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24 Feb 2025 07:00
Issued: 24 February 2025, London UK
GSK plc commences share buyback programme
GSK plc ("GSK") today announces the commencement of its share buyback programme (the "Programme"), as announced in its 2024 full year results announcement published on 5 February 2025 (the "FY24 Results Date"). The Programme will return an additional £2 billion of capital to shareholders and is expected to be completed within 18 months of the FY24 Results Date. The Programme will commence today with an initial tranche of up to £0.7 billion.
GSK has entered into a non-discretionary agreement with Citigroup Global Markets Limited ("Citi"), enabling GSK to buy back ordinary shares of 31¼ pence each in GSK ("Ordinary Shares") with an aggregate value of up to £0.7 billion (the "First Tranche"). Purchases of Ordinary Shares under the First Tranche are expected to commence on 24 February 2025 and to be completed by 13 June 2025.
The purpose of the Programme is to return excess capital to shareholders and reduce the share capital of the company, and it is expected that the implementation of the Programme will enhance earnings per share. Ordinary Shares purchased under the First Tranche will be held as Treasury shares.
Citi will make trading decisions in relation to the First Tranche independently of GSK with regard to the timing of purchases. Any purchase of Ordinary Shares by Citi contemplated by this announcement will be carried out on the London Stock Exchange and/or Cboe Europe Limited through the BXE and CXE order books. Any purchases of Ordinary Shares by GSK from Citi under the First Tranche will be carried out on the London Stock Exchange.
The First Tranche will be effected within certain pre-set parameters and in accordance with GSK's general authority to repurchase shares and will be conducted within the parameters prescribed by the Market Abuse Regulation 596/2014, the Commission Delegated Regulation (EU) 2016/1052 (both as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018) as well as applicable laws and the regulations of the UK Financial Conduct Authority (including Chapter 9 of the Listing Rules).
The First Tranche will occur within the limitations of GSK's existing general authority to repurchase up to 411,703,340 Ordinary Shares granted at its 2024 Annual General Meeting.
No repurchases will be made in the United States of America or in respect of GSK's American Depositary Receipts.
About GSK
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 gsk.com.
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Cautionary statement regarding forward-looking statements GSK cautions investors that any forward-looking statements or projections made by GSK, including those made in this announcement, are subject to risks and uncertainties that may cause actual results to differ materially from those projected. Such factors include, but are not limited to, those described under Item 3.D "Risk factors" in GSK's Annual Report on Form 20-F for 2023, and GSK's Q4 Results for 2024.
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