UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of September, 2026

Commission File Numbers: 001-15170; 001-34068

 

		GSK plc (Name of registrant)				GlaxoSmithKline Capital Inc.   (Name of registrant)
		79 New Oxford Street, London, WC1A 1DG, England (Address of principal executive office)				1100 North Market Street, Suite 4056 Wilmington, Delaware 19890 United States (Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒     Form 40-F ☐

THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE PROSPECTUS INCLUDED IN THE REGISTRATION STATEMENT ON FORM F-3 (FILE NOS. 333-278205 AND 333-278205-02) OF GSK PLC AND GLAXOSMITHKLINE CAPITAL INC. AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

Results summary

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Research and development

Responsible business

Total and core results

Financial information

Glossary

Second quarter 2026

 

This Report reflects the results of GSK plc and its consolidated subsidiaries (“GSK”) for the second quarter of 2026, as previously announced by GSK on 28 July 2026 (the “Q2 2026 results announcement”). There have been no changes required as a result of events which have occurred subsequent to the time of the Q2 2026 results announcement.

GSK delivers Q2 sales of £8.4 billion +5% AER, +5% CER

Recent Developments

Pipeline progress:

 

•	Two late-stage medicines for non-small cell lung cancer acquired: Jideytro (FDA approval) & neladalkib (PDUFA H2 2026)

 

•	Positive phase III Hansoh China data for Ris-Rez in lung cancer – first positive phase III overall survival data reported for a B7-H3 targeted ADC in any tumour type

 

•	Positive data (AZUR-1) supports regulatory reviews for use of Jemperli in treatment of advanced rectal cancer

 

•	Momelotinib (Ojjaara) granted Orphan Drug Designations in US and EU for VEXAS syndrome

 

•	Pivotal data demonstrates unprecedented functional cure rates for bepirovirsen (chronic hepatitis B)

 

•	Arexvy expanded approval in Japan for adults aged 18-59 at increased risk of RSV

 

•	Decision not to progress further development of camlipixant in RCC following CALM-1/2 phase III results

R&D acceleration:

 

•	62 assets in clinical development with opportunities for significant growth

 

•	7 asset accelerations - across 18 indications - identified in: Oncology, Respiratory, Hepatology & Vaccines

 

•	Now expect 20+ phase III trial starts in 2026 (previously 10)

 

•	New flagship R&D Centre to be established in Cambridge Biomedical Campus, UK

 

•	3-year programme to fund investment in late-stage portfolio and to improve operating margin with £1.9 billion annual savings targeted by 2029 for costs of £2.4 billion (£2.1 billion cash costs)

Agreement with US Government to lower the cost of prescription medicines for American patients

As previously announced, on 19 December 2025, GSK entered into an agreement with the US Administration to lower the cost of prescription medicines for American patients, which, once fully implemented, would exclude both GSK and ViiV Healthcare from Section 232 tariffs for three years. On 9 April 2026, GSK, ViiV Healthcare, and the US Government entered into a definitive agreement reflecting Section 232 tariff relief through 20 January 2029 (subject to final implementation). As part of that implementation, GSK and ViiV Healthcare each signed a Generous Model Manufacturer Participation Agreement with the Centers for Medicare and Medicaid Services effective 15 June 2026. With these agreements GSK and ViiV Healthcare have committed certain products to participate in the voluntary Generous Model, and it is anticipated that supplemental rebate agreements with interested US states will be signed on or before 1 October 2026.

Investing in late-stage product portfolio and Accelerate Growth programme

GSK has 62 assets in clinical development, 19 of which are in phase III development.

The company has strong confidence in its late-stage product portfolio, based on clinical data and the opportunities it has identified to improve upon current standards-of-care. GSK has potential best-in-class products for Oncology, Respiratory, Hepatology, HIV and Vaccines.

Following review, the company has identified asset accelerations - across 18 indications – for 7 late-stage products in Oncology, Respiratory, Hepatology and Vaccines. GSK now also expects to start 20+ phase III trials in 2026 (previously 10).

To accelerate R&D and capture the growth and value the late-stage portfolio offers, GSK has initiated a new “Accelerate Growth” programme. This 3-year programme has two objectives:

 

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Research and development

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Total and core results

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Second quarter 2026

 

(1)	Simplify, and match GSK’s organisation and cost base to its evolving product portfolio, notably in Specialty Medicines

 

(2)	Enable the reallocation of GSK’s capital and resources to the late-stage pipeline and to R&D.

The Accelerate Growth programme is targeting £1.9 billion of annual savings, to be fully realised by 2029, for expected total costs of £2.4 billion, of which £2.1 billion is expected to be cash costs. Savings will be primarily reinvested in R&D, including business development activity, with a portion also used to strengthen operating margin in the period related to LoE for dolutegravir (2028-2030). The Accelerate Growth programme will be treated as a Major restructuring programme and costs will be included in Adjusting items. The majority of the cost charges will be in 2026 and 2027.

Cost savings are expected to be enabled by technology and AI and generated by streamlining support services and process redesign including procurement delivery, the reallocation of resources to Specialty Medicines from established products and further simplification of supply chain and the site network to align with portfolio evolution.

Dividend policy

The Dividend policy and the expected pay-out ratio remain unchanged. Consistent with this, GSK has declared a dividend for Q2 2026 of 17p per share. GSK’s future dividend policy and guidance regarding the expected dividend pay-out in 2026 are provided on page 41.

In Q2 2026, GSK completed the £2 billion share buyback programme announced in FY 2024.

Exchange rates

If exchange rates were to hold at the closing rates on 20 July 2026 ($1.35/£1, €1.18/£1 and Yen 219/£1) for the rest of 2026, the estimated impact on 2026 Sterling turnover growth for GSK would be -2%.

 

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Second quarter 2026

 

Performance : turnover

 

Turnover			Q2 2026												Year to date
			£m				AER%				CER%				£m				AER%				CER%
HIV			2,078				11				10				3,902				9				10
Respiratory, Immunology & Inflammation (RI&I)			1,135				18				19				2,025				15				17
Oncology			569				18				17				1,081				20				22
Specialty Medicines			3,782				14				14				7,008				12				14
Shingles (Shingrix)			888				4				3				1,914				11				12
Meningitis			462				22				21				797				9				9
RSV (Arexvy)			192				>100				>100				257				78				75
Influenza			11				83				100				21				>100				>100
Other Paediatric & Adult Vaccines			731				(7	)			(8	)			1,444				(9	)			(8	)
Vaccines			2,284				9				8				4,433				6				6
Respiratory			1,679				(10	)			(10	)			3,273				(9	)			(7	)
Other General Medicines			664				(5	)			(4	)			1,324				(10	)			(8	)
General Medicines			2,343				(9	)			(9	)			4,597				(9	)			(7	)
Total			8,409				5				5				16,038				3				5
By Region:
US			4,308				5				5				8,045				2				6
Europe			2,042				11				8				4,125				15				11
International			2,059				1				2				3,868				(4	)			(2	)
Total			8,409				5				5				16,038				3				5
Financial Performance – Q2 2026 results unless otherwise stated, growth % and commentary at AER and CER. The YTD adverse currency impact on AER versus CER primarily reflected the strengthening of Sterling against the USD. See page 10 for further details.
For product list - see page 56

 

			Q2 2026												Year to date											Key Drivers
			£m				AER%				CER%				£m				AER%				CER%
Specialty  Medicines Total			3,782				14				14				7,008				12				14			Continued growth across disease areas,  with strong performances in HIV, Respiratory, Immunology & Inflammation, and Oncology.
HIV			2,078				11				10				3,902				9				10			In Q2 LAIs delivered 76% at AER, 80% at CER of total HIV growth. Strong demand for Cabenuva, Apretude and Dovato more than offset mature portfolio declines, with favourable pricing from US channel mix benefitting growth. US HIV sales increased in Q2 by 13% AER, 14% CER and YTD by 11% AER, 14% CER with LAIs representing 35% of US HIV turnover. YTD LAI sales exceeded £1bn.
Dovato			749				14				13				1,415				16				16			Strong demand across all regions.
Cabenuva			453				33				33				821				29				32			Cabenuva contributed 57% at AER, 60% at CER of total HIV growth in Q2, with strong demand across all regions.
Apretude			140				39				39				260				37				41			Strong growth driven by demand in a competitive US long-acting prevention market, contributing 20% at AER and CER of total HIV growth in Q2.
RI&I			1,135				18				19				2,025				15				17			Growth driven by Nucala and Exdensur in respiratory and Benlysta in immunology.

 

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Second quarter 2026

 

			Q2 2026										Year to date											Key Drivers
			£m				AER%			CER%			£m				AER%				CER%
Nucala			610				22			23			1,094				16				18			Strong demand across all regions and indications, enhanced by COPD launches including the US in Q2 2025. US grew double digit in the quarter and YTD with volume growth more than offsetting continued unfavourable pricing pressures. In Q2, US channel mix pricing adjustments positively impacted total growth in the quarter by 12 ppts and YTD by 6 ppts.
Exdensur			18				–			–			29				–				–			Early commercial introductions across all launched markets, with new patient starts increasing in Q2 in key growth markets US, Japan and Germany.
Benlysta			498				10			11			882				9				12			Strong volume growth in Q2 and YTD, with bio-penetration rates having increased across many markets.
Oncology			569				18			17			1,081				20				22			Increasing patient demand for Jemperli, Ojjaara/Omjjara and Blenrep, partially offset by a decrease in Zejula.
Jemperli			248				27			27			480				30				33			Continued strong growth in Q2 and YTD across all regions. US continued to grow double-digit, which reduced in Q2 as new patient starts moderated. Strong growth continued in Europe and International driven by launches and reimbursement expansion across markets.
Ojjaara/Omjjara			187				36			36			331				32				35			Higher patient uptake across the regions and from continued commercial launches across Europe and International markets. US volume growth in Q2 and YTD was partly offset by continuing pricing pressures.
Zejula			101				(33)			(34)			215				(24)				(23)			US continues to decline with volume impacted by the FDA label update and new prior authorisation insurance requirements, with Q2 further impacted by unfavourable channel mix and returns adjustments. Europe declined due to increased competition.
Blenrep			36				>100			>100			59				>100				>100			US sales driven by patient uptake in both community and academic settings. Continued geographic expansion with regulatory approval and launches across Europe and International markets, including in Germany, Japan and Brazil.

 

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Second quarter 2026

 

			Q2 2026												Year to date											Key Drivers
			£m				AER%				CER%				£m				AER%				CER%
Vaccines Total			2,284				9				8				4,433				6				6			Strong Q2 driven by growth in Arexvy, Meningitis vaccines and Shingrix. Growth in Q2 benefitted 3ppts from prior period rebate adjustments.
Shingrix			888				4				3				1,914				11				12			Q2 growth was driven by demand in Europe, partly offset by lower sales in International. US sales were broadly stable with lower demand and channel inventory utilisation offset by favourable pricing including prior period rebate adjustments which added 2ppts at AER, 3ppts at CER to Shingrix Q2 growth.   The cumulative immunisation rate in the US reached 45%, up 3ppts compared to 12 months earlier(1). The majority of ex-US Shingrix opportunity is in 10 markets where the average immunisation rate is around 12%, with significantly higher uptake in funded cohorts.
Meningitis			462				22				21				797				9				9			Q2 growth was delivered primarily by Bexsero with outbreak-related demand in International and Europe. Other Meningitis vaccines benefitted from Q2 tender deliveries in International and Penmenvy continued post launch uptake in the US.
Arexvy			192				>100				>100				257				78				75			Strong growth in Q2 was the result of Australian tender deliveries and prior period rebate adjustments in the US. YTD growth also benefitted from expanded funding and uptake in Europe.
Other Paediatric & Adult Vaccines			731				(7)				(8)				1,444				(9)				(8)			Decrease in growth due to competitive pressure for Other Vaccines, particularly Synflorix in International and prior year CDC stockpile replenishment for Infanrix/Pediarix in the US, partly offset by favourable CDC stockpile movements and pricing for Boostrix in the US in 2026.

(1) Based on data from IQVIA up until the end of Q1 2026

 

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Second quarter 2026

 

			Q2 2026												Year to date											Key Drivers
			£m				AER%				CER%				£m				AER%				CER%
General Medicines Total			2,343				(9)				(9)				4,597				(9)				(7)			Decreases in Trelegy, other Respiratory and Other General Medicines products.
Respiratory			1,679				(10)				(10)				3,273				(9)				(7)			Trelegy decreases driven by US Medicare benefit design changes, and continued pricing pressures including the impact of channel mix pricing adjustments. Decreases in other respiratory products due to continued competitive pressures and generic erosion.
Trelegy			775				(7)				(7)				1,421				(6)				(3)			US declined by 7% AER and CER in Q2 and by 6% AER, 3% CER in YTD with volumes adversely impacted by Medicare benefit design changes and continued unfavourable pricing pressures as well as channel mix pricing adjustments impacting growth in Q2 by 5 ppts and YTD by 4 ppts. Strong volume growth in Europe and International was driven by patient demand, SITT class growth and increased market share.
Other General Medicines			664				(5)				(4)				1,324				(10)				(8)			Decrease in growth driven by continued competitive pressures and generic competition across the portfolio and a reduction in contract manufacturing sales.

 

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Second quarter 2026

 

By Region

 

			Q2 2026								Year to date											Key Drivers
			£m			AER%		CER%			£m				AER%				CER%
US			4,308			5		5			8,045				2				6			Specialty Medicines: Q2 +15% AER, +15% CER, YTD AER +12%, CER+16% Growth driven largely by patient demand in HIV, Oncology, Benlysta and Nucala.   Vaccines: Q2 +9% AER, +9% CER, YTD -1% AER, CER+3% CER Growth in Q2 and YTD driven by favourable CDC stockpile movements and pricing for Boostrix and prior period RAR adjustments for Arexvy, partly offset in the YTD at AER by exchange rate impacts.   General Medicines: Q2 -18% AER, -17% CER, YTD -15% AER, -12% CER Trelegy declines from sales volume impacts and unfavourable pricing pressures and adjustments. Decreases continued across the other respiratory and Other General Medicine portfolios from ongoing competitive and pricing pressures.
Europe			2,042			11		8			4,125				15				11			Specialty Medicines: Q2 +12% AER, +9% CER, YTD +12% AER, +9% CER Growth driven by Oncology, Nucala, Benlysta and HIV.   Vaccines: Q2 +16% AER, +13% CER, YTD +27% AER and +22% CER Growth driven by Shingrix demand in the Nordics and Austria, with significant increased demand across Europe YTD. Bexsero also grew due to Meningitis B outbreak related demand in the UK.   General Medicines: Q2 +3% AER, stable CER, YTD +2% AER, -1% CER Growth in Trelegy and Anoro offset by decreases in other respiratory products.
International			2,059			1		2			3,868				(4	)			(2	)		Specialty Medicines: Q2 +11% AER, +11% CER, YTD +11% AER, +13% CER Growth driven by Oncology, Nucala and Benlysta.   Vaccines: Q2 +3% AER, +3% CER, YTD -8% AER, -7% CER Q2 growth in Arexvy from Australian tender deliveries and Bexsero demand related to outbreaks in Vietnam partly offset by lower sales of Shingrix and competitive pressure for Other Vaccines, particularly Synflorix. YTD sales include the impact of lower Q1 Synflorix and Shingrix sales.   General Medicines: Q2 -4% AER, -2% CER, YTD -9% AER, -6% CER Growth in Trelegy and Anoro more than offset by decreases across other respiratory and Other General Medicine products, which included reductions in contract manufacturing income.

 

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Second quarter 2026

 

Financial performance - Total results

Total operating profit decreased in the quarter primarily due to higher impairments and higher CCL charges as well as increased investment in R&D and new asset launches and lower royalty income, partly offset by higher turnover, favourable product and regional mix, favourable net legal settlements and expenses in Q1 2026, higher other net operating income and lower NCIs.

Total EPS decreased in Q2 2026 and YTD primarily due to lower Total operating profit driven by higher impairments in the quarter, partly offset by the share buyback, a lower effective tax rate and lower NCIs, as well as lower net finance expenses in Q2.

 

Total Results		Q2 2026												Year to date
		£m				% AER				% CER				£m				% AER				% CER
Turnover			8,409				5				5				16,038				3				5
Cost of sales			(2,266)				5				3				(4,141)				1				1
% of sales			26.9%				(0.2)				(0.5)				25.8%				(0.6)				(1.1)
Selling, general and administration			(2,202)				3				3				(4,321)				3				3
% of sales			26.2%				(0.6)				(0.5)				26.9%				(0.2)				(0.4)
Research and development			(3,466)				71				71				(5,158)				48				49
% of sales			41.2%				15.9				15.9				32.2%				9.7				9.5
Royalty income			204				(17)				(17)				399				(6)				(7)
Other operating income/(expense)			(198)				>100				>100				(43)				>100				>100
Operating profit			481				(76)				(75)				2,774				(35)				(31)
% of sales			5.7%				(19.6)				(19.3)				17.3%				(10.0)				(9.3)
Net finance expense			(124)				(7)				(7)				(269)				11				13
Share of after tax profit/(loss) of associates and joint ventures			(3)												(7)
Profit before taxation			354				(81)				(80)				2,498				(37)				(34)
Taxation			199				>(100)				>(100)				(106)				(82)				(77)
Tax rate %			(56.2%)												4.2%
Profit after taxation			553				(66)				(65)				2,392				(30)				(26)
Profit attributable to non-controlling interests			118				(42)				(41)				220				(37)				(35)
Profit attributable to shareholders			435												2,172
			553				(66)				(65)				2,392				(30)				(26)
Earnings per share			10.8p				(69)				(69)				54.1p				(28)				(24)
Financial Performance – Q2 2026 results unless otherwise stated, growth % and commentary at AER and CER. In YTD, the adverse currency impact on AER versus CER primarily reflected the strengthening of Sterling against the USD. See page 10 for further details. Reconciliations between Total results and Core results Q2 2026, Q2 2025, H1 2026 and H1 2025 are set out on pages 23 and 26.

Total cost of sales as a percentage of sales decreased in the quarter and YTD primarily driven by favourable product and regional mix driven by higher specialty sales and the growth of higher margin Vaccines products, particularly Shingrix in Europe, as well as a favourable comparator due to supply chain optimisation charges incurred in Q2 2025, partly offset by impairments in the quarter.

 

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Second quarter 2026

 

Total SG&A increased in the quarter and YTD primarily due to disciplined investment to support launches for new assets including Blenrep and Exdensur as well as a low comparator due to phasing of spend between quarters in Q2 2025. The YTD also includes amounts reclassified from the foreign currency translation reserve to the income statement upon the liquidation of a subsidiary, and acquisition and integration costs related to RAPT Therapeutics (“RAPT”). This was partly offset by ongoing productivity initiatives and the YTD also reflected net favourability on legal settlements and expenses.

Total R&D growth in Q2 2026 and YTD was driven by higher impairments in the quarter for camlipixant (£1,334 million) and the termination of assets related to the collaboration with Alector (£371 million), related to the outcomes of clinical trials. See page 25 for more details. In addition there was an increase in R&D investment reflecting progression across the portfolio. In Oncology, this included acceleration in work on ADCs Ris-Rez and Mo-Rez, and velzatinib. In Specialty Medicines, increased investment was driven by efimosfermin acquired in Q3 2025, depemokimab COPD indication and all indications of the anti-TSLP monoclonal antibody. Growth was partly offset by lower spend on bepirovirsen which was filed in Q1 2026. Investment also increased on clinical trial programmes associated with mRNA seasonal flu vaccines.

Total royalty income decreased in the quarter and YTD primarily due to Q2 2025 including historic royalties recognised in association with the settlement of an IP dispute, partly offset by higher Kesimpta⁽¹⁾ royalties.

(1) Kesimpta is manufactured by and a trademark of Novartis AG

Other operating income/(expense) in Q2 2026 included a charge of £486 million (Q2 2025: £89 million credit) arising from the remeasurement of CCLs, partly offset by net income of £288 million (Q2 2025: £31 million) primarily related to the divestment of linerixibat. Other operating income/(expense) YTD included a charge of £751 million (YTD 2025: £87 million credit) principally arising from the remeasurement of CCLs, partly offset by net income of £708 million (YTD 2025: £22 million) primarily related to profit on the sale of the Rockville manufacturing facility to Samsung Biologics, and the divestment of linerixibat. See pages 25 and 28 for further details.

Net finance costs decreased in the quarter and increased in YTD mainly due to a net favourable variance on hedging activities after a negative impact in Q1 2026. Excluding this, net finance expense increased in Q2 2026 and YTD primarily due to higher net interest on higher net debt following Zantac settlement payments, the share buyback and acquisitions.

The effective tax rate on Total results reflected the different tax effects of the various Adjusting items included in Total results. Issues related to taxation are described in Note 14, ‘Taxation’ of the Group’s 2025 Annual Report on Form 20-F. The Group continues to believe it has made adequate provision for the liabilities likely to arise from periods that are open and not yet agreed by relevant tax authorities. The ultimate liability for such matters may vary from the amounts provided and is dependent upon the outcome of agreements with relevant tax authorities.

The decrease in Total NCIs in Q2 and YTD was primarily driven by remeasurement charges on the Shionogi-ViiV CCL compared to credits in prior periods, partly offset by higher profit allocations from ViiV Healthcare.

Exchange rates and impact on results

GSK operates in many countries and earns revenues and incurs costs in many currencies. The results of the Group, as reported in Sterling, are affected by movements in exchange rates between Sterling and other currencies. Average exchange rates, as modified by specific transaction rates for large transactions, prevailing during the period, are used to translate the results and cash flows of overseas subsidiaries, associates and joint ventures into Sterling. Period-end rates are used to translate the net assets of those entities. The currencies which most influenced these translations and the relevant exchange rates were:

 

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Second quarter 2026

 

			Q2 2026				Q2 2025				H1 2026				H1 2025				2025
Average rates:
US$/£			1.34				1.34				1.34				1.30				1.31
Euro/£			1.15				1.18				1.15				1.19				1.17
Yen/£			213				194				212				193				198
Period-end rates:
US$/£			1.32				1.37				1.32				1.37				1.35
Euro/£			1.16				1.17				1.16				1.17				1.15
Yen/£			215				198				215				198				211

In Q2 2026 and YTD, the adverse currency impact primarily reflected the strengthening of Sterling against the US Dollar, particularly in Q1 2026, as well as the Yen and emerging market currencies, partly offset by strengthening of the Euro. Exchange losses on the settlement of intercompany transactions had an adverse impact of one percentage point on Total and Core EPS in the YTD, and minimal impact in the quarter.

 

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Second quarter 2026

 

Cash generation

Cash flow

 

			Q2 2026 £m				Q2 2025 £m				H1 2026 £m				H1 2025 £m
Cash generated from operations (£m)			2,906				2,433				4,256				3,734
Total net cash inflow/(outflow) from operating activities (£m)			2,690				2,096				3,831				3,241
Free cash inflow/(outflow)* (£m)			1,994				1,126				2,809				1,823
Free cash flow growth (%)			77%				>100%				54%				>100%
Free cash flow conversion* (%)			>100%				78%				>100%				59%
Long-term borrowings			13,947				15,304				13,947				15,304
Total net debt** (£m)			15,132				13,735				15,132				13,735
* Free cash flow and free cash flow conversion are defined on page 60. Free cash flow is analysed on page 14.
** Total net debt is defined on page 61. Net debt is analysed on page 14.

Q2 2026

Cash generated from operations for the quarter was £2,906 million (Q2 2025: £2,433 million). The increase reflected higher Core operating profit driven by higher turnover, favourable product and regional mix, partially offset by increased investment in R&D and new asset launches, as well as lower royalty income in the quarter. In addition there were favourable timing and movements on trade receivables and payables, partly offset by inventory build to support new product launches and adverse timing and movements on returns and rebates.

Total contingent consideration cash payments in the quarter were £378 million (Q2 2025: £333 million). £374 million (Q2 2025: £330 million) of these were recognised in cash flows from operating activities, including cash payments made to Shionogi & Co. Ltd (“Shionogi”) of £348 million (Q2 2025: £319 million).

Free cash inflow was £1,994 million for the quarter (Q2 2025: £1,126 million). The increase was primarily driven by higher cash generated from operations, proceeds from the divestment of linerixibat and lower tax payments.

H1 2026

Cash generated from operating activities was £4,256 million (H1 2025: £3,734 million). The increase reflected higher Core operating profit driven by higher turnover, favourable product and regional mix, and favourable net legal settlements and expenses in Q1 2026 partially offset by increased investment in R&D and new asset launches, as well as lower royalty income in Q2 2026. In addition there were favourable timing and movements on trade receivables and the final cash settlement from CureVac, partly offset by exchange and adverse timing and movements on returns and rebates.

Total contingent consideration cash payments in H1 2026 were £757 million (H1 2025: £674 million). £749 million (H1 2025: £668 million) of these were recognised in cash flows from operating activities, including cash payments made to Shionogi & Co. Ltd of £710 million (H1 2025: £650 million).

Free cash inflow was £2,809 million for H1 2026 (H1 2025: £1,823 million). The increase was driven by higher cash generated from operations, higher proceeds from the sale of intangible assets, including the divestment of linerixibat, and the special dividend of $250 million (£187 million) related to the ViiV shareholding restructure.

Total Net debt

At 30 June 2026, net debt was £15,132 million, compared with £14,453 million at 31 December 2025, comprising gross debt of £18,238 million and cash and liquid investments of £3,106 million. See net debt information on page 14.

Net debt increased by £679 million primarily due to net acquisition costs of £2,083 million related to RAPT Therapeutics and 35Pharma Inc., dividends paid to shareholders of £1,370 million, shares purchased as part of the share buyback programme (completed in June 2026) of £634 million and an exchange loss on net debt of £76 million. This was partly offset by primarily the free cash inflow of £2,809 million and £398 million related to the disposal of the Rockville site including proceeds and a reduction in lease liabilities.

 

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Research and development

Responsible business

Total and core results

Financial information

Glossary

Second quarter 2026

 

At 30 June 2026, GSK had short-term borrowings (including overdrafts and lease liabilities) repayable within 12 months of £4,291 million and £2,058 million repayable in the subsequent year.

 

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Total and core results

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Glossary

Second quarter 2026

 

Net debt information

Reconciliation of cash flow to movements in net debt

 

			H1 2026 £m				H1 2025 £m
Total Net debt at beginning of the period			(14,453	)			(13,095	)
Adjustment on initial application of amendments to IFRS 9 on 1 January 2026(1)			43				–
Total Net debt at beginning of the period, as adjusted			(14,410	)			(13,095	)
Increase/(decrease) in cash and bank overdrafts			(301	)			(42	)
Increase/(decrease) in liquid investments			(9	)			–
Repayment of long-term loans			865				1,409
Issue of long-term notes			–				(1,983	)
Net decrease/(increase) in short-term loans			(1,466	)			(637	)
Increase in other short-term loans			(9	)			(102	)
Repayment of other short-term loans			60				269
Repayment of lease liabilities			106				110
Disposal of lease liabilities related to assets held for sale			136				–
Net debt of subsidiary undertakings acquired			(2	)			(1	)
Exchange adjustments			(76	)			428
Other non-cash movements			(26	)			(91	)
Decrease/(increase) in Net debt			(722	)			(640	)
Total Net debt at end of the period			(15,132	)			(13,735	)

⁽¹⁾ For further details see page 42

Net debt analysis

 

			30 June 2026 £m				31 December 2025 £m
Liquid investments			1				9
Cash and cash equivalents			3,105				3,397
Short-term borrowings			(4,291	)			(3,012	)
Long-term borrowings			(13,947	)			(14,708	)
Liabilities relating to assets held for sale			–				(139	)
Total Net debt at the end of the period			(15,132	)			(14,453	)

Free cash flow reconciliation

 

			Q2 2026 £m				Q2 2025 £m				H1 2026 £m				H1 2025 £m
Net cash inflow/(outflow) from operating activities			2,690				2,096				3,831				3,241
Purchase of property, plant and equipment			(328	)			(256	)			(549	)			(464	)
Proceeds from sale of property, plant and equipment			3				5				30				6
Purchase of intangible assets			(325	)			(377	)			(547	)			(617	)
Proceeds from disposals of intangible assets			293				–				355				76
Net finance costs			(225	)			(217	)			(265	)			(233	)
Dividends and distributions from associates and joint ventures			25				–				25				–
Contingent consideration paid (reported in investing activities)			(4	)			(3	)			(8	)			(6	)
Dividend distributions to non-controlling interests			(137	)			(122	)			(252	)			(180	)
Other distributions to non-controlling interest			–				–				(1,399	)			–
Contributions from non-controlling interests			2				–				1,588				–
Free cash inflow/(outflow)			1,994				1,126				2,809				1,823

 

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Results summary

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Research and development

Responsible business

Total and core results

Financial information

Glossary

Second quarter 2026

 

Contents

 

		Page
Q2 2026 pipeline highlights		16
Responsible business		18
Total and Core results		20
Income statement		29
Statement of comprehensive income		30
Balance sheet		31
Statement of changes in equity		32
Cash flow statement		33
Sales tables		34
Segment information		37
Legal matters		39
Returns to shareholders		41
Additional information		42
R&D commentary		51
Reporting definitions		60
Assumptions and Cautionary statement		62
Glossary of terms		63

Contacts

GSK plc (LSE/NYSE:GSK) is a global biopharma company with a purpose to unite science, technology, and talent to get ahead of disease together. Find out more at www.gsk.com.

 

GSK enquiries:
Media		Tim Foley		+44 (0) 7780 494750		(London)
		Kathleen Quinn		+1 202 603 5003		(Washington)
Investor Relations		Constantin Fest		+44 (0) 7831 826525		(London)
		James Dodwell		+44 (0) 7881 269066		(London)
		Mick Readey		+44 (0) 7990 339653		(London)
		Steph Mountifield		+44 (0) 7796 707505		(London)
		Sam Piper		+44 (0) 7824 525779		(London)
		Jeff McLaughlin		+1 215 751 7002		(Philadelphia)
		Frannie DeFranco		+1 215 751 3126		(Philadelphia)
Registered in England & Wales:   No. 3888792
Registered Office:   79 New Oxford Street   London,   WC1A 1DG

 

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Research and development

Responsible business

Total and core results

Financial information

Glossary

Second quarter 2026

 

Q2 2026 pipeline highlights (since 29 April 2026)

 

		Medicine/vaccine		Trial (indication, presentation)		Event
Regulatory approvals or other regulatory actions		Nucala		Hypereosinophilic Syndrome		Regulatory approval (CN)
		Jideytro		Non-small cell lung cancer (pre-treated)		Regulatory approval (US)
		Arexvy		RSV, adults aged 18-49 years at increased risk		Regulatory approval (JP)
		Arexvy		RSV, adults aged 18+ immunocompromised		Regulatory approval (JP)
		Utebzi		PIVOT-PO (complicated urinary tract infections)		Regulatory approval (US)
Regulatory submissions or acceptances		Bexsero		Meningococcal B booster (10+ years of age)		Regulatory acceptance (EU)
Phase III data readouts or other significant events		camlipixant*		CALM-1/2 (refractory chronic cough)		Phase III data readout
		efimosfermin		ZENITH-1 and ZENITH-2 (metabolic dysfunction-associated steatohepatitis)		Breakthrough Designation (CN)
		Jemperli		AZUR-1 (rectal cancer)		Positive phase II (pivotal) data readout
		momelotinib		VEXAS syndrome		Orphan Drug Designation (EU, US)

*camlipixant demonstrated limited efficacy in the CALM-1 and CALM-2 pivotal trials, and, based on the aggregate data, GSK has decided not to progress further development in chronic cough (disclosed 17 July 2026)

Anticipated pipeline milestones

 

Timing		Medicine/vaccine		Trial (indication, presentation)		Event
H2 2026		Exdensur		OCEAN (eosinophilic granulomatosis with polyangiitis)		Phase III data readout
		Ventolin		Low carbon MDI (asthma)		Regulatory submission (EU)
		Blenrep		DREAMM-8 (2L + multiple myeloma)		Regulatory submission (CN)
		Jemperli		AZUR-1 (rectal cancer)		Regulatory submission (US)
		Jemperli		AZUR-1 (rectal cancer)		Regulatory decision (US)
		neladalkib		Non-small cell lung cancer (pre-treated)		Regulatory decision (US)
		cabotegravir		3x a year prevention (HIV)		Phase IIb (pivotal) data readout
		cabotegravir		3x a year prevention (HIV)		Regulatory submission (US)
		Arexvy		RSV, adults aged 18+ immunocompromised		Regulatory decision (US)
		bepirovirsen		B-WELL 1/2 (hepatitis B virus)		Regulatory decision (US, JP)
		Bexsero		Meningococcal B (infants)		Regulatory submission (US)
H1 2027		Exdensur		OCEAN (eosinophilic granulomatosis with polyangiitis)		Regulatory submission (US, EU, CN, JP)
		Ventolin		Low carbon MDI (asthma)		Regulatory decision (EU)
		Ventolin		Low carbon MDI (asthma)		Regulatory submission (US)
		Jemperli		AZUR-1 (rectal cancer)		Regulatory submission (JP)
		Jideytro		Non-small cell lung cancer (treatment naïve)		Regulatory submission (US)
		cabotegravir		3x a year prevention (HIV)		Regulatory decision (US)
		Arexvy		RSV, adults aged 60+		Regulatory decision (CN)
		bepirovirsen		B-WELL 1/2 (chronic hepatitis B)		Regulatory decision (EU, CN)
H2 2027		Exdensur		OCEAN (eosinophilic granulomatosis with polyangiitis)		Regulatory decision (US, JP)
		Jemperli		AZUR-1 (rectal cancer)		Regulatory submission (EU, CN)
		Jemperli		AZUR-1 (rectal cancer)		Regulatory decision (EU)
		zidesamtinib		Non-small cell lung cancer (treatment naïve)		Regulatory decision (US)
		cabotegravir + rilpivirine		CUATRO, 3x a year treatment (HIV)		Phase III data readout
		Arexvy		RSV, adults aged 18-59		Regulatory submission (CN)
		Bexsero		Meningococcal B (infants)		Regulatory decision (US)

 

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Financial information

Glossary

Second quarter 2026

 

Refer to pages 45 to 51 for further details on several key medicines and vaccines in development by therapy area.

 

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Responsible business

Total and core results

Financial information

Glossary

Second quarter 2026

 

Progress on areas for responsible business

Being a responsible business is a fundamental part of GSK’s strategy and supports long-term performance. Annual progress against GSK’s responsible business priorities is detailed in the Annual⁽¹⁾ and Responsible Business⁽²⁾ Reports with incremental updates shared each quarter. Highlights below include activity since Q1 2026 results.

Access

 

•

In April, GSK and Medicines for Malaria Venture (MMV) announced(3) the world’s first rollout of paediatric tafenoquine in Brazil - followed by Thailand in May - providing children with relapsing P. Vivax malaria access to this single dose treatment to help prevent relapse and support elimination efforts.

Global health and health security

 

•

Malaria remains one of the leading causes of death among children under five in sub-Saharan Africa. In May, results published(4) in The Lancet from the World Health Organization’s Malaria Vaccine Implementation Programme (MVIP), provided real-world evidence that the RTS,S malaria vaccine, developed by GSK, helped reduce child mortality over a period of four years in Ghana, Kenya and Malawi, with an estimated one in eight deaths averted among eligible children.

 

•

In July, the GSK-developed novel M72/AS01E tuberculosis vaccine candidate (licensed to Gates Medical Research Institute in 2020) progressed(5) toward global access with a new manufacturing agreement between the Gates MRI and Serum Institute of India, pending successful Phase III trial outcomes. The agreement also commits GSK, as the adjuvant innovator, to a manufacturing partner for M72/ AS01E, and marks a critical step toward ensuring that, if approved, the vaccine can be produced at scale and made available to those who need it most.

Environment

 

•

In May, GSK was named a Supplier Engagement Leader by the CDP(6), in addition to maintaining A-list status for Climate Change and Water Security. This recognises GSK’s work with suppliers to decarbonise its value chain beyond its own operations, which protects supply chain resilience and long-term ability to deliver medicines and vaccines.

Responsible Business rating performance

Detailed below is how GSK performs in key Responsible Business ratings*.

 

External benchmark		Current score/ranking		Previous score/ranking		Comments
Access to Medicines Index		3.72		4.06		Second in the Index, updated bi-annually,  current results from November 2024. Scores range from 1 to 5, with 5 being the highest (best) score
Antimicrobial resistance benchmark		77%		84%		Led the benchmark since its inception in 2018; Current ranking updated March 2026
CDP Climate Change		A		A		Updated annually, current scores updated December 2025 (for supplier engagement, May 2026)
CDP Water Security		A		A
CDP supplier engagement rating		Leader		Leader
Sustainalytics		Low risk		Low risk		2nd percentile in pharma subindustry group. Current rating as at July 2026
ISS Corporate Rating		B+		B+		Ranked 1st in our peer group. Last profile update May 2026
FTSE4Good		Member		Member		Member since 2004, latest review in July 2026

*GSK’s Responsible Business ratings are regularly reviewed to ensure the external benchmarks listed remain high quality, appropriate and relevant to investors. The outcome of these reviews may lead to changes on which ratings are included in the table above – last updated July 2026

 

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Second quarter 2026

 

(1)

https://www.gsk.com/en-gb/investors/financial-reports/annual-report-2025

 

(2)

https://www.gsk.com/media/di5bk40q/responsible-business-report.pdf

 

(3)

https://www.mmv.org/news-resources-search/first-children-receive-single-dose-medicine-relapsing-malaria-brazils

 

(4)

https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(26)00248-5/full text

 

(5)

https://www.gsk.com/en-gb/media/media-statements/gsk-developed-tb-vaccine-candidate-progresses-toward-global-access-with-new-manufacturing-agreement/

 

(6)

https://www.cdp.net/en/supply-chain/supplier-engagement-assessment#msdynmkt_trackingcontext=955c8f00-6738-45c4-a268-80b1609d0200

 

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Total and core results

Financial information

Glossary

Second quarter 2026

 

Total and Core results

Total reported results represent the Group’s overall performance.

GSK uses a number of non-IFRS measures to report the performance of its business. Core results and other non-IFRS measures may be considered in addition to, but not as a substitute for, or superior to, information presented in accordance with IFRS. Core results are defined below and other non-IFRS measures are defined on pages 60 and 61.

GSK believes that Core results, when considered together with Total results, provide investors, analysts and other stakeholders with helpful complementary information to understand better the financial performance and position of the Group from period to period, and allow the Group’s performance to be more easily compared against the majority of its peer companies. These measures are also used by management for planning and reporting purposes. They may not be directly comparable with similarly described measures used by other companies.

GSK encourages investors and analysts not to rely on any single financial measure but to review GSK’s quarterly results announcements, including the financial statements and notes, in their entirety.

GSK is committed to continuously improving its financial reporting, in line with evolving regulatory requirements and best practice. In line with this practice, GSK expects to continue to review and refine its reporting framework.

Core results exclude the following items in relation to our operations from Total results, together with the tax effects of all of these items:

 

•

amortisation of intangible assets (excluding computer software and capitalised development costs) to reflect the Group’s performance excluding the effect of acquisitions

 

•

impairment of intangible assets (excluding computer software) and goodwill to reflect the Group’s performance excluding the effect of acquisitions

 

•

major restructuring and integration costs, which are:

 

–

cash and non-cash costs such as impairment of tangible assets and computer software of Major restructuring programmes, which are specific Board-approved programmes that are structural and of significant scale, where the costs of individual or related projects within such programmes exceed £25 million; or

 

–

costs that relate to restructuring and integration following a significant acquisition.

 

Costs for other ordinary course, smaller-scale restructuring and integration are retained within both Total and Core results

 

•

transaction-related accounting or other adjustments related to significant acquisitions

 

•

proceeds and costs of disposal of associates, products and businesses; significant settlement income; Significant legal charges (net of insurance recoveries) and expenses on the settlement of litigation and government investigations; other operating income other than royalty income, and other items including amounts reclassified from the foreign currency translation reserve to the income statement upon the liquidation of a subsidiary where the amount exceeds £25 million

As Core results include the benefits of Major restructuring programmes but exclude significant costs (such as Significant legal charges and expenses, major restructuring costs and transaction items) they should not be regarded as a complete picture of the Group’s financial performance, which is presented in Total results. The exclusion of other Adjusting items may result in Core earnings being materially higher or lower than Total earnings. In particular, when significant impairments, restructuring charges and legal costs are excluded, Core earnings will be higher than Total earnings.

GSK has undertaken a number of Major restructuring programmes in response to significant changes in the Group’s trading environment or overall strategy or following material acquisitions. Within the Pharmaceuticals sector, the highly regulated manufacturing operations and supply chains and long lifecycle of the business mean that restructuring programmes, particularly those that involve the rationalisation or closure of manufacturing or R&D sites are likely to take several years to complete. Costs, both cash and non-cash, of these programmes are provided for as individual elements are approved and meet the accounting recognition criteria. As a result, charges may be incurred over a number of years following the initiation of a Major restructuring programme.

Significant legal charges and expenses are those arising from the settlement of litigation or government investigations that are not in the normal course and materially larger than more regularly occurring individual matters. They also include certain major legacy matters.

Reconciliations between Total and Core results, providing further information on the key Adjusting items, are set out on pages 23 and 26.

GSK provides earnings guidance to the investor community on the basis of Core results. This is in line with peer companies and expectations of the investor community, supporting easier comparison of the Group’s performance with its peers. GSK is not able to give guidance for Total results as it cannot reliably forecast certain material elements of the

 

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Total and core results

Financial information

Glossary

Second quarter 2026

 

Total results, particularly the future fair value movements on contingent consideration and put options that can and have given rise to significant adjustments driven by external factors such as currency and other movements in capital markets.

 

21