Corporate Update: GSK plc Strengthens Ownership and Capital Structure

1. Completion of the Pfizer Shareholding Exit in ViiV Healthcare

On Thursday, 1 April 2026, GSK plc completed the transaction that removed Pfizer’s 11.7 % economic interest in ViiV Healthcare. The transaction was effected through the issuance of new shares to Shionogi, which increased its stake in the specialist HIV company to 21.7 %. GSK remains the majority owner with an 78.3 % economic interest.

The transaction involved a consideration of approximately US $2 billion, with Pfizer receiving a comparable amount of cash and GSK obtaining a modest special dividend. The London Stock Exchange confirmed the completion of the deal, noting the extinguishment of a put‑option liability recorded in GSK’s accounts and the recognition of the fair‑value change through other operating income.

This ownership restructuring is expected to streamline governance and reinforce GSK’s strategic focus on its core biopharmaceutical activities. By consolidating its stake, GSK positions itself to pursue long‑term growth initiatives within the HIV portfolio while maintaining a robust capital base for future research and development.

2. Share‑Buyback Transaction on 30 March 2026

In a separate corporate action, GSK undertook a share‑buyback transaction on 30 March 2026. The company purchased 340,000 ordinary shares at an average price of approximately 2 thousand pence per share. This purchase is part of a broader buyback programme that aims to reduce the number of shares outstanding, thereby increasing the proportion of shares held as treasury securities and marginally reducing the public float.

The buyback was executed through BNP Paribas on the London Stock Exchange and the CBOE Europe exchange, with transaction prices fluctuating around the two‑thousand‑pence mark. The programme reflects GSK’s ongoing efforts to optimise its capital structure and provide value to shareholders.

3. Strategic Implications

  • Capital Structure Optimization: The divestiture of Pfizer’s interest and the consolidation of GSK’s stake in ViiV Healthcare reduce exposure to minority shareholders and simplify governance.
  • Shareholder Value Enhancement: The share‑buyback reduces the equity base, potentially increasing earnings per share and supporting the company’s dividend policy.
  • Regulatory and Financial Reporting: The extinguishment of the put‑option liability and the fair‑value adjustment were recorded in GSK’s financial statements, ensuring compliance with International Financial Reporting Standards (IFRS 16 and IFRS 9).

These developments underscore GSK’s commitment to maintaining strategic focus on its core biopharmaceutical businesses while managing its capital allocation efficiently.