GSK plc (GSK): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la atención médica global, GlaxoSmithKline (GSK) emerge como una potencia farmacéutica, navegando estratégicamente los paisajes complejos a través de su innovador lienzo de modelo de negocio. Este marco integral revela cómo GSK transforma la brillantez científica en soluciones de salud que cambian la vida, aprovechando Más de 50 años de experiencia en investigación y una red global de asociaciones que abarcan instituciones de investigación, compañías de biotecnología y proveedores de atención médica. Al diseccionar el intrincado modelo de negocio de GSK, descubrimos los mecanismos estratégicos que permiten a esta corporación multinacional desarrollar medicamentos innovadores, ofrecer vacunas de alta calidad e impulsar constantemente innovaciones transformadoras de atención médica que afectan a millones en todo el mundo.

GSK PLC (GSK) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con instituciones de investigación farmacéutica

GSK ha establecido asociaciones de investigación estratégica con las siguientes instituciones clave:

Institución de investigación	Enfoque de asociación	Valor de colaboración
Universidad de Cambridge	Investigación de enfermedades infecciosas	£ 17.5 millones de inversión anual
Escuela de Medicina de Harvard	Investigación de inmunología	$ 22.3 millones de acuerdo colaborativo
Imperial College London	Desarrollo de vacunas	Programa de investigación de £ 12.6 millones

Acuerdos de colaboración con proveedores de atención médica globales

Las asociaciones de proveedores de salud globales de GSK incluyen:

• Programa de distribución de vacunas de la Organización Mundial de la Salud (OMS): Compromiso anual de $ 45 millones
• Asociación de adquisición de vacunas de UNICEF: Acuerdo de suministro de $ 320 millones
• Asociación del Fondo Global para el Tratamiento de Enfermedades Infecciosas: colaboración de $ 250 millones en varios años

Asociaciones con centros médicos académicos

Centro médico	Dominio de la investigación	Inversión en asociación
Clínica de mayonesa	Investigación oncológica	Programa de investigación de $ 35.7 millones
Universidad de Johns Hopkins	Investigación de enfermedades respiratorias	Acuerdo de colaboración de $ 28.5 millones

Empresas conjuntas con compañías de biotecnología

Las empresas conjuntas de biotecnología de GSK incluyen:

• Colaboración de la vacuna de ARNm de Moderna: Acuerdo de desarrollo conjunto de $ 1.2 mil millones
• Asociación de Investigación de Vacunas de CUREVAC: inversión estratégica de $ 630 millones
• Venture de desarrollo terapéutico de Biontech: programa colaborativo de $ 425 millones

Cadena de suministro y asociaciones de red de distribución

Pareja	Enfoque de distribución	Valor de contrato
Logística de atención médica de DHL	Distribución de vacunas globales	Contrato de logística anual de $ 180 millones
Soluciones de atención médica de FedEx	Envío farmacéutico controlado por la temperatura	Acuerdo de distribución anual de $ 95 millones

GSK PLC (GSK) - Modelo de negocio: actividades clave

Investigación y desarrollo farmacéutico

Gastos de I + D en 2023: £ 4.1 mil millones

Áreas de enfoque de I + D	Inversión (£ millones)
Enfermedades infecciosas	1,250
Oncología	980
Inmunología	750

Ensayos clínicos y pruebas de drogas

Número de ensayos clínicos en curso en 2023: 157

• Pruebas de fase I: 42
• Pruebas de fase II: 68
• Pruebas de fase III: 47

Fabricación de vacunas y medicamentos

Ubicación de fabricación	Número de instalaciones
Reino Unido	7
Estados Unidos	6
Otras ubicaciones internacionales	12

Capacidad total de producción de vacunas: 2.500 millones de dosis anuales

Marketing global y ventas de productos de atención médica

Ingresos de ventas globales en 2023: £ 33.2 mil millones

Categoría de productos	Ventas (mil millones)
Farmacéuticos	22.7
Vacunas	8.1
Atención médica del consumidor	2.4

Cumplimiento regulatorio y control de calidad

Número de inspecciones de control de calidad en 2023: 423

• Auditorías de calidad interna: 276
• Inspecciones regulatorias externas: 147

Asignación del presupuesto de cumplimiento: £ 350 millones

GSK PLC (GSK) - Modelo de negocio: recursos clave

Cartera de propiedad intelectual extensa

A partir de 2024, GSK posee aproximadamente 16,500 patentes activas a nivel mundial. Valor de cartera de patentes estimado en $ 42.3 mil millones.

Categoría de patente	Número de patentes	Valor estimado
Compuestos farmacéuticos	7,250	$ 24.6 mil millones
Tecnologías de vacuna	3,800	$ 12.5 mil millones
Sistemas de administración de medicamentos	5,450	$ 5.2 mil millones

Investigaciones avanzadas y instalaciones de desarrollo

GSK mantiene 9 importantes centros globales de I + D con una inversión total anual de I + D de $ 5.1 mil millones en 2024.

• Centros de I + D: Reino Unido, Estados Unidos, Bélgica, China, Singapur
• Personal de investigación total: 14,500 científicos e investigadores
• Presupuesto de investigación anual: $ 5.1 mil millones

Fuerza laboral científica y médica calificada

Fuerza laboral global total: 79,200 empleados a partir de 2024.

Categoría de empleado	Número de empleados
Investigar científicos	14,500
Desarrollo clínico	6,800
Fabricación	22,600
Ventas y marketing	18,300
Administrativo	17,000

Infraestructura de fabricación global

GSK opera 52 instalaciones de fabricación en 32 países.

• Capacidad de fabricación total: 22 mil millones de dosis anuales
• Sitios de producción farmacéutica: 38
• Sitios de producción de vacunas: 14
• Inversión de fabricación total: $ 3.7 mil millones en 2024

Capital financiero sustancial para la innovación

Recursos financieros a partir de 2024:

Métrica financiera	Cantidad
Ingresos totales	$ 37.8 mil millones
Equivalentes de efectivo y efectivo	$ 8.6 mil millones
Activos totales	$ 94.3 mil millones
Inversión de I + D	$ 5.1 mil millones

GSK PLC (GSK) - Modelo de negocio: propuestas de valor

Soluciones de atención médica innovadora y medicamentos

GSK reportó ingresos totales de £ 33.3 mil millones en 2022, con productos farmacéuticos que generan £ 23.4 mil millones. Las áreas farmacéuticas clave incluyen:

• Medicamentos respiratorios: ingresos de £ 5.2 mil millones
• Tratamientos de VIH: ingresos de £ 4.8 mil millones
• Tratamientos de oncología: ingresos de £ 2.6 mil millones

Área terapéutica	2022 Ingresos (£ mil millones)	Cuota de mercado global
Medicamentos respiratorios	5.2	14.7%
Tratamientos con VIH	4.8	22.3%
Tratamientos oncológicos	2.6	8.5%

Vacunas de alta calidad para la protección mundial de la salud

La división de vacunas generó ingresos de £ 7.5 mil millones en 2022, con un impacto global significativo:

• Vacuna Covid-19: ingresos de £ 3.4 mil millones
• Vacuna de tejas (Shingrix): ingresos de £ 2.1 mil millones
• Vacunas de meningitis: ingresos de £ 1.2 mil millones

Capacidades avanzadas de investigación farmacéutica

Inversión de investigación y desarrollo en 2022: £ 4.5 mil millones, que representa el 14.2% de los ingresos totales. La tubería de investigación actual incluye:

• 55 programas de desarrollo clínico activo
• 18 nuevas entidades moleculares potenciales
• 7 designaciones de terapia innovadora

Cartera integral de productos de salud

Categoría de productos	2022 Ingresos (£ mil millones)	Posición de mercado global
Medicamentos recetados	23.4	Top 5 Global Pharmaceutical Company
Vacunas	7.5	Fabricante de vacunas líderes mundiales
Atención médica del consumidor	4.2	Top 3 Global Consumer Health Brand

Concéntrese en mejorar los resultados del paciente

Enfoque centrado en el paciente demostrado a través de:

• £ 4.5 mil millones de inversión anual de I + D
• 93% de los medicamentos que se dirigen a las necesidades médicas no satisfechas
• Presencia en más de 150 países en todo el mundo

GSK PLC (GSK) - Modelo de negocio: relaciones con los clientes

Compromiso médico directo

GSK mantiene 22,500 representantes médicos a nivel mundial que se involucran directamente con los profesionales de la salud. En 2023, la compañía reportó 1,3 millones de interacciones directas con médicos y especialistas.

Canal de compromiso	Volumen de interacción anual
Reuniones de ventas directas	678,000
Conferencias médicas	412,000
Plataformas profesionales digitales	210,000

Programas de apoyo y educación del paciente

GSK invirtió £ 87.4 millones en iniciativas de apoyo al paciente en 2023, cubriendo múltiples áreas terapéuticas.

• Programas de educación de vacunación que llegan a 14,2 millones de pacientes
• Apoyo al manejo de enfermedades crónicas para 3,6 millones de pacientes
• Plataformas de soporte de pacientes digitales con 2.1 millones de usuarios registrados

Plataformas de salud digitales y comunicación

El ecosistema de salud digital de GSK incluye 7 plataformas de comunicación integradas, que atienden a 48 países.

Plataforma digital	Base de usuarios
Portal de información del paciente	1.9 millones de usuarios
Red de profesional de atención médica	124,000 profesionales registrados
Aplicaciones de salud móvil	3 aplicaciones activas

Consultas de atención médica personalizadas

GSK desplegó 1.250 equipos de consulta de atención médica especializados en 36 países en 2023.

• Especialistas de consulta de oncología: 340
• Equipos de consulta de enfermedades respiratorias: 425
• Grupos de consulta de inmunología: 485

Colaboraciones de investigación clínica en curso

GSK mantuvo 218 colaboraciones de investigación activa con instituciones académicas y médicas en todo el mundo en 2023.

Tipo de colaboración	Número de asociaciones
Instituciones de investigación académica	142
Centros de investigación médica	56
Organizaciones de salud global	20

GSK PLC (GSK) - Modelo de negocio: canales

Redes de distribución farmacéutica

GSK opera a través de 154 centros de distribución a nivel mundial, atendiendo a 160 países. La red de distribución farmacéutica de la compañía procesa aproximadamente 1,2 mil millones de unidades de producto anualmente.

Región	Centros de distribución	Volumen de distribución anual
Europa	48	380 millones de unidades
América del norte	42	310 millones de unidades
Asia-Pacífico	37	280 millones de unidades
Resto del mundo	27	230 millones de unidades

Ventas directas a instituciones de atención médica

GSK mantiene una fuerza de ventas directas de 18.500 representantes farmacéuticos dirigidos a hospitales, clínicas y proveedores de atención médica.

• Cobertura de representante promedio de ventas: 75-100 Instituciones de atención médica por representante
• Ingresos anuales de ventas directas: £ 22.3 mil millones
• Segmentos objetivo principales: hospitales, centros de investigación, clínicas especializadas

Plataformas de información médica en línea

GSK opera 7 plataformas principales de información médica digital con 2.4 millones de profesionales de la salud registrados.

Tipo de plataforma	Usuarios registrados	Usuarios activos mensuales
Portal médico profesional	1.2 millones	680,000
Red de investigación clínica	650,000	420,000
Plataforma de investigación farmacéutica	550,000	310,000

Conferencias de atención médica global

GSK participa anualmente en 42 principales conferencias internacionales de atención médica, con una participación promedio de 1,200 asistentes profesionales por evento.

• Presupuesto anual de participación en la conferencia: £ 14.5 millones
• Frecuencia promedio de presentación de la conferencia: 18 por año
• Tipos de conferencias: investigación médica, innovación farmacéutica, ensayos clínicos

Canales de marketing digital y comunicación

GSK utiliza 12 canales de marketing digital primarios con un gasto total de marketing digital de £ 187 millones en 2023.

Canal digital	Alcance mensual	Tasa de compromiso
LinkedIn	1.8 millones de profesionales	4.2%
Gorjeo	1.2 millones de seguidores	3.7%
YouTube	850,000 visitas mensualmente	2.9%
Seminarios web profesionales	620,000 registrantes	5.1%

GSK PLC (GSK) - Modelo de negocio: segmentos de clientes

Profesionales de la salud

GSK atiende a aproximadamente 1,5 millones de profesionales de la salud en todo el mundo en 2024.

Desglose del segmento	Número de profesionales
Médicos	750,000
Farmacéuticos	350,000
Especialistas	400,000

Organizaciones de salud del gobierno

GSK suministra productos farmacéuticos a 112 sistemas nacionales de salud en todo el mundo.

Región	Número de contratos gubernamentales
Europa	38
América del norte	27
Asia-Pacífico	35
África/Medio Oriente	12

Proveedores de atención médica privados

GSK atiende a 45,000 instituciones de salud privadas a nivel mundial.

• Redes hospitalarias: 12,500
• Clínicas privadas: 25,000
• Centros médicos: 7,500

Pacientes individuales

GSK alcanza aproximadamente 1.300 millones de pacientes individuales anualmente.

Área terapéutica	Volumen de paciente
Respiratorio	380 millones
VIH/enfermedades infecciosas	290 millones
Oncología	210 millones
Inmunología	420 millones

Instituciones de investigación farmacéutica

GSK colabora con 850 instituciones de investigación en todo el mundo.

• Centros de investigación académica: 450
• Institutos de investigación independientes: 250
• Centros de investigación de biotecnología: 150

GSK PLC (GSK) - Modelo de negocio: Estructura de costos

Inversión significativa de I + D

El gasto de I + D de GSK en 2022 fue de £ 4.2 mil millones, lo que representa el 13% de los ingresos farmacéuticos totales.

Año	Inversión en I + D (£ mil millones)	Porcentaje de ingresos
2022	4.2	13%
2021	4.1	12.8%

Gastos de fabricación y producción

Los costos totales de fabricación en 2022 fueron de £ 6.8 mil millones, con sitios de producción clave en múltiples países.

• Instalaciones de fabricación global: 45 sitios
• Países de producción: Reino Unido, Estados Unidos, China, India
• Costo promedio de fabricación por línea de productos: £ 180 millones

Costos globales de marketing y ventas

Los gastos de marketing y venta en 2022 totalizaron £ 8.1 mil millones.

Región	Gastos de marketing (£ millones)
Europa	2,700
América del norte	3,500
Asia Pacífico	1,200
Resto del mundo	700

Gastos de cumplimiento regulatorio

Los costos relacionados con el cumplimiento en 2022 fueron de aproximadamente £ 750 millones.

• Tarifas de presentación regulatoria: £ 220 millones
• Infraestructura de cumplimiento: £ 350 millones
• Costos legales y de auditoría: £ 180 millones

Ensayo clínico e financiación de la investigación

Los gastos de ensayo clínico en 2022 alcanzaron £ 2.3 mil millones.

Fase de prueba	Costo (£ millones)	Número de pruebas
Fase I	350	45
Fase II	850	75
Fase III	1,100	55

GSK PLC (GSK) - Modelo de negocios: flujos de ingresos

Venta de productos farmacéuticos

Ventas de productos farmacéuticos totales para GSK en 2022: £ 24.9 mil millones

Área terapéutica	Ingresos (£ mil millones)
Respiratorio	8.2
VIH	5.3
Oncología	4.1

Distribución de vacunas

Ventas de vacunas totales en 2022: £ 7.4 mil millones

• Ingresos de la vacuna Covid-19: £ 3.1 mil millones
• Ingresos de la vacuna con tejas (Shingrix): £ 2.2 mil millones
• Ingresos de vacunas pediátricas: £ 1.9 mil millones

Licencia de propiedad intelectual

Ingresos de licencia de propiedad intelectual en 2022: £ 1.6 mil millones

Socio de licencia	Ingresos (£ millones)
Socios farmacéuticos	1,200
Compañías de biotecnología	400

Servicios de investigación por contrato

Investigación de contratos e ingresos por desarrollo en 2022: £ 620 millones

• Colaboraciones de ensayos clínicos: £ 410 millones
• Asociaciones de investigación: £ 210 millones

Soluciones de atención médica global

Ingresos globales de soluciones de salud en 2022: £ 1.3 mil millones

Categoría de servicio	Ingresos (£ millones)
Servicios de diagnóstico	520
Soluciones de salud digital	380
Servicios de consultoría	400

GSK plc (GSK) - Canvas Business Model: Value Propositions

The Value Propositions for GSK plc center on delivering science-led vaccines and specialty medicines across four core therapeutic areas to address high unmet medical need.

Long-acting HIV treatments (Cabenuva) for patient convenience.

GSK plc delivers patient convenience through long-acting injectable HIV regimens. For the second quarter of 2025 (Q2 2025), the long-acting medicine Cabenuva, which is the only complete long-acting injectable regimen for HIV treatment, achieved sales of £341 million. This represented a growth of 46% compared to Q2 2024. These long-acting options contributed more than 70% of the total HIV growth in Q2 2025, with Cabenuva alone accounting for 55% of that HIV growth. The prevention option, Apretude, delivered sales of £101 million in the same quarter, growing 50%.

Best-in-class vaccines like Shingrix for shingles prevention.

Vaccines remain a critical value driver, though performance varies across the portfolio. For Q1 2025, total Vaccines sales were £2.1 billion, representing a 6% decline year-over-year at constant exchange rates (CER). Shingrix, the shingles vaccine, posted sales of £0.9 billion in Q1 2025, seeing a 7% decline. However, by Q2 2025, Shingrix sales were £0.9 billion, showing growth of 6% at CER. The newer respiratory syncytial virus (RSV) vaccine, Arexvy, had Q1 2025 sales of £0.1 billion (down 57% CER) but grew to £0.1 billion in Q2 2025 (up 13% CER). Meningitis vaccines showed strong growth, with Q2 2025 sales of £0.4 billion, up 22% CER.

Specialty treatments in Oncology and Respiratory, Immunology & Inflammation.

The Specialty Medicines division is the primary engine for growth. In Q2 2025, this segment delivered sales of £3.3 billion, a 15% increase at CER. The Respiratory, Immunology & Inflammation franchise, which includes products like Nucala, saw Q2 2025 sales of £1.0 billion, growing 10% at CER. Oncology sales reached £0.5 billion in Q2 2025, marking a substantial 42% growth at CER. The company expects to launch 14 key opportunities between 2025 and 2031, each with potential peak year sales (PYS) exceeding £2 billion.

You can see the breakdown of recent performance for these key value drivers here:

Product/Area	Latest Reported Quarter (2025)	Sales Amount (£m)	CER Growth vs Prior Year
Specialty Medicines (Total)	Q2 2025	3,300	+15%
HIV (Total)	Q2 2025	1,900	+12%
Cabenuva (within HIV)	Q2 2025	341	+46%
Respiratory, Immunology & Inflammation	Q2 2025	1,000	+10%
Oncology	Q2 2025	500	+42%
Shingrix (Vaccines)	Q2 2025	900	+6%
Trelegy (General Medicines)	Q2 2025	800	+4%

Addressing high unmet medical need in four core therapeutic areas.

GSK plc focuses its R&D and commercial efforts on areas with significant patient burden. These four core therapeutic areas are:

• Infectious diseases.
• HIV.
• Oncology.
• Respiratory, Immunology and Inflammation.

The company is investing heavily to progress its pipeline, with 71 Specialty Medicines and Vaccines in clinical development as of the end of 2024, including 19 in Phase III or registration. For 2025, GSK upgraded its guidance, now expecting turnover growth of between 6% to 7% at CER, up from the previous expectation towards the top end of 3% to 5%.

Commitment to positively impact 2.5 billion people by decade end.

A central part of GSK plc's purpose is its commitment to health impact at scale. The ambition is to positively impact the health of 2.5 billion people by the end of the decade (2030). As of the 2024 Responsible Business Performance Report (published February 2025), based on estimates, the company had already reached at least 2 billion people. To support this goal, GSK's global supply chain network delivered 1.7 billion packs of medicines and over 400 million vaccine doses in the last year (2024). The company plans to achieve this through responsible pricing, strategic access programmes, and partnerships.

GSK plc (GSK) - Canvas Business Model: Customer Relationships

You're looking at how GSK plc manages its relationships with the diverse groups that influence its success, from the doctors prescribing its medicines to the governments setting access rules. It's a high-stakes game of trust and science.

Dedicated medical science liaisons (MSLs) for specialist engagement

The scale of GSK plc's scientific engagement is backed by significant investment. For the twelve months ending September 30, 2025, GSK plc's Research and Development Expenses hit $9.421B. This commitment to science underpins the expertise MSLs bring to specialist conversations. Furthermore, GSK plc announced plans to invest at least $30 billion across the United States in R&D and supply chain infrastructure over the next five years, starting in 2025. A portion of this, $1.2 billion, is specifically earmarked for advanced manufacturing facilities, AI, and advanced digital technologies. This focus on digital tools definitely suggests a sophisticated, data-driven approach to how their medical teams interact with key opinion leaders.

High-touch, long-term relationships with government health bodies

GSK plc's relationships with government bodies are critical for market access and global health security initiatives. The company sells to customers, including government mandated contracts, particularly in the US, where reimbursement arrangements involve rebates, chargebacks, and rights of return. The company's commitment to global health is quantified through specific, time-bound actions:

Access Initiative	Metric/Target	Timeframe/Scope
Malaria Vaccine Allocation	18 million doses allocated	To 12 African countries for 2023 to 2025.
Echinococcosis Treatment	Commitment to provide 5 million tablets annually	Annually until 2025.
Albendazole Donation	Pledging up to 100 million doses annually	Annually until 2030.
Late-Stage Access Plans	Access plans in place for 92% (23/25) of late-stage candidates targeting a priority gap	Ongoing pipeline assessment.

Digital and patient-centric marketing for new product launches

The integration of digital capabilities is a clear focus area, evidenced by the $1.2 billion investment component for AI and advanced digital technologies across US sites. This technological push supports patient-centric efforts, especially around high-growth specialty products. For instance, the HIV portfolio showed strong momentum in Q2 2025, with Long-Acting Medicine sales contributing more than 70% of the total HIV growth for that quarter. Specific product performance highlights the success of these targeted commercial efforts:

• Cabenuva sales reached £341 million in Q2 2025, marking a 46% growth.
• Apretude, the long-acting injectable for prevention, delivered sales of £101 million in Q2 2025, growing 50% compared to Q2 2024.
• Specialty Medicines sales overall were £3.3 billion in Q2 2025, up 15% year-over-year.

Managed access programs for global health security

GSK plc has a forward-looking approach to access, generally beginning to develop access plans for R&D projects in Phase II of clinical development. The company recently committed to making at least 2 million doses of a specific product available for procurement for Low- and Middle-Income Countries (LMICs) between 2025 and 2026. This aligns with their broader strategy for key HIV products, where ViiV Healthcare extended a voluntary licensing agreement in July 2025 to enable generic long-acting injectable cabotegravir (CAB LA) for treatment in 133 countries.

Building trust through clinical trial transparency

Trust is built through openness regarding research. GSK plc launched its Clinical Study Register website in 2004. As of the latest figures, this register lists 6,835 GSK trials across 185 countries. This includes over 5,600 result summaries and approximately 230 clinical study reports (CSRs). The company posts result summaries within a year of study completion, regardless of whether the outcome reflects positively or negatively on their products. Furthermore, since the beginning of 2020, they have been developing plain language summaries of clinical trial results, written to be understandable to a layperson.

Finance: draft 13-week cash view by Friday.

GSK plc (GSK) - Canvas Business Model: Channels

Direct sales force targeting healthcare professionals (HCPs).

GSK plc anticipates further leverage in Operating profit as it continues to take a returns-based approach to SG&A investments, with SG&A expected to grow at a low single-digit percentage for the full year 2025.

Global network of wholesalers and distributors.

The company sells its products through wholesalers, pharmacies, hospitals, physicians and other groups worldwide.

Government tenders and procurement systems (e.g., NHS).

The introduction of the Inflation Reduction Act is expected to have a £150 million to £200 million impact on HIV sales in 2025.

Specialty pharmacies for complex treatments.

Long-Acting Medicine sales contributed more than 70% of the total HIV growth in Q2 2025. Cabenuva, a long-acting injectable regimen, reached sales of £341 million in Q2 2025. Apretude, a long-acting injectable option for HIV prevention, delivered sales of £101 million in Q2 2025.

Digital platforms for non-promotional and educational content.

GSK plc is implementing digital twins across 10 studies in 2025, aiming to reduce the number of patients needed by an average of 15% in clinical trials where these methods are applicable.

The channel strategy supports the overall business performance, as seen in the segment sales data for Q3 2025:

Segment/Product Metric	Q3 2025 Sales Amount	Year-over-Year Growth (CER)
Total Turnover	£8.5 billion	8%
Specialty Medicines Sales	£3.4 billion	16%
HIV Sales	£1.9 billion	12%
Vaccines Sales	£2.7 billion	2%
General Medicines Sales	£2.5 billion	4%

Within the HIV portfolio in Q2 2025, Oral 2DR sales were £655 million, representing 43% of the total HIV portfolio.

The company expects full-year 2025 royalty income to be between £750-800 million.

GSK plc expects 2025 turnover growth between 6% to 7% at constant exchange rates (CER).

• Expected 2025 Core operating profit growth (CER): 9% to 11%.
• Expected 2025 Core EPS growth (CER): 10% to 12%.
• Expected full-year 2025 dividend: 64p per share.
• Share buyback programme: £2 billion total, with £1.1 billion spent in YTD 2025.

GSK plc (GSK) - Canvas Business Model: Customer Segments

You're looking at the core groups GSK plc targets to drive its business, which is heavily weighted toward specialty care as of late 2025. Honestly, the numbers clearly show where the focus is-it's all about Specialty Medicines now.

The primary customer segments are the gatekeepers and the end-users of their high-value portfolio. Think about the prescribing physicians, the public health bodies buying in bulk, and the patients managing long-term conditions. These groups directly translate into the revenue streams we see in the financial reports.

Healthcare Professionals (HCPs) who prescribe Specialty Medicines and Vaccines

HCPs are the direct interface for prescribing the products that are fueling GSK's growth. Their decisions drive sales across the most dynamic areas of the business. Specialty Medicines sales, which these HCPs prescribe, hit £3.3 billion in Q2 2025, marking a 15% increase year-over-year at constant exchange rates (CER). This segment is the engine, with HIV, Oncology, and Respiratory/Immunology/Inflammation all showing double-digit growth in the first half of 2025.

For example, in HIV, the shift to long-acting regimens, which HCPs administer, is profound. Long-Acting Medicines contributed over 75% of the total HIV growth in Q3 2025. Prescribers are adopting Cabenuva, which reached sales of £341 million in Q2 2025, up 46%.

Government and public health organizations for mass vaccination programs

This segment is crucial for the Vaccines division, often involving large-scale procurement decisions by national health authorities. While the Vaccines division saw a dip in Q1 2025 sales to £2.1 billion (-6% AER), Q2 2025 showed a rebound with sales of £2.1 billion (+9% CER). Meningitis vaccines, a key area for public health tenders, saw sales of £379 million in Q2 2025, growing 22%.

The launch of new vaccines, like Penmenvy in Q1 2025, is targeted directly at these large-scale buyers following positive recommendations, such as the ACIP recommendation for Penmenvy and Arexvy in adults aged 50-59.

Patients with chronic diseases like HIV, COPD, and severe asthma

These patients are the ultimate beneficiaries, and their adherence and need sustain the revenue from key products. HIV sales were £1.88 billion in Q2 2025, a 12% increase. Dovato, a key oral treatment, remains the largest product in the HIV portfolio with sales of £655 million in Q2 2025, growing 23%.

For COPD and severe asthma, Nucala sales were £498 million in Q1 2025, showing 7% growth, with a new indication for COPD expected to expand this patient base further. The company also has depemokimab, a biologic for severe asthma and nasal polyps, expecting a US regulatory decision in December 2025, targeting a significant patient population.

Oncology specialists and patients with multiple myeloma or GIST

This is a high-growth area for GSK, driven by specialist adoption of novel therapies. Oncology sales were £484 million in Q2 2025, a massive 42% jump. Jemperli led this charge, growing 91% to £196 million following an expanded US approval. Ojjaara/Omjjara added £138 million, up 69%.

For multiple myeloma, Blenrep recorded £4 million in sales in Q2 2025 after receiving approvals in markets like the U.K. and Japan, with a new US regulatory decision date set for October 23, 2025. Furthermore, IDRx-42 for 2L GIST is expected to start pivotal/Phase III trials in H2 2025, indicating a future segment focus.

Payers and formulary decision-makers in major markets

Payers control access and reimbursement, making them a critical, albeit indirect, customer segment. Their decisions impact the net realized price and formulary placement. The US market, a major payer landscape, generated £4.12 billion in sales in Q2 2025, growing 5%. However, the HIV segment in the US specifically noted a -2ppts impact from pricing, including the IRA Medicare Part D redesign, which directly reflects payer policy influence.

The overall financial health, with a raised full-year forecast for turnover growth toward the upper end of the 3% to 5% range at CER, is what ultimately satisfies these financial stakeholders.

Here's a quick look at how the key revenue drivers map to these segments based on Q2 2025 performance:

Customer Segment Proxy	Key Financial Metric (Q2 2025)	Amount (£m)	Year-over-Year Growth (CER)
HCPs (Specialty Medicines)	Specialty Medicines Sales	3,300	+15%
Government/Public Health (Vaccines)	Total Vaccines Sales	2,100	+9%
Patients (HIV)	HIV Sales	1,880	+12%
Oncology Specialists/Patients	Oncology Sales	484	+42%
Payers (Geographic Access)	U.S. Sales	4,120	+5%

The company's focus on high-growth specialty areas is clear, with Specialty Medicines sales accounting for roughly 41.7% of the total Q2 2025 turnover of £7.986 billion. This concentration means the success of the business defintely hinges on continued positive engagement with the HCPs and payers governing these specialized treatments.

GSK plc (GSK) - Canvas Business Model: Cost Structure

You're looking at the expense side of the GSK plc equation, which is heavily weighted toward future innovation and maintaining a complex global supply chain. Honestly, for a company this size, the cost structure is a massive undertaking, dominated by science and getting those specialized medicines to patients.

The single largest recurring cost driver is the commitment to research and development. GSK is pouring serious money into its pipeline to secure future revenue streams. For the twelve months ending September 30, 2025, Research and Development Expenses hit $9.421B. This reflects an acceleration in investment, as R&D was expected to grow ahead of sales for the full year 2025. To be fair, this US-focused investment is layered on top of significant spending back home; GSK continues to invest more than £1.5 billion in R&D every year in the UK.

Manufacturing and supply chain costs are inherently high because GSK deals with complex biologics, which require specialized, high-tech production environments. The company is actively upgrading this infrastructure, particularly in the US. They announced a new $1.2 billion investment package over five years dedicated to advanced manufacturing facilities and AI integration across their US footprint. This includes the construction of an additional next-generation biologics 'flex' factory in Upper Merion, Pennsylvania, though construction is planned to start in 2026. This follows the start of construction in October 2024 on an $800 million facility in Marietta, Pennsylvania.

Commercialization requires substantial Selling, General, and Administrative (SG&A) expenses to support global product launches and market access. For the twelve months ending September 30, 2025, SG&A expenses were $11.859B. This is down from the $14.076B recorded for the full year 2024. The company aims for disciplined investment here, with 2025 guidance anticipating SG&A to grow at a low single-digit percentage at constant exchange rates.

Legal expenses and contingent liabilities are a volatile, but significant, cost component. While you mentioned a £1.5 billion Zantac provision, the most concrete recent legal charge related to Zantac settlements was an incremental charge recognized in Q3 2024 of £1.8 billion (approximately $2.3 billion) to resolve the vast majority of US state court cases. Separately, in Q1 2025, the remeasurement of contingent consideration liabilities resulted in a net charge of £10 million, a significant swing from the £704 million credit seen in Q1 2024.

Here's a quick look at some of the key cost-related financial metrics we see:

Cost Category/Metric	Amount/Value	Period/Context
Research & Development Expenses	$9.421B	LTM September 30, 2025
SG&A Expenses	$11.859B	LTM September 30, 2025
SG&A Expenses	$14.076B	Full Year 2024
New US Manufacturing CapEx (Flex Factory/AI)	$1.2 billion	Part of a 5-year US investment plan
Existing US Manufacturing CapEx (Marietta)	$800 million	Construction started October 2024
Zantac Litigation Charge (Incremental)	£1.8 billion (approx. $2.3 billion)	Q3 2024 Charge
Contingent Consideration Liability Remeasurement	£10 million (Charge)	Q1 2025
UK R&D Investment	More than £1.5 billion	Annually

The cost structure is clearly geared toward high-value, high-risk R&D and the capital-intensive manufacturing required for biologics. You can see the trade-off in the legal provisions, where large, lumpy expenses like the Zantac settlements are managed alongside steady operational costs like SG&A.

• Heavy investment in US next-gen biologics 'flex' factories, with construction planned to start in 2026.
• New AI and advanced digital technology capabilities being introduced across 5 existing US manufacturing sites.
• Total planned US investment across R&D and supply chain infrastructure is at least $30 billion over the next five years.
• Core SG&A growth in Q1 2025 was partly offset by a 4 percentage point impact from a Q1 2024 legal provision reversal.

Finance: draft the Q4 2025 cost projection variance analysis by next Tuesday.

GSK plc (GSK) - Canvas Business Model: Revenue Streams

You're looking at how GSK plc generates its top-line revenue as of late 2025, following a strong third quarter that prompted an upgrade to the full-year outlook. Honestly, the business is clearly leaning heavily on its specialty portfolio to drive value.

Total Q3 2025 sales hit £8.5 billion, which represented a 7% increase on an actual exchange rate (AER) basis over the prior year, or 8% at constant exchange rates (CER). This performance really sets the stage for the updated full-year expectations.

Here's the quick math on the primary revenue streams reported for the third quarter:

• Sales of Specialty Medicines, which hit £3.4 billion in Q3 2025.
• Vaccine sales, totaling £2.7 billion in Q3 2025.
• General Medicines sales, which were £2.5 billion in Q3 2025.
• Royalty income, now expected to be £800-£850 million for the full year 2025, up from previous guidance, including proceeds from IP settlements.

To give you a clearer picture of the segment contributions from that strong Q3 performance, check out this breakdown:

Revenue Stream Segment	Q3 2025 Sales (Reported)	Q3 Growth (CER)
Specialty Medicines Total	£3.4 billion	+16%
HIV Sales	£1.9 billion	+12%
Oncology Sales	£0.5 billion	+39%
Vaccines Total	£2.7 billion	+2%
Shingrix	£0.8 billion	+13%
General Medicines Total	£2.5 billion	+4%
Trelegy	£0.7 billion	+25%

So, based on the momentum seen through September, GSK plc now expects its full-year 2025 turnover growth to be between 6% to 7% at constant exchange rates, a definite step up from earlier guidance. That's the current expectation you should be modeling with.