35
(157)
Derivatives designated and effective as hedging instruments
106
(88)
35
(157)
Non-current:
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a3nil (2024: \u00a335 million ))
\u2013
\u2013
1
\u2013
Current:
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a39,884\u00a0million (2024: \u00a38,676\u00a0million ))
15
(54)
73
(35)
Embedded and other derivatives
\u2013
\u2013
1
\u2013
Derivatives classified as held for trading
15
(54)
75
(35)
Total derivative instruments
121
(142)
110
(192)
(1) Includes options with net principal amount EUR 1 billion (2024: EUR 1.25 billion).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-676": { "value": "
(a) Financial instruments held at fair value
The following tables categorise the Group\u2019s financial assets and liabilities held at fair value by the valuation methodology applied in
determining their fair value. Where possible, quoted prices in active markets are used (Level 1). Where such prices are not available,
the asset or liability is classified as Level 2, provided all significant inputs to the valuation model used are based on observable
market data. If one or more of the significant inputs to the valuation model is not based on observable market data, the instrument
is classified as Level 3. Other investments classified as Level 3 in the tables below comprise equity investments in unlisted entities
with which the Group has entered into research collaborations and investments which provide access to biotechnology
developments of potential interest.
At 31\u00a0December 2025
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Financial assets at fair value
Financial assets measured at fair value through other comprehensive income:
Other investments designated at FVTOCI
592
\u2013
196
788
Trade and other receivables
\u2013
2,346
\u2013
2,346
Financial assets mandatorily measured at fair value through profit or loss:
Current equity investments and other investments
\u2013
\u2013
249
249
Other non-current assets
\u2013
\u2013
14
14
Trade and other receivables
\u2013
41
15
56
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
15
\u2013
15
Cash and cash equivalents
1,793
\u2013
\u2013
1,793
Derivatives designated and effective as hedging instruments
\u2013
106
\u2013
106
2,385
2,508
474
5,367
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss:
Contingent consideration liabilities
\u2013
\u2013
(6,733)
(6,733)
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
(54)
\u2013
(54)
Derivatives designated and effective as hedging instruments
\u2013
(88)
\u2013
(88)
\u2013
(142)
(6,733)
(6,875)
At 31\u00a0December 2024
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Financial assets at fair value
Financial assets measured at fair value through other comprehensive income:
Other investments designated at FVTOCI
646
\u2013
197
843
Trade and other receivables
\u2013
2,163
\u2013
2,163
Financial assets mandatorily measured at fair value through profit or loss:
Current equity investments and other investments
\u2013
\u2013
257
257
Other non-current assets
\u2013
\u2013
31
31
Trade and other receivables
\u2013
51
2
53
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
75
\u2013
75
Cash and cash equivalents
1,280
\u2013
\u2013
1,280
Derivatives designated and effective as hedging instruments
\u2013
35
\u2013
35
1,926
2,324
487
4,737
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss:
Contingent consideration liabilities
\u2013
\u2013
(7,280)
(7,280)
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
(35)
\u2013
(35)
Derivatives designated and effective as hedging instruments
\u2013
(157)
\u2013
(157)
\u2013
(192)
(7,280)
(7,472)
(d) Derivative financial instruments and hedging programmes
Derivatives are only used for economic hedging purposes and not as speculative investments and are measured at FVTPL, other
than designated and effective hedging instruments. Derivatives are presented as current assets or liabilities if they are expected to
be settled within 12 months after the end of the reporting period, otherwise they are classified as non-current. The Group has the
following derivative financial instruments:
2025
Fair value
2024
Fair value
Assets
\u00a3m
Liabilities
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Non-current:
Net investment hedges \u2013 Cross currency interest rate swaps
\u00a0 (net principal amount \u2013 \u00a3807 million (2024: \u00a3nil))
\u2013
(24)
\u2013
\u2013
Cash flow hedges \u2013 Cross currency interest rate swaps
\u00a0 (net principal amount \u2013 \u00a3743 million (2024: \u00a3nil))
\u2013
(42)
\u2013
\u2013
Fair value hedges \u2013 Interest rate swaps
\u00a0 (net principal amount \u2013 \u00a3849 million (2024: \u00a3nil))
\u2013
(1)
\u2013
\u2013
Cash flow hedges \u2013 Interest rate swaps
\u00a0 (net principal amount \u2013 \u00a3849 million (2024: \u00a3nil))
\u2013
\u2013
\u2013
\u2013
Current:
Net investment hedges \u2013 Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a314,720\u00a0million (2024: \u00a313,206\u00a0million)) 1
106
(21)
35
(157)
Derivatives designated and effective as hedging instruments
106
(88)
35
(157)
Non-current:
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a3nil (2024: \u00a335 million ))
\u2013
\u2013
1
\u2013
Current:
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a39,884\u00a0million (2024: \u00a38,676\u00a0million ))
15
(54)
73
(35)
Embedded and other derivatives
\u2013
\u2013
1
\u2013
Derivatives classified as held for trading
15
(54)
75
(35)
Total derivative instruments
121
(142)
110
(192)
(1) Includes options with net principal amount EUR 1 billion (2024: EUR 1.25 billion).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-680": { "value": "
(d) Derivative financial instruments and hedging programmes
Derivatives are only used for economic hedging purposes and not as speculative investments and are measured at FVTPL, other
than designated and effective hedging instruments. Derivatives are presented as current assets or liabilities if they are expected to
be settled within 12 months after the end of the reporting period, otherwise they are classified as non-current. The Group has the
following derivative financial instruments:
2025
Fair value
2024
Fair value
Assets
\u00a3m
Liabilities
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Non-current:
Net investment hedges \u2013 Cross currency interest rate swaps
\u00a0 (net principal amount \u2013 \u00a3807 million (2024: \u00a3nil))
\u2013
(24)
\u2013
\u2013
Cash flow hedges \u2013 Cross currency interest rate swaps
\u00a0 (net principal amount \u2013 \u00a3743 million (2024: \u00a3nil))
\u2013
(42)
\u2013
\u2013
Fair value hedges \u2013 Interest rate swaps
\u00a0 (net principal amount \u2013 \u00a3849 million (2024: \u00a3nil))
\u2013
(1)
\u2013
\u2013
Cash flow hedges \u2013 Interest rate swaps
\u00a0 (net principal amount \u2013 \u00a3849 million (2024: \u00a3nil))
\u2013
\u2013
\u2013
\u2013
Current:
Net investment hedges \u2013 Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a314,720\u00a0million (2024: \u00a313,206\u00a0million)) 1
106
(21)
35
(157)
Derivatives designated and effective as hedging instruments
106
(88)
35
(157)
Non-current:
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a3nil (2024: \u00a335 million ))
\u2013
\u2013
1
\u2013
Current:
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a39,884\u00a0million (2024: \u00a38,676\u00a0million ))
15
(54)
73
(35)
Embedded and other derivatives
\u2013
\u2013
1
\u2013
Derivatives classified as held for trading
15
(54)
75
(35)
Total derivative instruments
121
(142)
110
(192)
(1) Includes options with net principal amount EUR 1 billion (2024: EUR 1.25 billion).
Fair value hedges
At 31\u00a0December 2025, the Group had designated interest rate swaps as fair value hedges as mentioned below in the Interest rate
risk section. At 31\u00a0December 2024, the Group had no designated fair value hedges.
Net investment hedges
At 31\u00a0December 2025, certain foreign exchange contracts were designated as net investment hedges in respect of the foreign
currency translation risk arising on consolidation of the Group\u2019s net investment in its European (Euro), American (USD), Singaporean
(SGD), Canadian (CAD), Chinese (CNH), Swiss Franc (CHF) and Japanese (JPY) foreign operations as shown in the table below.
Additionally, the Group had entered into cross currency interest rate swaps which were designated as net investment hedges and
cash flow hedges.
The carrying amount of bonds on page 252 included \u00a34,944\u00a0million (2024: \u00a35,346\u00a0million) that were designated as hedging
instruments in net investment hedges.
Cash flow hedges
During 2024 and 2025, the Group entered into forward foreign exchange contracts which have been designated as cash flow
hedges. These were entered into to hedge the foreign exchange exposure arising on cash flows from Euro denominated coupon
payments relating to notes issued under the Group\u2019s European Medium Term Note programme, and to hedge foreign currency
payments due on acquisitions, and collaboration or licensing arrangements.
As mentioned above, some of the cross currency interest rate swaps entered into in 2025 were designated as cash flow hedges.
The Group manages its cash flow interest rate risk by using floating-to-fixed interest rate swaps. In addition, the Group carries a
balance in reserves that arose from pre-hedging fluctuations in long-term interest rates when pricing bonds issued in prior years
and in the current year. The balance is reclassified to finance costs over the life of these bonds.
Foreign exchange risk
In the current year, the Group has designated certain foreign exchange forward contracts and swaps as cash flow and net
investment hedges. Additionally, the Group has entered into cross currency interest rate swaps which are designated as (a) cash
flow hedges of foreign exchange and interest rate risk (floating USD to fixed GBP), (b) net investment hedges as mentioned above
(fixed GBP to fixed EUR), and (c) cash flow hedges of foreign exchange risk (fixed USD to fixed GBP). Foreign exchange derivative
financial assets and liabilities are presented in the line \u2018Derivative financial instruments\u2019 (either as assets or liabilities) on the
consolidated balance sheet. The following tables detail the foreign exchange forward contracts and swaps outstanding at the end
of the reporting period, as well as information on the related hedged items.
Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness
assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The Group enters
into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item, and so
a qualitative assessment of effectiveness is performed. If changes in circumstances affect the terms of the hedged item such that
the critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical
derivative method to assess effectiveness.
The main source of hedge ineffectiveness in these hedging relationships is the effect of the counterparty and the Group\u2019s own credit
risk on the fair value of the foreign exchange forward contracts and swaps, which is not reflected in the fair value of the hedged
item attributable to changes in foreign exchange rates. In 2024 another source of ineffectiveness emerged from these hedging
relationships namely the principal amount of USD net investment hedges exceeded the hedged item for a period of ten days owing
to an adjustment to the USD net assets of the Group because of a change in the provision for the Zantac litigation between
quarters but after the financial instruments were entered into with the counterparty. The ineffectiveness recorded for this period was
\u00a3nil (2024: \u00a315\u00a0million). No ineffectiveness was recorded from cash flow hedges in 2025 (2024: \u00a3nil). No other ineffectiveness was
recorded from net investment hedges in 2025 (2024: \u00a3nil).
In 2025, the movement in the time value of options recognised in reserves is \u00a34 million credit\u00a0(2024: \u00a34 million charge) and is
accounted for as a cost of hedging.
2025
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
amount
\u00a3m
Periodic
change in
value for
calculating
hedge
ineffectiveness
\u00a3m
Cash flow hedges:
Cross currency interest rate swaps
Buy foreign currency:
Over 12 months
1.29
USD
743
(42)
(42)
2025
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
amount
\u00a3m
Periodic
change in
value for
calculating
hedge
ineffectiveness
\u00a3m
Net investment hedges:
Foreign exchange contracts:
Sell foreign currency:
Less than 3 months
1.14
EUR
8,669
18
(410)
210.89
JPY
47
\u2013
5
1.33
USD
4,437
43
216
8.77
CNH
60
4
2
3 to 6 months
1.28
USD
223
12
12
Over 6 months
1.82
CAD
285
\u2013
7
1.69
SGD
61
\u2013
3
1.33
USD
735
8
8
9.33
CNH
123
(1)
(2)
1.02
CHF
80
1
\u2013
Cross currency swaps
Over 12 months
1.19
EUR
807
(24)
(30)
Borrowings:
Less than 3 months
EUR
\u2013
\u2013
(31)
3 to 6 months
EUR
873
(873)
(43)
Over 6 months
JPY
202
(201)
14
EUR
3,885
(3,870)
(188)
20,487
(4,883)
(437)
2025
Hedged items
Periodic change in value
for calculating hedge
ineffectiveness
\u00a3m
Cumulative balance in cash
flow hedge reserve/foreign
currency translation reserve
for continuing hedges
\u00a3m
Balance in cash flow hedge
reserve arising from hedging
relationships for which hedge
accounting is no longer
applied
\u00a3m
Cash flow hedges:
Variability in cash flows from foreign exchange exposure and
interest rate risk arising on US Dollar denominated floating
debt issued
28
4
\u2013
Variability in cash flows from foreign exchange exposure and
interest rate risk arising on US Dollar denominated fixed debt
issued
14
\u2013
\u2013
Net investment hedges:
Net investment in foreign operations
437
(648)
\u2013
2024
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
amount
\u00a3m
Periodic
change in
value for
calculating
hedge
ineffectiveness
\u00a3m
Net investment hedges:
Foreign exchange contracts:
Sell foreign currency:
Less than 3 months
1.20
EUR
8,201
19
359
197.82
JPY
84
(1)
13
1.29
USD
2,417
(66)
(56)
9.26
CNH
61
(1)
(1)
3 to 6 months
1.31
USD
1,827
(75)
(75)
Over 6 months
1.76
CAD
244
2
17
1.67
SGD
164
\u2013
3
1.17
EUR
208
\u2013
1
Borrowings:
Less than 3 months
EUR
\u2013
\u2013
42
3 to 6 months
EUR
623
(622)
28
Over 6 months
JPY
216
(216)
19
EUR
4,524
(4,508)
157
18,569
(5,468)
507
2024
Hedged items
Periodic change in value
for calculating hedge
ineffectiveness
\u00a3m
Cumulative balance in cash
flow hedge reserve/foreign
currency translation reserve
for continuing hedges
\u00a3m
Balance in cash flow hedge
reserve arising from hedging
relationships for which hedge
accounting is no longer applied
\u00a3m
Net investment hedges:
Net investment in foreign operations
(522)
(208)
\u2013
\u00a3nil (2024: \u00a3nil) of balances in the cash flow hedge reserve arise from hedging relationships for which hedge accounting is no
longer applied.
The following table details the effectiveness of the hedging relationships and the amounts reclassified from the hedging reserve to
profit or loss:
2025
Amount reclassified to profit or loss
Amount transferred to balance sheet
via basis adjustment
Hedging
gains/(losses)
recognised in
reserves
\u00a3m
Amount
of hedge
ineffectiveness
recognised in
profit or loss
\u00a3m
Line item
in profit or
loss in
which hedge
ineffectiveness
is included
Hedged
future cash
flows
no longer
expected to
occur
\u00a3m
Due to
hedged item
affecting
profit or loss
\u00a3m
Line item in
profit or loss
in which
reclassification
adjustment
is included
Due to hedged
item affecting
balance sheet
\u00a3m
Line item
in balance
sheet in which
reclassification
adjustment
is included
Cash flow hedges:
Variability in cash flows from
foreign exchange exposure
and interest rate risk arising on
US Dollar denominated
floating debt issued
(23)
\u2013
Finance
income or
expense
\u2013
20
Other
income or
expense
\u2013
\u2013
Variability in cash flows from
foreign exchange exposure
and interest rate risk arising on
US Dollar denominated fixed
debt issued
(14)
\u2013
Finance
income or
expense
\u2013
13
Other
income or
expense
\u2013
\u2013
Net investment hedges:
Net investment in foreign
operations
(437)
\u2013
Finance
income
\u2013
3
Other
income or
expense
\u2013
\u2013
Time value of options
4
\u2013
Finance
income or
expense
\u2013
\u2013
Other
income or
expense
\u2013
\u2013
\u2013
2024
Amount reclassified to profit or loss
Amount transferred to balance sheet
via basis adjustment
Hedging
gains/(losses)
recognised in
reserves
\u00a3m
Amount
of hedge
ineffectiveness
recognised in
profit or loss
\u00a3m
Line item
in profit or
loss in
which hedge
ineffectiveness
is included
Hedged
future cash
flows
no longer
expected to
occur
\u00a3m
Due to
hedged item
affecting
profit or loss
\u00a3m
Line item in
profit or loss
in which
reclassification
adjustment
is included
Due to hedged
item affecting
balance sheet
\u00a3m
Line item
in balance
sheet in which
reclassification
adjustment
is included
Cash flow hedges:
Variability in cash flows from
a highly probable forecast
transaction
8
\u2013
Finance
income or
expense
\u2013
\u2013
\u2013
(6)
Intangible
assets
Net investment hedges:
Net investment in foreign
operations
522
(15)
Finance
income
\u2013
5
Other
income or
expense
\u2013
\u2013
Time value of options
(4)
\u2013
Finance
income or
expense
\u2013
\u2013
Other
income or
expense
\u2013
\u2013
\u2013
Interest rate risk
The Group manages its cash flow interest rate risk by using floating-to-fixed interest rate swaps, where at quarterly intervals the
difference between fixed contract rates and floating rate interest amounts calculated by reference to the agreed notional principal
amounts are exchanged.
During 2025, cross currency interest rate swaps were entered into, as mentioned above in the Foreign exchange risk section. The
floating USD to fixed GBP leg of these were hedges of interest rate risk.
There were no cross currency interest rate swaps or interest rate swaps outstanding at 31\u00a0December 2024.
Additionally, interest rate swaps were entered into in 2025 to minimise the interest cost of existing debt. This involved entering into
fixed GBP to floating GBP swaps (designated as fair value hedges) for the full remaining life of the bonds and floating GBP to fixed
GBP (designated as cash flow hedges) for a period of five years.
The only other impact on these financial statements of interest rate swaps is where the interest rate risk on an element of future debt
issuance has been managed by entering into forward starting interest rate swaps, effectively to lock in the interest rates on the debt
in advance. These were closed out at the time of issuing the debt, and the resulting gain or loss held in the cash flow hedge reserve
and reclassified to income statement as the interest payments on the debt impacted the income statement.
Forward starting interest rate swaps
Forward starting interest rate contracts, exchanging floating interest for fixed interest, were designated as cash flow hedges to
hedge the interest variability of the interest cash flows associated with future fixed rate debt.
Interest rate swaps
Interest rate swap contract assets and liabilities are presented (when applicable) in the line \u2018Derivative financial instruments\u2019 (either
as assets or liabilities) on the consolidated balance sheet.
\u00a316 million (2024: \u00a316 million) of balances in the cash flow hedge reserve arise from hedge relationships for which hedge accounting
is no longer applied.
The following tables provide information regarding interest rate swaps and the related hedged items at 31 December 2025. There
were none at 31 December 2024.
2025
Hedging instruments
Average
contracted fixed
rate %
Notional
principal value
\u00a3m
Change in fair
value for
recognising
hedge
ineffectiveness
Fair value
assets/
(liabilities)
Cash flow hedges:
1-5 years
3.67%
371
\u2013
\u2013
5-10 years
3.70%
478
\u2013
\u2013
Fair value hedges:
10-30 years
4.37%
849
(1)
(1)
2025
Hedged items
Change in fair
value for
recognising
hedge
ineffectiveness
Balance in cash
flow hedge
reserve for
continuing
hedges
Variability in fair value of the Sterling external debt attributable to changes in Sterling
interest rates
1
\u2013
The following table details the effectiveness of the hedging relationships and the amounts reclassified from the hedging reserve to
profit or loss:
2025
Amount reclassified to profit or loss
Hedging
gains/(losses)
recognised in
reserves
\u00a3m
Amount
of hedge
ineffectiveness
recognised
in profit or loss
\u00a3m
Line item
in profit or
loss in
which hedge
ineffectiveness
is included
Due to
hedged future
cash flows
no longer
expected to
occur
\u00a3m
Due to
hedged item
affecting
profit or loss
\u00a3m
Line item
in profit or loss
in which
reclassification
adjustment
is included
Cash flow hedges:
Pre-hedging of long-term interest rates:
Matured in the past
(3)
\u2013
Finance
income or
expense
\u2013
4
Finance
income or
expense
2024
Amount reclassified to profit or loss
Hedging
gains/(losses)
recognised in
reserves
\u00a3m
Amount
of hedge
ineffectiveness
recognised in
profit or loss
\u00a3m
Line item
in profit or
loss in
which hedge
ineffectiveness is
included
Due to
hedged future
cash flows
no longer
expected to
occur
\u00a3m
Due to
hedged item
affecting
profit or loss
\u00a3m
Line item
in profit or loss in
which
reclassification
adjustment
is included
Cash flow hedges:
Pre-hedging of long-term interest rates:
Matured in the past
\u2013
\u2013
Finance
income or
expense
\u2013
4
Finance
income or
expense
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-681": { "value": "
(e) Offsetting of financial assets and liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet where there is a legally enforceable right
to offset the recognised amounts, and there is an intention to settle on a net basis or realise the asset and settle the liability
simultaneously. There are also arrangements that do not meet the criteria for offsetting but still allow for the related amounts to be
offset in certain circumstances, such as bankruptcy or the termination of a contract.
The following tables set out the financial assets and liabilities that are offset, or subject to enforceable master netting arrangements
and other similar agreements but not offset, as at 31\u00a0December 2025 and 31\u00a0December 2024. The column \u2018Net balance\u2019 shows the
impact on the Group\u2019s balance sheet if all offset rights were exercised.
31\u00a0December 2025
Gross
financial
assets/
(liabilities)
\u00a3m
Gross
financial
(liabilities)/
assets offset
\u00a3m
Net financial
assets/
(liabilities) per
balance sheet
\u00a3m
Related
amounts not
offset in the
balance sheet
\u00a3m
Net
balance
\u00a3m
Financial assets:
Trade and other receivables
6,495
\u2013
6,495
\u2013
6,495
Derivative financial instruments
121
\u2013
121
(63)
58
Financial liabilities:
Trade and other payables
(13,185)
\u2013
(13,185)
\u2013
(13,185)
Derivative financial instruments
(142)
\u2013
(142)
63
(79)
31\u00a0December 2024
Gross
financial
assets/
(liabilities)
\u00a3m
Gross
Financial
(liabilities)/
assets offset
\u00a3m
Net financial
assets/
(liabilities)
\u00a3m
Related
amounts not
offset
\u00a3m
Net
balance
\u00a3m
Financial assets:
Trade and other receivables
5,950
(1)
5,949
\u2013
5,949
Derivative financial instruments
110
\u2013
110
(89)
21
Financial liabilities:
Trade and other payables
(13,161)
1
(13,160)
\u2013
(13,160)
Derivative financial instruments
(192)
\u2013
(192)
89
(103)
Amounts which do not meet the criteria for offsetting on the balance sheet but could be settled net in certain circumstances
principally relate to derivative transactions under ISDA agreements where each party has the option to settle amounts on a net
basis in the event of default of the other party. As there is presently not a legally enforceable right of offset, these amounts have not
been offset in the balance sheet, but have been presented separately in the table above.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-682": { "value": "
44. Employee share schemes
GSK operates several employee share schemes, including the Share Value Plan, whereby awards are granted to employees to
acquire shares or ADS in GSK plc at no cost after a three-year vesting period and the Performance Share Plan, whereby awards are
granted to employees to acquire shares or ADS in GSK plc at no cost, subject to\u202fthe achievement by the Group of specified
performance targets. The Group also operates savings-related share option schemes, whereby options are granted to employees to
acquire shares in GSK plc at a discounted price.
Grants of restricted share awards are normally exercisable at the end of the three-year vesting or performance period. Awards are
normally granted to employees to acquire shares or ADS in GSK plc but in some circumstances may be settled in cash. Grants under
savings-related share option schemes are normally exercisable after three years\u2019 saving. In accordance with UK practice, the
majority of options under the savings-related share option schemes are granted at a price 20% below the market price ruling at the
date of grant.
The total charge for share-based incentive plans in 2025 was \u00a3390 million ( 2024: \u00a3347 million; 2023: \u00a3321 million). Of this amount,
\u00a3288 million (2024 : \u00a3260 million; 2023: \u00a3244 million) arose from the Share Value Plan. See Note 9, \u2018Employee costs\u2019 for further
details.
GSK share award schemes
Share Value Plan
Under the Share Value Plan, share awards are granted to certain employees at no cost. The awards vest after two-and-a-half to
three years and there are no performance criteria attached. The fair value of these awards is determined based on the closing
share price on the day of grant, after deducting the expected future dividend yield of 4.0% (2024: 3.4%; 2023: 3.8%) over the
duration of the award.
Number of shares and ADS issuable
Shares
Number (000)
Weighted
fair value
ADS
Number (000)
Weighted
fair value
At 1\u00a0January 2023
27,975
15,429
Awards granted
11,548
\u00a312.79
6,449
$31.65
Awards exercised
(8,599)
(4,856)
Awards cancelled
(1,144)
(797)
At 31\u00a0December 2023
29,780
16,225
Awards granted
12,023
\u00a315.17
6,431
$39.49
Awards exercised
(9,384)
(5,199)
Awards cancelled
(1,225)
(877)
At 31\u00a0December 2024
31,194
16,580
Awards granted
12,499
\u00a313.15
6,697
$35.01
Awards exercised
(9,683)
(5,191)
Awards cancelled
(1,213)
(982)
At 31\u00a0December 2025
32,797
17,104
Performance Share Plan
Under the Performance Share Plan, share awards are granted to Directors and senior executives at no cost. The percentage of
each award that vests is based upon the performance of the Group over a defined measurement period with dividends reinvested
during the same period. For awards granted in 2020 and 2021, the performance conditions are based on four measures over a
three-year performance period. These are adjusted free cash flow (30%), TSR (30%), R&D new product performance (20%) and
pipeline progress (20%). For awards granted from 2022 until 2024, the performance conditions are based on five measures over a
three-year performance period. These are TSR (30%), pipeline progress (20%), profit measure (20%), sale measure (20%) and ESG
environment (10%). For the awards granted from 2025, the performance conditions are based on five measures over a three-year
performance period. These are TSR (40%), pipeline progress (17.5%), profit measure (17.5%), sale measure (17.5%) and ESG
environment (7.5%).
The fair value of the awards is determined based on the closing share price on the day of grant. For TSR performance elements, this
is adjusted by the likelihood of that condition being met, as assessed at the time of grant.
During 2025, awards were granted of 4.9 million shares at a weighted fair value of \u00a310.85 and 1.0 million ADS at a weighted fair
value of $27.46 . At 31\u00a0December 2025 , there were outstanding awards over 15.0 million shares and 2.4 million ADS.
Share options and savings-related options
For the purposes of valuing savings-related options to arrive at the share-based payment charge, a Black-Scholes option pricing
model has been used. The assumptions used in the model are as follows:
2025 Grant
2024 Grant
2023 Grant
Risk-free interest rate
3.75%
4.24%
4.57%
Dividend yield
3.6%
4.3%
4.0%
Volatility
27%
34%
34%
Expected life
3 years
3 years
3 years
Savings-related options grant price (including 20% discount)
\u00a314.19
\u00a311.27
\u00a311.20
Expected volatility has been based on an evaluation of the historical volatility of the Company\u2019s share price, particularly over the
historical period commensurate with the expected term.
Options outstanding for the Share Save Plan
Savings-related
share option schemes
Number
000
Weighted
exercise
price
At 31\u00a0December 2025
4,782
\u00a311.79
Range of exercise prices on options outstanding at year end
\u00a310.34
\u2014
\u00a314.19
Weighted average market price on exercise during year
\u00a314.43
Weighted average remaining contractual life
1.9 years
Options of 0.9 million shares were granted during the year under the savings-related share option scheme at a weighted average
fair value of \u00a34.58. At 31\u00a0December 2025, 3.9 million of the savings-related share options were not exercisable.
There has been no change in the effective exercise price of any outstanding options during the year.
Employee Share Ownership Plan Trusts
The Group sponsors Employee Share Ownership Plan (ESOP) Trusts to acquire and hold shares in GSK plc to satisfy awards made
under employee incentive plans. The trustees of the ESOP Trusts purchase shares with finance provided by the Group by way of
loans or contributions. The costs of running the ESOP Trusts are charged to the income statement. Shares held by the ESOP Trusts
are deducted from other reserves and amortised down to the value of proceeds, if any, receivable from employees on exercise by a
transfer to retained earnings. The trustees have waived their rights to dividends on the shares held by the ESOP Trusts.
At 31\u00a0December 2025, 62,875,215 shares were held in the ESOP Trusts, out of which 62,227,857 were held for the future exercise of
share awards and 647,358 shares were held for the Executive Supplemental Savings Plan.
Shares held for share award schemes
2025
2024
Number of shares (000)
62,875
64,314
\u00a3m
\u00a3m
Nominal value
20
20
Carrying amount
282
397
Market value
1,147
866
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45. Principal Group companies
The following represent the principal subsidiaries and their countries of incorporation of the Group at 31\u00a0December 2025 . The equity
share capital of these entities is shown in the percentage columns. All companies are incorporated in their principal country of
operation except where stated.
England
%
Glaxo Group Limited
100
Glaxo Operations UK Limited
100
Glaxo Wellcome UK Limited
100
GlaxoSmithKline Capital plc\u00a0
100
GlaxoSmithKline Export Limited
100
GlaxoSmithKline Finance plc
100
GlaxoSmithKline Holdings Limited(a)
100
GlaxoSmithKline IHC Limited
100
GlaxoSmithKline Intellectual Property (No.2) Limited
100
GlaxoSmithKline Intellectual Property (No.3) Limited
100
GlaxoSmithKline Intellectual Property (No.4) Limited
100
GlaxoSmithKline Intellectual Property Development Limited
100
GlaxoSmithKline Intellectual Property Limited
100
GlaxoSmithKline Research & Development Limited
100
GlaxoSmithKline Services Unlimited (a)
100
GlaxoSmithKline UK Limited
100
GSK Finance (No. 2) Limited
100
Setfirst Limited
100
SmithKline Beecham Limited
100
ViiV Healthcare Finance Limited
78.3
ViiV Healthcare UK (No.3) Limited
78.3
ViiV Healthcare UK Limited
78.3
Europe
%
Glaxo Wellcome Production S.A.S (France)
100
GlaxoSmithKline AG (Switzerland)
100
GlaxoSmithKline B.V. (Netherlands)
100
GlaxoSmithKline Biologicals SA (Belgium)
100
GlaxoSmithKline GmbH & Co. KG (Germany)
100
GlaxoSmithKline Manufacturing SpA (Italy)
100
GlaxoSmithKline Pharma GmbH (Austria)
100
GlaxoSmithKline Pharmaceuticals SA (Belgium)
100
GlaxoSmithKline S.A. (Spain)
100
GlaxoSmithKline S.p.A. (Italy)
100
GlaxoSmithKline Single Member A.E.B.E. (Greece)
100
GlaxoSmithKline Trading Services Limited (Republic of Ireland)(b)
100
GSK Capital B.V. (Netherlands)(b)
100
GSK Services Sp z o.o. (Poland)
100
GSK Vaccines GmbH (Germany)
100
GSK Vaccines S.r.l. (Italy)
100
JSC GlaxoSmithKline Trading (Russia)
100
Laboratoire GlaxoSmithKline (France)
100
Laboratorios ViiV Healthcare, S.L. (Spain)
78.3
ViiV Healthcare GmbH (Germany)
78.3
ViiV Healthcare S.r.l. (Italy)
78.3
ViiV Healthcare SAS (France)
78.3
US
%
Affinivax, Inc
100
Aiolos Bio, Inc.
100
BP Asset IX, Inc.
100
Corixa Corporation
100
GlaxoSmithKline Capital Inc.
100
GlaxoSmithKline Holdings (Americas) Inc.
100
GlaxoSmithKline LLC
100
Human Genome Sciences, Inc.
100
IDRx, Inc.
100
Stiefel Laboratories, Inc.
100
Tesaro, Inc.
100
ViiV Healthcare Company
78.3
Others
%
Glaxo Saudi Arabia Limited (Saudi Arabia)
100
Glaxo Wellcome Manufacturing Pte Ltd (Singapore)
100
GlaxoSmithKline (Thailand) Limited (Thailand)
100
GlaxoSmithKline Australia Pty Ltd (Australia)
100
GlaxoSmithKline Brasil Limitada (Brazil)
100
GlaxoSmithKline Colombia S.A.
100
GlaxoSmithKline Far East B.V. (Taiwan)
100
GlaxoSmithKline Ilaclari Sanayi ve Ticaret A.S. (Turkey)
100
GlaxoSmithKline Inc. (Canada)
100
GlaxoSmithKline K.K. (Japan)
100
GlaxoSmithKline Korea Limited (Republic of Korea)
100
GlaxoSmithKline Limited (Hong Kong)
100
GlaxoSmithKline Mexico S.A. de C.V. (Mexico)
100
GlaxoSmithKline Pakistan Limited (Pakistan)
82.6
GlaxoSmithKline Pharmaceuticals Limited (India)
75
GSK Biopharma Argentina S.A.
100
GSK Enterprise Management Co, Ltd (China)
100
GSK Life Sciences FZE (United\u00a0Arab\u00a0Emirates)
100
GSK Pharma Vietnam Company Limited (Vietnam)
100
ID Biomedical Corporation of Quebec (Canada)
100
(a) Directly held wholly-owned subsidiary of GSK plc.
(b) Tax resident in UK.
The subsidiaries and associates listed above principally affect the figures in the Group\u2019s financial statements. Each of GlaxoSmithKline
Capital Inc., GlaxoSmithKline Capital plc, GlaxoSmithKline Finance plc, GSK Capital BV and GlaxoSmithKline LLC, is a wholly-owned
finance subsidiary of the company, and the company has fully and unconditionally guaranteed the securities issued by each.
See pages 316 to 323 for a complete list of subsidiary undertakings, associates and joint ventures, which form part of these financial statements.
\"ReadMore.svg\"
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47. Post balance sheet events
On 19 January 2026, GSK reached agreement with Pfizer and Shionogi for the 11.7% economic interest in ViiV Healthcare currently
held by Pfizer to be replaced with an investment by Shionogi. As a result of this transaction, Shionogi will increase its economic
interest to 21.7% and GSK will maintain its 78.3% economic interest. Under the terms of the agreement, ViiV Healthcare will issue
new shares to Shionogi for consideration of $2.125\u00a0billion and cancel Pfizer\u2019s holding in ViiV Healthcare for a consideration of
$1.875\u00a0billion. Additionally, GSK will receive a special dividend of $0.250\u00a0billion (payable in GBP). Completion of the transaction is
subject to certain regulatory clearances in relevant markets and is expected to occur during Q1 2026. On completion, GSK will
extinguish the Pfizer put option liability through retained earnings. The liability will be remeasured immediately prior to completion,
on the same methodology as at 31 December 2025, with any change in the value of the liability recognised as an Adjusting item
through other operating income/(expense). The carrying amount of the liability was \u00a3822 million as at 31 December 2025.
On 19 January 2026, GSK entered into a definitive agreement to acquire RAPT Therapeutics (RAPT), a California-based, clinical-
stage biopharmaceutical company dedicated to developing novel therapies for patients living with inflammatory and immunologic
diseases. The acquisition includes ozureprubart, a long-acting anti-immunoglobulin E (IgE) monoclonal antibody, currently in phase
IIb clinical development for prophylactic protection against food allergens. Under the terms of the agreement, GSK\u2019s subsidiary
commenced a tender offer to acquire all outstanding shares of RAPT common stock for $58.00 per share in cash at closing for an
estimated aggregate equity value of $2.2\u00a0billion. Net of cash acquired, GSK's upfront investment is approximately $1.9\u00a0billion. The
transaction was subject to customary closing conditions, including the applicable waiting period under the Hart-Scott-Rodino Act in
the US, and subsequently closed on 3 March 2026. Given the timing of the closure of the transaction, GSK expects to disclose the
provisional accounting for the acquisition in the Q1 2026 Results Announcement.
On 25 February 2026, GSK announced that it has entered an agreement to acquire 100% of the equity of 35Pharma Inc., a
Canada-based, private, clinical-stage biopharmaceutical company specialised in the development of novel protein-based
therapeutics. The acquisition includes HS235, a potential best-in-class investigational medicine that has completed phase I healthy
volunteer clinical trials with studies to start imminently in pulmonary arterial hypertension (PAH) and pulmonary hypertension due to
heart failure with preserved ejection fraction (PH-HFpEF). The transaction is subject to customary conditions, including applicable
regulatory agency clearances under the Hart-Scott-Rodino Act in the US and the Competition Act in Canada, along with a filing
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