Dividends:
- GSK has declared an increased dividend for Q4 2025 of 18p per share and 66p per share for the full year 2025, reflecting strong business performance during 2025 and consistent with the Dividend policy and the expected pay-out ratio which remain unchanged. The expected dividend for 2026 is 70p per share. GSK's future dividend policy and guidance regarding the expected dividend pay-out in 2026 are provided on page 37.
Other Highlights:
- Free cash inflow was £960 million for the quarter (Q4 2024: £924 million). The increase was primarily driven by higher cash generated from operations, lower capital expenditure on intangible assets and higher dividends from joint ventures and associates, partly offset by higher taxation payments and lower proceeds from sale of property, plant and equipment.
- Net debt increased by £1,358 million primarily due to the net acquisition costs of IDRx, Inc. (IDRx), BP Asset IX, Inc. (BP Asset IX) to access efimosfermin, and Cellphenomics GmbH totalling £1,692 million, dividends paid to shareholders of £2,564 million and shares purchased as part of the share buyback programme of £1,377 million. This was partly offset by free cash inflow of £4,029 million and exchange gain on net debt of £241 million.
- On 23 June 2021, at the GSK Investor Update, GSK set out that from 2022 a progressive dividend policy will be implemented guided by a 40 to 60 per cent pay-out ratio through the investment cycle. Consistent with this, and reflecting strong performance in 2025, GSK has declared an increased dividend of 18p for Q4 2025 and 66p per share for full year 2025. The expected dividend for 2026 is 70p per share.
