olivLaw · European equity research
GSK plc GSK.L
United Kingdom · London Stock Exchange · ISIN GB00BN7SWP63 · Vertical: Listed companies from United Kingdom
GSK plc is a British pharmaceutical and vaccines group with turnover of GBP 32667 million in 2025 and profit attributable to shareholders of GBP 5716 million. The company is in focus because geopolitical and regulatory risks have become a separate principal risk for 2026.
At the close of 05 Nov 2026, GSK plc (GSK.L) stock was 18.90 GBP (+0.00% on the day), with market capitalisation 76.6 bn GBP, P/E 13.6 on diluted EPS of 1.39 GBP over the last 12 months, beta 0.37, 52-week range 17.36–22.68 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 55.6
- strong (55–70)
- Bollinger (20, 2)
- 17.50 – 19.49
- in the upper half of the band · %B 0.70 · band width 10.8%
- SMA 50 / 200
- 18.42 / 19.53
- mixed trend
- MACD (12, 26, 9)
- 0.08 / 0.06
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +7.1% | −0.6% | +7.7 pp | — |
| 3 months | −2.4% | −4.2% | +1.8 pp | — |
| 6 months | +0.9% | +4.3% | −3.4 pp | — |
| Year to date | +3.6% | +7.5% | −3.9 pp | — |
| 1 year | +5.7% | +9.9% | −4.2 pp | +6.7% |
| 3 years | +34.5% | +49.8% | −15.3 pp | +24.8% |
| 5 years | +19.0% | +42.8% | −23.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 75 percentile of its own 4-quarter history (min 3.9, median 12.6, max 21.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable |
| Net income | 15.0 bn | 4.9 bn | 2.6 bn | 5.7 bn |
| Net income YoY | unavailable | −67.1% | −47.7% | +122.0% |
| Diluted EPS | 3.66 | 1.20 | 0.62 | 1.39 |
| Diluted EPS YoY | unavailable | −67.3% | −48.1% | +123.2% |
| net % | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | 6.3 bn | 5.5 bn | 5.2 bn | 6.4 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.4 bn GBP
- Financial debt
- 17.7 bn GBP
- Net debt
- 14.3 bn GBP
- Equity
- 16.0 bn GBP
- Total assets
- 61.1 bn GBP
- Debt / equity
- 1.11x
- Current ratio
- 0.82x
- ROE
- 39.4%
- ROA
- 9.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cost of revenue | 9.6 bn | 8.6 bn | 9.0 bn | 9.0 bn | esef· 10 Mar 2026verified |
| Gross profit | 19.8 bn | 21.8 bn | 22.3 bn | 23.7 bn | esef· 10 Mar 2026verified |
| Research & development | 5.5 bn | 6.2 bn | 6.4 bn | 7.5 bn | esef· 10 Mar 2026verified |
| Operating income | 6.4 bn | 6.7 bn | 4.0 bn | 7.9 bn | esef· 10 Mar 2026verified |
| Interest expense | 879.0 m | 792.0 m | 669.0 m | 701.0 m | esef· 10 Mar 2026verified |
| Pre-tax income | 5.6 bn | 6.1 bn | 3.5 bn | 7.4 bn | esef· 10 Mar 2026verified |
| Income tax | 707.0 m | 756.0 m | 526.0 m | 1.1 bn | esef· 10 Mar 2026verified |
| Net income | 15.0 bn | 4.9 bn | 2.6 bn | 5.7 bn | esef· 10 Mar 2026verified |
| Diluted EPS | 3.66 | 1.20 | 0.62 | 1.39 | esef· 10 Mar 2026verified |
Balance sheet · GBP
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 3.7 bn | 2.9 bn | 3.9 bn | 3.4 bn | esef· 10 Mar 2026verified |
| Receivables | — | 7.4 bn | 6.8 bn | 7.5 bn | esef· 10 Mar 2026verified |
| Inventories | — | 5.5 bn | 5.7 bn | 5.9 bn | esef· 10 Mar 2026verified |
| Current assets | — | 18.6 bn | 17.0 bn | 17.5 bn | esef· 10 Mar 2026verified |
| Property, plant & equipment, net | — | 9.0 bn | 9.2 bn | 9.3 bn | esef· 10 Mar 2026verified |
| Goodwill | — | 6.8 bn | 7.0 bn | 7.0 bn | esef· 10 Mar 2026verified |
| Intangibles (excl. goodwill) | — | 14.8 bn | 15.5 bn | 16.7 bn | esef· 10 Mar 2026verified |
| Total assets | — | 59.0 bn | 59.5 bn | 61.1 bn | esef· 10 Mar 2026verified |
| Accounts payable | — | 15.8 bn | 15.3 bn | 15.4 bn | esef· 10 Mar 2026verified |
| Short-term debt | — | 2.8 bn | 2.3 bn | 3.0 bn | esef· 10 Mar 2026verified |
| Long-term debt | — | 15.2 bn | 14.6 bn | 14.7 bn | esef· 10 Mar 2026verified |
| Current liabilities | — | 21.1 bn | 21.7 bn | 21.4 bn | esef· 10 Mar 2026verified |
| Total liabilities | — | 46.2 bn | 46.4 bn | 45.2 bn | esef· 10 Mar 2026verified |
| Equity | 10.1 bn | 12.8 bn | 13.1 bn | 16.0 bn | esef· 10 Mar 2026verified |
| Shares outstanding at year end | 4.0 bn | 4.1 bn | 4.1 bn | 4.1 bn | esef· 10 Mar 2026derived |
Cash flow · GBP
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 7.4 bn | 6.8 bn | 6.6 bn | 7.7 bn | esef· 10 Mar 2026verified |
| Capex | 1.1 bn | 1.3 bn | 1.4 bn | 1.3 bn | esef· 10 Mar 2026verified |
| Free cash flow | 6.3 bn ≈ | 5.5 bn ≈ | 5.2 bn ≈ | 6.4 bn ≈ | esef· 10 Mar 2026derived |
| Investing cash flow | -8.8 bn | -1.6 bn | -1.2 bn | -4.2 bn | esef· 10 Mar 2026verified |
| Financing cash flow | 823.0 m | -5.6 bn | -4.7 bn | -3.7 bn | esef· 10 Mar 2026verified |
| Share repurchases | — | 0 | 0 | 1.4 bn | esef· 10 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 63 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 76.6 bn GBP
Key indicators
Coverage and freshness
Score by group
- Quality88
- Growth0
- Balance sheet61
- Returns26
- Valuation82
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Neutral profile · Score 63/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 23.9% | 80 (vs peers) | 17% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 111.8% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | -27.6% | 0 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 11.3x | 100 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 0.8x | 2 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 13.6x | 68 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 8.3% | 100 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 1.8% | 26 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet61/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality88/100 · 2/3 factors with a value
- Returns· partial26/100 · 1/2 factors with a value
- Valuation82/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
GSK PLC (GSK.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 38.0%.
The estimated value range is 16.44–29.77 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 21.29 GBP, the price of 18.90 GBP leaves a potential of 12.6% (value / price − 1) and a margin of safety of 11.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 63/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 23.9%
- FCF conversion: 111.8%
- Interest coverage: 11.3x
- FCF yield: 8.3%
What contradicts it
- EPS CAGR 3Y: -27.6%
- Current ratio: 0.8x
- Shareholder yield (distributions): 1.8%
Not assessed (insufficient data or a ratio without meaning): Net margin, Revenue CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for GSK.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
GSK plc is a British pharmaceutical and vaccines group with turnover of GBP 32667 million in 2025 and profit attributable to shareholders of GBP 5716 million. The company is in focus because geopolitical and regulatory risks have become a separate principal risk for 2026.
SWOT
Strengths
- Diversified portfolio of medicines and vaccines and a research base supported by significant development investment 1.
- Consolidated pharmacovigilance and product quality systems, with a single unified quality organisation 1.
- High operating profit in 2025 compared with prior years, providing financial flexibility 1.
Weaknesses
- Reliance on third parties for manufacturing, raw materials and logistics creates operational vulnerabilities 1.
- Substantial borrowings and liabilities could limit financial room for manoeuvre in some scenarios 1.
- Complex compliance processes and legal matters require constant internal control resources 1.
Opportunities
- Use of artificial intelligence in drug discovery could shorten product development timelines 1.
- Targeted acquisitions and collaborations can complement the internal portfolio and accelerate entry into new markets 1.
- The supply chain reconfiguration programme could improve long-term production efficiency 1.
Threats
- Changes to pricing, tariff and reimbursement policies could affect revenue from existing products 1.
- Geopolitical and trade risks, including trade restrictions, could disrupt international operations 1.
- Cyber attacks and data breaches could compromise the integrity of product quality and manufacturing data 1.
Risks
- Geopolitical and regulatory riskhigh
The company elevated geopolitical and regulatory risk to a principal risk for 2026, as policy changes could affect pricing and access 1.
- Patient safetyhigh
Even with an optimised pharmacovigilance system, not all circumstances affecting safety and efficacy can be predicted, which could lead to litigation 1.
- Product qualitymedium
New regulatory requirements and heightened supply chain inspections add pressure on quality compliance 1.
- Information securitymedium
Cyber threats have grown, and the financial impact of cyber crime could keep rising over time 1.
- Legal compliancemedium
Anti-bribery, competition and sanctions laws are complex and differ across markets, which can create legal exposure 1.
Investment thesis
What would need to be true (bull case)
- If the research portfolio delivers its planned launches, revenue and profitability could grow in the coming years.
- Integrating AI into drug development could lower costs and speed up clinical results.
- Strengthened risk and quality governance can support operational stability in volatile periods.
What would break the thesis
- If pricing and reimbursement pressure intensifies, margins could fall significantly.
- Geopolitical and trade risks could disrupt production and the supply chain.
- Litigation and compliance requirements could generate unforeseen costs and affect reputation.
What to watch
- Impact of geopolitical and regulatory risk, now a principal risk, on pricing and access2026
- Trend in research and development spending and pace of pipeline deliverynext 10-K
- Progress of the Supply Chain 2030 programme and production network reviews2027
- Development of legal matters and provisions recorded on the balance sheetnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to its 2025 annual report, GSK operates in medicines and vaccines, with turnover of GBP 32667 million and operating profit of GBP 7932 million in the year ended 31 December 2025 1. Total assets exceeded GBP 61000 million at year end, showing the scale of operations 1. Strategy rests on developing innovative products, supported by research and development spending of GBP 7525 million in 2025 1.
Segments
Research and development
Research and development spending rose versus the prior year and supports delivery of the medicines and vaccines pipeline, supplemented by academic collaborations and targeted acquisitions 1.
Royalty income
Royalty income was reported separately in the 2025 income statement, a complementary component of the core business 1.
Market context
GSK's activity is exposed to a heavily regulated pharmaceutical market, where pricing, reimbursement and market access depend on governments and payers, a point stressed in the 2026 risk review 1. Turnover of GBP 32667 million in 2025 indicates the company's position in a competitive global market 1.
Trends
- Pricing and market access pressureheadwind
Policy changes, health system reforms and price controls could slow product launches, particularly if regulatory change accelerates 1.
- Artificial intelligence in researchtailwind
Use of AI and machine learning in drug discovery could improve the pace and probability of development success, if integrated with robust controls 1.
- Cyber risk and data protectionheadwind
Cyber threats and privacy legislation are becoming more complex, which could raise compliance costs and operational exposure 1.
- Supply chain reconfigurationmixed
The Supply Chain 2030 programme and production network reviews could reduce vulnerabilities, although geopolitical tensions remain a source of uncertainty 1.
Competitive position
The annual report describes intense competition across therapy areas and market segments, which pressures prices and the pace of new launches 1. Direct competitors are not named explicitly in the analysed source.
- Pharmaceutical industry peers in general
The annual report mentions intense competition without naming companies; no ticker can be identified from the source 1.
- External manufacturing and logistics providers
The supply chain depends on contractors and third-party suppliers, creating dependencies comparable to other sector companies 1.
- Payers and pharmacy benefit intermediaries
Insurers, governments and intermediaries can influence access and price, acting as an indirect competitive force 1.
- Other vaccine and innovative therapy developers
The report mentions competitive pressure on new product launches without identifying these companies 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202510 Mar 2026
- Annual report 202404 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / GSK plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.