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GSK (GSK) FY2024 earnings results (fiscal 2024)
20-F filed Mar 3, 2025
GSK (GSK) reported revenue of $31.4B for the fiscal 2024 (FY2024), +3% from a year earlier. Operating margin was 12.8%, net earnings $2.6B (8.2% of revenue).
GSK, FY2024: revenue $31.4B (+4% year over year), operating margin 12.8%, net earnings $2.6B, operating cash flow $6.6B. The chart follows the revenue to costs, profit and cash.
| FY2024 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $31.4B | — | +3% |
| Gross profit | $22.3B | — | +3% |
| Operating profit | $4.0B | — | -40% |
| Net earnings | $2.6B | — | -48% |
| Operating cash flow | $6.6B | — | -3% |
| Free cash flow | $5.2B | — | -5% |
What changed
Revenue was £31.4B in FY2024, up 3% year over year.
Gross margin was 71.2%, down 0.6 points from FY2023. Operating profit was £4.0B, a 12.8% margin (down 9.4 points year over year). Operating profit fell £2.7B even though revenue rose £1.0B versus FY2023, so costs grew faster than sales. Operating expenses grew 22% against revenue growth of 3%. Net earnings were £2.6B, down 48% year over year. The effective tax rate was 15.1%.
Operating cash flow was £6.6B (down 3% year over year), 222% of net income including minority interests. Non-cash charges added back £2.6B of depreciation and amortization and £0.34B of share-based compensation. Working capital and other items added £0.71B. Capital expenditures of £1.4B left free cash flow of £5.2B.
Questions
What was GSK's revenue in the fiscal 2024?
GSK (GSK) reported revenue of $31.4B for the fiscal 2024 (FY2024), +3% from a year earlier.
Was GSK profitable in the fiscal 2024?
Operating profit was $4.0B (12.8% of revenue) and net earnings $2.6B.
Source: GSK 20-F on SEC EDGAR.