GSK PLC (GSK): Canvas Business Model [Jan-2025 Mise à jour]

Dans le monde dynamique des soins de santé mondiaux, GlaxoSmithKline (GSK) émerge comme une puissance pharmaceutique, naviguant stratégiquement des paysages de marché complexes grâce à sa toile innovante du modèle commercial. Ce cadre complet révèle comment GSK transforme l'éclat scientifique en solutions de soins de santé qui changent la vie, tirant parti Plus de 50 ans d'expertise en recherche et un réseau mondial de partenariats qui couvrent les institutions de recherche, les entreprises de biotechnologie et les prestataires de soins de santé. En disséquant le modèle commercial complexe de GSK, nous découvrons les mécanismes stratégiques qui permettent à cette société multinationale de développer des médicaments révolutionnaires, de livrer des vaccins de haute qualité et de conduire constamment des innovations de santé transformatrices qui ont un impact sur des millions dans le monde.

GSK PLC (GSK) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec des institutions de recherche pharmaceutique

GSK a établi des partenariats de recherche stratégique avec les institutions clés suivantes:

Institution de recherche	Focus de partenariat	Valeur de collaboration
Université de Cambridge	Recherche de maladies infectieuses	17,5 millions de livres sterling d'investissement annuel
École de médecine de Harvard	Recherche d'immunologie	Contrat de collaboration de 22,3 millions de dollars
Imperial College London	Développement	Programme de recherche de 12,6 millions de livres sterling

Accords collaboratifs avec les fournisseurs de soins de santé mondiaux

Les partenariats mondiaux des fournisseurs de soins de santé de GSK comprennent:

• Programme de distribution des vaccins de l'Organisation mondiale de la santé (OMS): 45 millions de dollars d'engagement annuel
• Partenariat d'approvisionnement du vaccin de l'UNICEF: Contrat d'offre de 320 millions de dollars
• Partenariat du Fonds mondial pour le traitement des maladies infectieuses: 250 millions de dollars collaboration pluriannuelle

Partenariats avec des centres médicaux universitaires

Centre médical	Domaine de recherche	Investissement de partenariat
Clinique de mayo	Recherche en oncologie	Programme de recherche de 35,7 millions de dollars
Université Johns Hopkins	Recherche de maladies respiratoires	Contrat de collaboration de 28,5 millions de dollars

Coentreprises avec des sociétés de biotechnologie

Les coentreprises de biotechnologie de GSK comprennent:

• Collaboration de vaccin contre l'ARNm de Moderna: 1,2 milliard de dollars en accord de développement conjoint
• CureVAC Vaccine Research Partnership: 630 millions de dollars d'investissement stratégique
• BIONTECH Therapeutic Development Venture: 425 millions de dollars de programme collaboratif

Partenariats de chaîne d'approvisionnement et de réseau de distribution

Partenaire	Focus de la distribution	Valeur du contrat
DHL Healthcare Logistics	Distribution mondiale des vaccins	Contrat logistique annuel de 180 millions de dollars
FedEx Healthcare Solutions	Expédition pharmaceutique à température	Contrat de distribution annuel de 95 millions de dollars

GSK PLC (GSK) - Modèle d'entreprise: Activités clés

Recherche et développement pharmaceutiques

Dépenses de R&D en 2023: 4,1 milliards de livres sterling

Zones de mise au point R&D	Investissement (million de livres sterling)
Maladies infectieuses	1,250
Oncologie	980
Immunologie	750

Essais cliniques et dépistage de médicaments

Nombre d'essais cliniques en cours en 2023: 157

• Essais de phase I: 42
• Essais de phase II: 68
• Essais de phase III: 47

Fabrication de vaccins et de médicaments

Lieux de fabrication	Nombre d'installations
Royaume-Uni	7
États-Unis	6
Autres emplacements internationaux	12

Capacité totale de production de vaccins: 2,5 milliards de doses par an

Marketing mondial et ventes de produits de santé

Revenus de ventes mondiales en 2023: 33,2 milliards de livres sterling

Catégorie de produits	Ventes (milliards de livres sterling)
Médicaments	22.7
Vaccins	8.1
Santé grand public	2.4

Conformité réglementaire et contrôle de la qualité

Nombre d'inspections de contrôle de la qualité en 2023: 423

• Audits de qualité interne: 276
• Inspections réglementaires externes: 147

Attribution du budget de la conformité: 350 millions de livres sterling

GSK PLC (GSK) - Modèle d'entreprise: Ressources clés

Portfolio de propriété intellectuelle étendue

En 2024, GSK détient environ 16 500 brevets actifs dans le monde. Valeur du portefeuille de brevets estimé à 42,3 milliards de dollars.

Catégorie de brevet	Nombre de brevets	Valeur estimée
Composés pharmaceutiques	7,250	24,6 milliards de dollars
Technologies de vaccination	3,800	12,5 milliards de dollars
Systèmes d'administration de médicaments	5,450	5,2 milliards de dollars

Installations de recherche et développement avancées

GSK maintient 9 principaux centres de R&D mondiaux Avec un investissement annuel total de R&D de 5,1 milliards de dollars en 2024.

• Centres de R&D: Royaume-Uni, États-Unis, Belgique, Chine, Singapour
• Personnel de recherche total: 14 500 scientifiques et chercheurs
• Budget de recherche annuel: 5,1 milliards de dollars

Main-d'œuvre scientifique et médicale qualifiée

Total de la main-d'œuvre mondiale: 79 200 employés en 2024.

Catégorie des employés	Nombre d'employés
Chercheur	14,500
Développement clinique	6,800
Fabrication	22,600
Ventes et marketing	18,300
Administratif	17,000

Infrastructure de fabrication mondiale

GSK fonctionne 52 installations de fabrication dans 32 pays.

• Capacité de fabrication totale: 22 milliards de doses par an
• Sites de production pharmaceutique: 38
• Sites de production de vaccins: 14
• Investissement total de fabrication: 3,7 milliards de dollars en 2024

Capital financier substantiel pour l'innovation

Ressources financières à partir de 2024:

Métrique financière	Montant
Revenus totaux	37,8 milliards de dollars
Equivalents en espèces et en espèces	8,6 milliards de dollars
Actif total	94,3 milliards de dollars
Investissement en R&D	5,1 milliards de dollars

GSK PLC (GSK) - Modèle d'entreprise: propositions de valeur

Solutions et médicaments de santé innovants

GSK a déclaré 33,3 milliards de livres sterling au total en 2022, les produits pharmaceutiques générant 23,4 milliards de livres sterling. Les zones pharmaceutiques clés comprennent:

• Médicaments respiratoires: 5,2 milliards de livres sterling
• Traitements du VIH: 4,8 milliards de livres sterling
• Traitements en oncologie: 2,6 milliards de livres sterling

Zone thérapeutique	2022 Revenus (milliards de livres sterling)	Part de marché mondial
Médicaments respiratoires	5.2	14.7%
Traitements du VIH	4.8	22.3%
Traitements en oncologie	2.6	8.5%

Vaccines de haute qualité pour la protection mondiale de la santé

La division des vaccins a généré un chiffre d'affaires de 7,5 milliards de livres sterling en 2022, avec un impact mondial important:

• Vaccine Covid-19: 3,4 milliards de livres sterling
• Vaccine des zones (Shingrix): 2,1 milliards de livres sterling de revenus
• Vaccines de la méningite: 1,2 milliard de livres sterling de revenus

Capacités de recherche pharmaceutique avancées

Investissement de recherche et développement en 2022: 4,5 milliards de livres sterling, représentant 14,2% du total des revenus. Le pipeline de recherche actuel comprend:

• 55 programmes de développement clinique actifs
• 18 nouvelles entités moléculaires potentielles
• 7 désignations de thérapie révolutionnaire

Portfolio complet de produits de santé

Catégorie de produits	2022 Revenus (milliards de livres sterling)	Position du marché mondial
Médicaments sur ordonnance	23.4	Top 5 de la société pharmaceutique mondiale
Vaccins	7.5	Le premier fabricant de vaccins au monde
Santé grand public	4.2	Top 3 de la marque mondiale de santé grand public

Concentrez-vous sur l'amélioration des résultats des patients

Approche centrée sur le patient démontré:

• Investissement annuel de 4,5 milliards de livres sterling R&D
• 93% des médicaments ciblant les besoins médicaux non satisfaits
• Présence dans plus de 150 pays dans le monde

GSK PLC (GSK) - Modèle d'entreprise: relations avec les clients

Engagement professionnel médical direct

GSK maintient 22 500 représentants médicaux dans le monde qui s'engagent directement avec les professionnels de la santé. En 2023, la société a signalé 1,3 million d'interactions directes avec les médecins et les spécialistes.

Canal de fiançailles	Volume d'interaction annuel
Réunions de vente directes	678,000
Conférences médicales	412,000
Plateformes professionnelles numériques	210,000

Programmes de soutien aux patients et d'éducation

GSK a investi 87,4 millions de livres sterling dans les initiatives de soutien aux patients en 2023, couvrant plusieurs zones thérapeutiques.

• Programmes d'éducation à la vaccination atteignant 14,2 millions de patients
• Soutien de la gestion des maladies chroniques pour 3,6 millions de patients
• Plates-formes de support de patients numériques avec 2,1 millions d'utilisateurs enregistrés

Plates-formes de santé numériques et communication

L'écosystème de santé numérique de GSK comprend 7 plateformes de communication intégrées, desservant 48 pays.

Plate-forme numérique	Base d'utilisateurs
Portail d'information des patients	1,9 million d'utilisateurs
Réseau professionnel de la santé	124 000 professionnels enregistrés
Applications de santé mobile	3 applications actives

Consultations de soins de santé personnalisés

GSK a déployé 1 250 équipes de consultation de soins de santé spécialisées dans 36 pays en 2023.

• Spécialistes de consultation en oncologie: 340
• Équipes de consultation des maladies respiratoires: 425
• Groupes de consultation en immunologie: 485

Collaborations de recherche clinique en cours

GSK a maintenu 218 collaborations de recherche active avec des établissements universitaires et médicaux dans le monde en 2023.

Type de collaboration	Nombre de partenariats
Établissements de recherche universitaire	142
Centres de recherche médicale	56
Organisations de santé mondiales	20

GSK PLC (GSK) - Modèle d'entreprise: canaux

Réseaux de distribution pharmaceutique

GSK opère dans 154 centres de distribution dans le monde, desservant 160 pays. Le réseau de distribution pharmaceutique de l'entreprise traite environ 1,2 milliard d'unités de produits par an.

Région	Centres de distribution	Volume de distribution annuel
Europe	48	380 millions d'unités
Amérique du Nord	42	310 millions d'unités
Asie-Pacifique	37	280 millions d'unités
Reste du monde	27	230 millions d'unités

Ventes directes vers les institutions de soins de santé

GSK maintient une force de vente directe de 18 500 représentants pharmaceutiques ciblant les hôpitaux, les cliniques et les prestataires de soins de santé.

• Couverture des représentants moyens des ventes: 75-100 institutions de soins de santé par représentant
• Revenus de ventes directes annuels: 22,3 milliards de livres sterling
• Segments cibles primaires: hôpitaux, centres de recherche, cliniques spécialisées

Plateformes d'information médicale en ligne

GSK exploite 7 principales plateformes d'information médicale numérique avec 2,4 millions de professionnels de la santé enregistrés.

Type de plate-forme	Utilisateurs enregistrés	Utilisateurs actifs mensuels
Portail médical professionnel	1,2 million	680,000
Réseau de recherche clinique	650,000	420,000
Plateforme de recherche pharmaceutique	550,000	310,000

Conférences mondiales de santé

GSK participe à 42 grandes conférences internationales de soins de santé chaque année, avec une participation moyenne de 1 200 participants professionnels par événement.

• Budget de participation annuelle de la conférence: 14,5 millions de livres sterling
• Fréquence moyenne de présentation de la conférence: 18 par an
• Types de conférence: recherche médicale, innovation pharmaceutique, essais cliniques

Canaux de marketing numérique et de communication

GSK utilise 12 canaux de marketing numérique primaires avec une dépense de marketing numérique totale de 187 millions de livres sterling en 2023.

Canal numérique	Portée mensuelle	Taux d'engagement
Liendin	1,8 million de professionnels	4.2%
Gazouillement	1,2 million de followers	3.7%
Youtube	850 000 vues mensuellement	2.9%
Webinaires professionnels	620 000 inscrits	5.1%

GSK PLC (GSK) - Modèle d'entreprise: segments de clientèle

Professionnels de la santé

GSK dessert environ 1,5 million de professionnels de la santé dans le monde en 2024.

Répartition du segment	Nombre de professionnels
Médecins	750,000
Pharmaciens	350,000
Spécialistes	400,000

Organisations de santé gouvernementales

GSK fournit des produits pharmaceutiques à 112 systèmes de santé nationaux dans le monde.

Région	Nombre de contrats gouvernementaux
Europe	38
Amérique du Nord	27
Asie-Pacifique	35
Afrique / Moyen-Orient	12

Fournisseurs de soins de santé privés

GSK dessert 45 000 établissements de santé privés dans le monde.

• Réseaux d'hôpital: 12 500
• Cliniques privées: 25 000
• Centres médicaux: 7 500

Patients individuels

GSK atteint environ 1,3 milliard de patients individuels par an.

Zone thérapeutique	Volume de patient
Respiratoire	380 millions
VIH / maladies infectieuses	290 millions
Oncologie	210 millions
Immunologie	420 millions

Institutions de recherche pharmaceutique

GSK collabore avec 850 institutions de recherche dans le monde.

• Centres de recherche universitaire: 450
• Instituts de recherche indépendants: 250
• Centres de recherche en biotechnologie: 150

GSK PLC (GSK) - Modèle d'entreprise: Structure des coûts

Investissement de R&D significatif

Les dépenses de R&D de GSK en 2022 étaient de 4,2 milliards de livres sterling, ce qui représente 13% du total des revenus pharmaceutiques.

Année	Investissement en R&D (milliards de livres sterling)	Pourcentage de revenus
2022	4.2	13%
2021	4.1	12.8%

Frais de fabrication et de production

Les coûts de fabrication totaux en 2022 étaient de 6,8 milliards de livres sterling, avec des sites de production clés dans plusieurs pays.

• Installations de fabrication mondiales: 45 sites
• Pays de production: Royaume-Uni, États-Unis, Chine, Inde
• Coût de fabrication moyen par gamme de produits: 180 millions de livres sterling

Coûts de marketing et de vente mondiaux

Les dépenses de marketing et de vente en 2022 ont totalisé 8,1 milliards de livres sterling.

Région	Dépenses de marketing (millions de livres sterling)
Europe	2,700
Amérique du Nord	3,500
Asie-Pacifique	1,200
Reste du monde	700

Dépenses de conformité réglementaire

Les coûts liés à la conformité en 2022 étaient d'environ 750 millions de livres sterling.

• Frais de dépôt réglementaire: 220 millions de livres sterling
• Infrastructure de conformité: 350 millions de livres sterling
• Coûts juridiques et d'audit: 180 millions de livres sterling

Financement des essais et de la recherche cliniques

Les dépenses d'essai cliniques en 2022 ont atteint 2,3 milliards de livres sterling.

Phase de procès	Coût (million de livres sterling)	Nombre de procès
Phase I	350	45
Phase II	850	75
Phase III	1,100	55

GSK PLC (GSK) - Modèle d'entreprise: Strots de revenus

Ventes de produits pharmaceutiques

Ventes totales de produits pharmaceutiques pour GSK en 2022: 24,9 milliards de livres sterling

Zone thérapeutique	Revenus (milliards de livres sterling)
Respiratoire	8.2
VIH	5.3
Oncologie	4.1

Distribution des vaccins

Ventes totales de vaccins en 2022: 7,4 milliards de livres sterling

• Revenus vaccinaux Covid-19: 3,1 milliards de livres sterling
• Revenus de vaccination (Shingrix) de zona: 2,2 milliards de livres sterling
• Revenus de vaccins pédiatriques: 1,9 milliard de livres sterling

Licence de propriété intellectuelle

Revenus de licence de propriété intellectuelle en 2022: 1,6 milliard de livres sterling

Partenaire de licence	Revenus (£ millions)
Partenaires pharmaceutiques	1,200
Biotechnology Companies	400

Services de recherche contractuels

Revenus de recherche et de développement contractuels en 2022: 620 millions de livres sterling

• Collaborations d'essais cliniques: 410 millions de livres sterling
• Partenariats de recherche: 210 millions de livres sterling

Solutions mondiales de soins de santé

Global Healthcare Solutions Revenue en 2022: 1,3 milliard de livres sterling

Catégorie de service	Revenus (£ millions)
Services de diagnostic	520
Solutions de santé numérique	380
Services de conseil	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.