GSK plc (GSK): Business Model Canvas [Dec-2025 Updated]

You're trying to get a clear picture of what truly makes the engine run at GSK plc after its big strategic split, and honestly, it boils down to a laser focus on specialty biopharma, which you can see reflected in their Q3 2025 results: Specialty Medicines alone brought in £3.4 billion. As a former analyst, I can tell you this model hinges on their R&D might-they poured about $9.421 billion (LTM Sep 2025) into discovery-and key partnerships like ViiV Healthcare to hit that projected 6% to 7% turnover growth for the full year. Science is the engine here. Below, we map out the entire Business Model Canvas, showing you exactly how they convert that intellectual property and those massive clinical trial expenses into value propositions like Shingrix and their pipeline of 15 scale opportunities.

GSK plc (GSK) - Canvas Business Model: Key Partnerships

ViiV Healthcare is a global specialist HIV company established in November 2009 by GSK and Pfizer, with Shionogi joining in October 2012. GSK holds a 78.30% effective ownership interest in ViiV Healthcare subsidiaries.

GSK and ViiV Healthcare made a new £6 million joint pledge to the Global Fund to Fight AIDS, Tuberculosis and Malaria in October 2025, which was matched by the Gates Foundation, bringing the total investment to £12 million.

Academic and biotech collaborations include the April 2025 agreement with ABL Bio to use the Grabody-B platform for neurodegenerative diseases.

• ABL Bio upfront payment: £38.5 million (nearly $50 million).
• ABL Bio potential total milestones: Up to £2.075 billion (about $2.66 billion).
• Vesalius Therapeutics upfront payment: $80 million plus up to $570 million in milestones for one preclinical program (November 2024).
• Muna Therapeutics upfront payment: $35 million (December 2024).

GSK completed the acquisition of IDRx, Inc. in February 2025. The deal included IDRX-42, a KIT TKI for GIST.

• IDRx upfront payment: $1 billion.
• IDRx potential success-based milestone: Up to an additional $150 million.
• Total cash consideration for IDRx: Up to $1.15 billion.

Global health organizations partnerships involve vaccine distribution commitments. GSK has supplied Gavi, the Vaccine Alliance, with more than 1 billion doses of vaccines since 2010.

In June 2025, GSK licensed its Shigella vaccine candidate, altSonflex1-2-3, to Bharat Biotech International Limited (BBIL) for development and potential distribution in low-and-middle-income countries.

The July 2025 agreement with Hengrui Pharma covers up to 12 innovative medicines across respiratory, immunology, inflammation, and oncology.

The collaboration includes an exclusive worldwide license for HRS-9821, a potential best-in-class PDE3/4 inhibitor for COPD.

GSK will option 11 additional programs from Hengrui Pharma after Phase I completion.

Partnership/Acquisition	Upfront Payment/Initial Consideration	Maximum Potential Value (Milestones/Total)	Key Asset/Focus Area
ABL Bio	£38.5 million (nearly $50 million)	Up to £2.075 billion (about $2.66 billion)	Grabody-B platform (Neurodegenerative diseases)
IDRx, Inc.	$1 billion	Up to $1.15 billion	IDRX-42 (GIST Oncology)
Hengrui Pharma	$500 million	Up to $12 billion	HRS-9821 (COPD) and 11 other programs

GSK expects full year 2025 Core operating profit growth between 6 to 8 per cent at CER.

For Q2 2025, HIV sales were $1.9 billion (up 12% CER).

For Q2 2025, Vaccines sales were $2.1 billion (up 9% CER).

The expected dividend for full year 2025 is 64p per share.

GSK plc (GSK) - Canvas Business Model: Key Activities

The Key Activities for GSK plc center on high-value science to discover, develop, and deliver innovative Specialty Medicines and Vaccines. This involves significant upfront investment in research and development, followed by complex global execution across clinical trials and manufacturing.

Discovering and developing innovative Specialty Medicines and Vaccines

You see the focus clearly in the financial commitment. GSK reported that research and development expenses for the twelve months ending September 30, 2025, reached $9.421B. Core R&D investment for Q1 2025 alone was £1,377 million. Specialty Medicines is the engine, accounting for 80% of GSK's growth in 2024, and is anticipated to deliver low double-digit percentage increases in sales for 2025. The company expects 2025 turnover growth between 3% and 5% overall, with Core operating profit and EPS growth projected at 6% to 8%.

Executing 14 key product launches expected by 2031

The near-term execution hinges on bringing pipeline assets to market. GSK is focused on 14 key opportunities expected to launch between 2025-2031, with each carrying a Peak Year Sales (PYS) potential of more than £2 billion. This pipeline strength underpins the upgraded long-term outlook for 2031 sales to be more than £40 billion, with Specialty Medicines expected to contribute over 50% of that revenue. The year 2025 is critical, with four major new product approvals achieved by Q3 2025, including Penmenvy and Blujepa in Q1. The US regulatory decision on depemokimab is expected in December 2025.

Here's a look at those high-potential launch opportunities:

Launch Window	Number of Opportunities	Minimum PYS Potential per Opportunity
2025-2031	14	>£2 billion
Expected 2025 Approvals (Total)	5 (4 achieved by Q3 2025)	Varies

The company is preparing for launches of Blenrep, Nucala, and depemokimab, with Blenrep's FDA PDUFA date set for October 23, 2025.

Manufacturing and global supply chain management

Global supply chain management is being bolstered by significant capital investment, particularly in the US. GSK announced plans to invest at least $30 billion across the US over the next five years for R&D and supply chain infrastructure. This includes a new $1.2 billion investment for advanced manufacturing facilities and digital technologies. This builds on existing commitments, such as the $800 million Marietta, Pennsylvania facility construction that began in October 2024. Last year, the global supply chain delivered 1.7 billion packs of medicines and over 400 million vaccine doses.

Conducting large-scale global clinical trials

The R&D investment directly fuels clinical trials. The US is set to become GSK's most important location for clinical trials over the next five years. Pivotal/Phase III trials expected to start in 2025 include:

• Respiratory: depemokimab COPD programme (ENDURA).
• Oncology: GSK'227 B7H3 ADC for ES-SCLC; IDRx-42 for 2L GIST.
• Other: efimosfermin for MASH.

Targeted business development and pipeline acquisition

The pipeline is actively managed through strategic deals. GSK completed the acquisition of IDRx. Also, agreements were announced with Hengrui Pharma to develop up to 12 medicines in RI&I and Oncology. Furthermore, a novel research collaboration was established with the UK Dementia Research Institute & HDRUK concerning shingles vaccination and dementia prevention. Royalty income for the full year 2025 is now expected to be between £750-800 million.

GSK plc (GSK) - Canvas Business Model: Key Resources

You're analyzing the core assets that power GSK plc's current market position, so let's look directly at the hard numbers underpinning their operations as of late 2025.

Intellectual Property and Patent Portfolio for Key Drugs

The value of GSK plc's Key Resources is heavily weighted in its scientific output. The company has a total of 14,306 patents globally, with more than 70% of those patents remaining active, equating to 9,982 active patents based on historical data. The estimated cost to discover and develop a new medicine is around $2.6 billion. Products like Shingrix continue to be significant, with ex-US markets representing 57% of its Q1 2025 global sales. Trelegy contributed to General Medicines sales growth of 6% in FY 2024.

R&D Pipeline with Scale Opportunities

GSK plc is actively advancing its pipeline, focusing on assets with significant future revenue potential. The company is focusing on the clinical development of 14 scale innovation opportunities expected to launch between 2025 and 2031. Each of these 14 opportunities has a projected peak year sales potential surpassing £2 billion. As of Q2 2025, GSK had 16 assets in late-stage development, with four more expected to enter Phase III or pivotal development by the end of the year. The company has approximately 50 additional Phase I/II assets in the pipeline.

Scientific Talent and Expertise in Immunology and Advanced Technologies

The human capital driving this pipeline is substantial, supported by significant capital deployment. GSK plc continues to prioritize R&D investment in Respiratory, Immunology & Inflammation, Oncology, and HIV. The company's Q1 2025 Research and Development operating expense was £1,353 million. Furthermore, GSK announced plans to invest $30 billion across the United States in R&D and supply chain infrastructure over the next five years.

Global Manufacturing and Distribution Network

The physical network is being bolstered by strategic capital expenditure, particularly in the US. GSK plc announced a new $1.2 billion investment in advanced manufacturing facilities and AI/digital technologies in the US in September 2025. This is part of a broader commitment to inject $30 billion into US manufacturing and R&D over five years. This $1.2 billion specifically includes construction of a new biologics flex factory in Pennsylvania, with construction planned to start in 2026. The company committed approximately $2 billion in new US manufacturing investments over the last 12 months leading up to this announcement.

Strong Balance Sheet Supporting Shareholder Returns

The financial structure allows for capital return initiatives, signaling confidence in operational cash flow generation. GSK plc commenced a £2 billion share buyback programme in February 2025, intended to be implemented over the period to the end of Q2 2026. By the end of Q2 2025, £822 million had been spent on this buyback. The expected benefit from this buyback is up to 1% on Core EPS growth for 2025. The company expected a full-year dividend payout of 64p per share for 2025.

Here's a quick look at the scale of the balance sheet and operational performance supporting these resource commitments:

Metric	Amount/Value	Context/Date
Trailing Twelve-Month Revenue	£40.6 billion	As of late 2025 reports
Net Debt	£13.1 billion	As of February 2025
Total US Investment Commitment (5 Years)	$30 billion	Announced September 2025
New US Manufacturing/AI Investment	$1.2 billion	Announced September 2025
Total Share Buyback Programme	£2 billion	Commenced February 2025
Share Buyback Spent (H1 2025)	£822 million	As of Q2 2025
Expected 2025 Full-Year Dividend	64p per share	2025 Guidance

The gross margin stands at a high 71.41%, showing efficient cost management alongside these investments.

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.