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British pharmaceutical major focused on vaccines and specialty medicines (HIV, oncology, respiratory), after spinning off consumer health as Haleon.
British pharmaceutical major focused on vaccines and specialty medicines (HIV, oncology, respiratory), after spinning off consumer health as Haleon.
Earns from three engines: vaccines sold to health systems, HIV medicines through ViiV, a company GSK controls and shares with Pfizer and Shionogi, and specialty medicines. It spun off its consumer-health arm as Haleon in 2022 to become a prescription-medicines and vaccines company.
Moat: wide (IP / patents, scale, installed base). Leading vaccine manufacturing scale and an HIV franchise with durable patent protection.
Headquarters: London, UK · Founded: 2000 · Employees: 66,841
Size GSK (GSK.L) is a United Kingdom Health Care company (Pharmaceuticals: Major) with a market value of $102B, the 9th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £1,890 on 6 Nov 2026.
Performance Over six months the shares fell 0.1%, against +18.0% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 4.3% over the last twelve months (peer median +8.6%); the operating margin is 24.7% (peer median 24.6%).
Valuation It trades at 10.6× forward earnings against a peer median of 17.2× (4th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is -1%, so the hurdle is +1 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 7.7 points above its cost of capital (8.3% WACC).
Credit GSK has 8 bonds outstanding ($6.68B), rated A by the agencies and trading like AAA at a weighted spread of 75 bp.
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £33.5B | £32.7B | £31.4B | £30.3B | £29.3B |
| Revenue growth | — | +4% | +3% | +3% | — |
| Gross profit | £24.6B | £23.3B | £21.9B | £21.3B | £19.5B |
| EBITDA | £10.5B | £10.5B | £8.21B | £9.29B | £8.83B |
| Net income | £4.35B | £5.72B | £2.58B | £4.93B | £15.0B |
| Free cash flow | £7.02B | £5.96B | £4.69B | £5.03B | £5.48B |
| Capital expenditure | £2.65B | £2.98B | £2.98B | £2.34B | £2.26B |
| Total debt | £23.7B | £17.7B | £17.0B | £18.0B | £21.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| GSK GSK.L | $102B | 0% | +4% | 25% | 10.6× | -0.1% |
| Pfizer PFE | $168B | +14% | +1% | 26% | 10.4× | -4.3% |
| Sanofi SAN.PA | $113B | +14% | +15% | 27% | 9.6× | -5.4% |
| Merck & MRK | $362B | +33% | +5% | 18% | 17.4× | 4.1% |
| AstraZeneca AZN.L | $291B | +1% | +5% | 23% | 18.3× | 14.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | GSK.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.9% | +10.4% | 10th lowest of 21 |
| 6-month return | -0.1% | +18.0% | 4th lowest of 21 |
| Distance from 52-week high | -17.2% | -8.3% | 5th lowest of 21 |
| Revenue growth (TTM) | +4.3% | +8.6% | 8th lowest of 21 |
| Operating margin | 24.7% | 24.6% | 11th highest of 21 |
| Forward P/E | 10.6× | 17.2× | 4th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -0.1% | 5.3% | 5th least demanding of 21 |
| Growth delivered (Del g) | -0.9% | +6.7% | 2nd lowest of 21 |
| Hurdle (Req g minus delivered) | +0.8 pp | -5.2 pp | 9th most demanding of 21 |
| ROIC minus cost of capital | +7.7 pp | +4.6 pp | 9th highest of 21 |
| EV / EBITDA | 9.1× | 13.3× | 5th cheapest of 19 |
| Net debt / EBITDA | 2.0× | 1.5× | 8th most indebted of 19 |
| Bond spread | 75 bp | 69 bp | 7th widest of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| GSK GSK.L | United Kingdom | $102B | 0% | +4% | 25% | 10.6× | -0.1% | -0.9% |
| Regeneron Pharmaceuticals REGN | United States | $93.5B | +27% | +19% | 30% | 11.3× | -2.2% | +11.0% |
| Sanofi SAN.PA | France | $113B | +14% | +15% | 27% | 9.6× | -5.4% | +3.9% |
| Bristol Myers Squibb BMY | United States | $127B | +12% | +4% | 33% | 9.7× | -12.9% | +2.5% |
| Vertex Pharmaceuticals VRTX | United States | $139B | +27% | +11% | 35% | 29.0× | 6.1% | +14.2% |
| Merck KGaA MRK.DE | Germany | $72.5B | +23% | 0% | 20% | 17.5× | 7.7% | +3.8% |
| Chugai Pharmaceutical 4519.T | Japan | $71.0B | -15% | +17% | 50% | 22.1× | 3.6% | +9.8% |
| WuXi AppTec 603259.SS | China | $67.0B | +34% | +32% | 43% | 18.1× | 7.8% | +22.3% |
| Takeda Pharmaceutical 4502.T | Japan | $66.4B | +24% | +6% | 18% | 42.1× | 3.0% | +7.1% |
| Pfizer PFE | United States | $168B | +14% | +1% | 26% | 10.4× | -4.3% | +8.5% |
| Bayer BAYN.DE | Germany | $61.2B | +46% | -2% | 14% | 12.3× | 2.1% | +1.9% |
| Galderma GALD.SW | Switzerland | $54.8B | +17% | +16% | 19% | 48.1× | 18.4% | +6.4% |
| Novo Nordisk A/S NOVO-B.CO | Denmark | $190B | -7% | +6% | 48% | 11.9× | 0.1% | +19.5% |
| Jiangsu Hengrui Pharmaceuticals 600276.SS | China | $49.7B | -6% | +6% | 27% | 36.4× | 14.9% | +2.7% |
| Sun Pharmaceutical Industries SUNPHARMA.NS | India | $47.3B | +1% | +12% | 23% | 35.4× | 28.4% | +11.7% |
| BeOne Medicines 688235.SS | China | $45.8B | +19% | +28% | 15% | 74.5× | 23.3% | +79.3% |
| Sandoz SDZ.SW | Switzerland | $44.4B | +24% | +1% | 15% | 25.3× | 7.9% | +0.4% |
| Haleon HLN.L | United Kingdom | $40.1B | +1% | +1% | 23% | 16.3× | 4.6% | +2.2% |
| Royalty Pharma RPRX | United States | $38.8B | +33% | +11% | 66% | 11.3× | 9.9% | +2.3% |
| Otsuka Hldgs 4578.T | Japan | $38.6B | +2% | +11% | 18% | 16.3× | 0.4% | +11.7% |
| Biogen BIIB | United States | $36.7B | +28% | +2% | 17% | 16.8× | 9.4% | -5.1% |
GSK has 8 bonds outstanding with $6.68B face value. The agencies rate it A; its bonds trade like AAA. Weighted yield 3.91%, a spread of 75 bp over government bonds.