GSK plc

GSK plc is a United Kingdom-based global biopharmaceutical company headquartered in London. Founded in 2000 through the merger of Glaxo Wellcome and SmithKline Beecham, the company traces its heritage to Plough Court Pharmacy (1715). Revenue of £32.667 billion (2025), employing 65,000 staff across 37 manufacturing sites delivering 1.64 billion medicine packs and 389 million vaccine doses annually.

Business Overview

GSK is the world's largest standalone vaccines company by revenue, commanding dominant positions in shingles (Shingrix), meningitis, and RSV vaccination. The company's Specialty Medicines division focuses on HIV, respiratory/immunology, and oncology—segments with strong pricing power and durable patent protection. GSK's competitive advantage lies in the sheer scale of its vaccine manufacturing infrastructure: 37 facilities worldwide with capacity to produce hundreds of millions of doses, underpinning global immunization programs from childhood schedules to adult booster campaigns.

The company's strategic pivot toward the US market is underscored by a historic $30 billion five-year commitment covering R&D hubs, a Pennsylvania biologics facility leveraging AI and digital technologies, and expanded commercial operations. This positions GSK to benefit from premium US biologic pricing while insulating against European reference pricing pressures.

Key Strengths

Shingrix alone generated £3.6 billion in 2025 with 8% growth, holding near-monopolistic market share in shingles vaccination. Arexvy established the RSV vaccine category, generating £600 million in its first full commercial year. GSK's HIV portfolio—led by long-acting injectables Dovato and Cabenuva—provides differentiated convenience versus daily oral regimens. The meningitis franchise achieved £1.6 billion, supported by the only FDA-approved vaccine covering all five major serogroups. Operating profit more than doubled in 2025, demonstrating successful margin expansion post-consumer healthcare spin-off.

Challenges & Outlook

GSK's General Medicines portfolio faces ongoing generic erosion as older respiratory and CNS products lose exclusivity. Shifting US vaccine policy under evolving political administrations introduces demand uncertainty for adult immunization programs. The company's oncology pipeline—while promising with Blenrep's BCMA-targeted multiple myeloma therapy—lacks the near-term blockbuster catalysts that metabolic disease programs have delivered for competitors. Currency volatility (GBP strength against USD) periodically compresses reported revenue growth despite strong constant-currency performance.