16th Feb 2026 15:30
GSK plc (the 'Company')
2026 Performance Share Plan Award and 2026 Performance Measures
2026 Performance Share Plan Award
On 12 February 2026, the Company granted conditional share awards to the Persons Discharging Managerial Responsibilities ('PDMRs') and their Persons Closely Associated ('PCAs') listed below under the GlaxoSmithKline 2017 Performance Share Plan ('the Plan'). The Plan allows a performance-related opportunity in the form of conditional awards to be granted to senior executives in the Group, including the Executive Directors and other PDMRs.
Under the terms of the Plan, conditional awards are granted over a specific number of Ordinary Shares or American Depositary Shares ('ADS'), and the percentage of awards that ultimately vests is dependent on the level of achievement against performance targets set by the Remuneration Committee.
The performance period for the awards is the three financial years from 1 January 2026 to 31 December 2028.
2026 Performance Measures
The awards are based on the following five measures:
Performance Measure | Proportion of each award |
Total Sales Growth
| 17.5% |
Core Operating Profit Growth | 17.5% |
Pipeline Sustainability
| 17.5% |
Responsible Business: Composite Scorecard
| 7.5% |
Relative Total Shareholder Return (TSR)
| 40% |
Total sales and Core operating profit growth
These targets were set following the Board's annual planning process and consideration of analysts' consensus to ensure that they are sufficiently stretching and support the Committee's aim to incentivise and reward over performance.
| Performance vs Target | Proportion Vesting
|
Below threshold | < 99% of Target | Nil |
Threshold | 99% of Target | 20%: CEO 25%: CFO / All Others |
Target | 100% of Target | 50% |
103% of Target | 75% | |
Maximum | 105% of Target | 100% |
Pipeline Sustainability
The Pipeline Sustainability measure focuses on GSK's replenishment of the pipeline and longer-term pipeline performance. For inclusion, a Programme must be either a New Molecular Entity (NME), or a new indication which adds £0.5 billion to Peak Year Sales. Programmes approved and launched during the three-year window will contribute to the total number of assets and to the sales contribution. It is based on a matrixed assessment of:
- Pipeline sales contribution to GSK's long range forecast (LRF) outlook. The target and vesting will each be based on 10-year net risk adjusted sales forecast, e.g., the 2026-2028 target based on the 2035 LRF and vesting based on the 2038 LRF, and
- the Number of Programmes in Phase 2 and 3 and Registration and Approval.
This element of the PSP will only vest, either in full or in part, if at the time of vesting the most recently governed and published 2031 Sales outlook remains at least £40 billion1. At the end of the period a list of the Programmes added or removed during the period will be disclosed. However, the pipeline sales contributions in the 2035 and 2038 LRFs and the assessment matrix will not be disclosed, as they are commercially sensitive. For the achievement of Threshold performance for both the Pipeline Sales contribution and the number of Programmes, the vesting proportions shall be 20% for the CEO, and 25% for the CFO / All Others.
Responsible Business: Composite scorecard
The Composite scorecard focuses on all the Responsible Business metrics within the Responsible Business Performance Rating. The rating is reported on in detail in each year's Annual Report with the scorecard providing a balanced assessment of performance against all our Responsible Business priorities.
Performance will be calculated by aggregating the annual performance across all the individual annual metrics within the rating for the 3 years of the PSP performance period.
Performance | Vesting Schedule |
70% or more of all metrics are on track | 100% |
60% of all metrics are on track | 75% |
50% of all metrics are on track | 50% |
Less than 50% of all metrics are on track, but progress is being made because at least 50% are either on track, or on track with work to do (the 'threshold' vesting level) | 20%: CEO 25%: CFO / All Others |
Less than 50% of all metrics are either on track or on track with work to do, the rest (i.e. more than 50%) are off track | Nil |
Relative TSR
Performance against our size-adjusted global biopharma peer group of 13 companies will be assessed using a percentile vesting approach. This compares GSK's actual TSR performance with that of our peers.
The median TSR and the upper quintile TSR of the peers is calculated excluding GSK's TSR. GSK's TSR is then compared against the median and upper quintile TSR on an interpolated basis. Threshold performance is at median, and maximum vesting (100%) is achieved for upper quintile performance. Straight-line interpolation determines vesting levels between median and upper quintile.
TSR Performance | Vesting Schedule |
Above upper quintile | 100% |
Upper quintile | 100% |
Between median and upper quintile | Straight-line interpolation |
Median (threshold vesting) | 20%: CEO 25%: CFO / All Others |
Below median of peer group | Nil |
1 See assumptions and basis of preparation related to 2026 guidance, 2021-26 and 2031 Outlooks within GSK's Full-year and fourth quarter 2025 results announcement and GSK's cautionary statement below.
Notes
1. To the extent that each element of a conditional award does not vest at the end of the three-year performance period, it will lapse.
2. The PDMRs in the transaction notifications below were each granted a conditional award under the terms of the GlaxoSmithKline 2017 Performance Share Plan. Awards granted are of Ordinary Shares or ADS.
3. Dividends will accrue on the conditional award of Ordinary Shares or ADS during the performance period but will only vest to the extent that the awards themselves vest at the end of the performance period. These dividends are not included in the figures below.
4. For Executive Directors, the award is subject to an additional holding period of two years (the 'Holding Period') from the normal vesting date, i.e. five years in total. During the Holding Period, the relevant Ordinary Shares or ADS would only be forfeited in the event that the Executive Director was terminated for cause, and the Ordinary Shares or ADS will continue to carry rights to dividend equivalents.
Transaction notification
1. | Details of PDMR/person closely associated with them ('PCA') | ||||
a) | Name | Luke Miels | |||
b) | Position/status | Chief Executive Officer | |||
c) | Initial notification/ amendment | Initial notification | |||
2. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a) | Name | GSK plc | |||
b) | LEI | 5493000HZTVUYLO1D793 | |||
3. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transaction(s) has been conducted | ||||
a) | Description of the financial instrument | Ordinary shares of 31 ¼ pence each ('Ordinary Shares')
ISIN: GB00BN7SWP63 | |||
b) | Nature of the transaction | A conditional award of Ordinary Shares under the Company's 2017 Performance Share Plan | |||
c) | Price(s) and volume(s) | Price(s) | Volume(s) | ||
£21.50 | 463,662 | ||||
d) | Aggregated information
| N/A (single transaction) | |||
Aggregated volume Price | |||||
e) | Date of the transaction | 2026-02-12 | |||
f) | Place of the transaction
| N/A | |||
1. | Details of PDMR/person closely associated with them ('PCA') | ||||
a) | Name | Julie Brown | |||
b) | Position/status | Chief Financial Officer | |||
c) | Initial notification/ amendment | Initial notification | |||
2. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a) | Name | GSK plc | |||
b) | LEI | 5493000HZTVUYLO1D793 | |||
3. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transaction(s) has been conducted | ||||
a) | Description of the financial instrument | Ordinary shares of 31 ¼ pence each ('Ordinary Shares')
ISIN: GB00BN7SWP63 | |||
b) | Nature of the transaction | A conditional award of Ordinary Shares under the Company's 2017 Performance Share Plan | |||
c) | Price(s) and volume(s) | Price(s) | Volume(s) | ||
£21.50 | 196,548 | ||||
d) | Aggregated information
| N/A (single transaction) | |||
Aggregated volume Price | |||||
e) | Date of the transaction | 2026-02-12 | |||
f) | Place of the transaction
| N/A | |||
1. | Details of PDMR/person closely associated with them ('PCA') | ||||
a) | Name | Lynn Baxter | |||
b) | Position/status | President, Europe | |||
c) | Initial notification/ amendment | Initial notification | |||
2. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a) | Name | GSK plc | |||
b) | LEI | 5493000HZTVUYLO1D793 | |||
3. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transaction(s) has been conducted | ||||
a) | Description of the financial instrument | Ordinary shares of 31 ¼ pence each ('Ordinary Shares')
ISIN: GB00BN7SWP63 | |||
b) | Nature of the transaction | A conditional award of Ordinary Shares under the Company's 2017 Performance Share Plan | |||
c) | Price(s) and volume(s) | Price(s) | Volume(s) | ||
£21.50 | 32,757 | ||||
d) | Aggregated information
| N/A (single transaction) | |||
Aggregated volume Price | |||||
e) | Date of the transaction | 2026-02-12 | |||
f) | Place of the transaction
| N/A | |||
1. | Details of PDMR/person closely associated with them ('PCA') | ||||
a) | Name | Mike Crichton | |||
b) | Position/status | President, International | |||
c) | Initial notification/ amendment | Initial notification | |||
2. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a) | Name | GSK plc | |||
b) | LEI | 5493000HZTVUYLO1D793 | |||
3. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transaction(s) has been conducted | ||||
a) | Description of the financial instrument | Ordinary shares of 31 ¼ pence each ('Ordinary Shares')
ISIN: GB00BN7SWP63 | |||
b) | Nature of the transaction | A conditional award of Ordinary Shares under the Company's 2017 Performance Share Plan | |||
c) | Price(s) and volume(s) | Price(s) | Volume(s) | ||
£21.50 | 37,315 | ||||
d) | Aggregated information
| N/A (single transaction) | |||
Aggregated volume Price | |||||
e) | Date of the transaction | 2026-02-12 | |||
f) | Place of the transaction
| N/A | |||
1. | Details of PDMR/person closely associated with them ('PCA') | ||||
a) | Name | James Ford | |||
b) | Position/status | SVP and Group General Counsel, Legal and Compliance | |||
c) | Initial notification/ amendment | Initial notification | |||
2. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a) | Name | GSK plc | |||
b) | LEI | 5493000HZTVUYLO1D793 | |||
3. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transaction(s) has been conducted | ||||
a) | Description of the financial instrument | Ordinary shares of 31 ¼ pence each ('Ordinary Shares')
ISIN: GB00BN7SWP63 | |||
b) | Nature of the transaction | A conditional award of Ordinary Shares under the Company's 2017 Performance Share Plan | |||
c) | Price(s) and volume(s) | Price(s) | Volume(s) | ||
£21.50 | 133,977 | ||||
d) | Aggregated information
| N/A (single transaction) | |||
Aggregated volume Price | |||||
e) | Date of the transaction | 2026-02-12 | |||
f) | Place of the transaction
| N/A | |||
1. | Details of PDMR/person closely associated with them ('PCA') | ||||
a) | Name | Mondher Mahjoubi | |||
b) | Position/status | Chief Patient Officer | |||
c) | Initial notification/ amendment | Initial notification | |||
2. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a) | Name | GSK plc | |||
b) | LEI | 5493000HZTVUYLO1D793 | |||
3. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transaction(s) has been conducted | ||||
a) | Description of the financial instrument | Ordinary shares of 31 ¼ pence each ('Ordinary Shares')
ISIN: GB00BN7SWP63 | |||
b) | Nature of the transaction | A conditional award of Ordinary Shares under the Company's 2017 Performance Share Plan | |||
c) | Price(s) and volume(s) | Price(s) | Volume(s) | ||
£21.50 | 37,906 | ||||
d) | Aggregated information
| N/A (single transaction) | |||
Aggregated volume Price | |||||
e) | Date of the transaction | 2026-02-12 | |||
f) | Place of the transaction
| N/A | |||
1. | Details of PDMR/person closely associated with them ('PCA') | ||||
a) | Name | Maya Martinez-Davis | |||
b) | Position/status | President, US | |||
c) | Initial notification/ amendment | Initial notification | |||
2. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a) | Name | GSK plc | |||
b) | LEI | 5493000HZTVUYLO1D793 | |||
3. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transaction(s) has been conducted | ||||
a) | Description of the financial instrument | American Depositary Shares ('ADS')
ISIN: US37733W2044 | |||
b) | Nature of the transaction | A conditional award of ADS under the Company's 2017 Performance Share Plan | |||
c) | Price(s) and volume(s) | Price(s) | Volume(s) | ||
$58.49 | 53,433 | ||||
d) | Aggregated information
| N/A (single transaction) | |||
Aggregated volume Price | |||||
e) | Date of the transaction | 2026-02-12 | |||
f) | Place of the transaction
| N/A | |||
1. | Details of PDMR/person closely associated with them ('PCA') | ||||
a) | Name | Nina Mojas | |||
b) | Position/status | President, Global Product Strategy | |||
c) | Initial notification/ amendment | Initial notification | |||
2. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a) | Name | GSK plc | |||
b) | LEI | 5493000HZTVUYLO1D793 | |||
3. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transaction(s) has been conducted | ||||
a) | Description of the financial instrument | Ordinary shares of 31 ¼ pence each ('Ordinary Shares')
ISIN: GB00BN7SWP63 | |||
b) | Nature of the transaction | A conditional award of Ordinary Shares under the Company's 2017 Performance Share Plan | |||
c) | Price(s) and volume(s) | Price(s) | Volume(s) | ||
£21.50 | 38,291 | ||||
d) | Aggregated information
| N/A (single transaction) | |||
Aggregated volume Price | |||||
e) | Date of the transaction | 2026-02-12 | |||
f) | Place of the transaction
| N/A | |||
1. | Details of PDMR/person closely associated with them ('PCA') | ||||
a) | Name | Shobie Ramakrishnan | |||
b) | Position/status | Chief Digital and Technology Officer | |||
c) | Initial notification/ amendment | Initial notification | |||
2. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a) | Name | GSK plc | |||
b) | LEI | 5493000HZTVUYLO1D793 | |||
3. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transaction(s) has been conducted | ||||
a) | Description of the financial instrument | American Depositary Shares ('ADS')
ISIN: US37733W2044 | |||
b) | Nature of the transaction | A conditional award of ADS under the Company's 2017 Performance Share Plan | |||
c) | Price(s) and volume(s) | Price(s) | Volume(s) | ||
$58.49 | 44,313 | ||||
d) | Aggregated information
| N/A (single transaction) | |||
Aggregated volume Price | |||||
e) | Date of the transaction | 2026-02-12 | |||
f) | Place of the transaction
| N/A | |||
1. | Details of PDMR/person closely associated with them ('PCA') | ||||
a) | Name | David Redfern | |||
b) | Position/status | President, Corporate Development | |||
c) | Initial notification/ amendment | Initial notification | |||
2. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a) | Name | GSK plc | |||
b) | LEI | 5493000HZTVUYLO1D793 | |||
3. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transaction(s) has been conducted | ||||
a) | Description of the financial instrument | Ordinary shares of 31 ¼ pence each ('Ordinary Shares')
ISIN: GB00BN7SWP63 | |||
b) | Nature of the transaction | A conditional award of Ordinary Shares under the Company's 2017 Performance Share Plan
| |||
c) | Price(s) and volume(s) | Price(s) | Volume(s) | ||
£21.50 | 143,579 | ||||
d) | Aggregated information
| N/A (single transaction) | |||
Aggregated volume Price | |||||
e) | Date of the transaction | 2026-02-12 | |||
f) | Place of the transaction
| N/A | |||
1. | Details of PDMR/person closely associated with them ('PCA') | ||||
a) | Name | Regis Simard | |||
b) | Position/status | President, Global Supply Chain | |||
c) | Initial notification/ amendment | Initial notification | |||
2. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a) | Name | GSK plc | |||
b) | LEI | 5493000HZTVUYLO1D793 | |||
3. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transaction(s) has been conducted | ||||
a) | Description of the financial instrument | Ordinary shares of 31 ¼ pence each ('Ordinary Shares')
ISIN: GB00BN7SWP63 | |||
b) | Nature of the transaction | A conditional award of Ordinary Shares under the Company's 2017 Performance Share Plan
| |||
c) | Price(s) and volume(s) | Price(s) | Volume(s) | ||
£21.50 | 150,453 | ||||
d) | Aggregated information
| N/A (single transaction) | |||
Aggregated volume Price | |||||
e) | Date of the transaction | 2026-02-12 | |||
f) | Place of the transaction
| N/A | |||
1. | Details of PDMR/person closely associated with them ('PCA') | ||||
a) | Name | Phil Thomson | |||
b) | Position/status | President, Global Affairs | |||
c) | Initial notification/ amendment | Initial notification | |||
2. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a) | Name | GSK plc | |||
b) | LEI | 5493000HZTVUYLO1D793 | |||
3. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transaction(s) has been conducted | ||||
a) | Description of the financial instrument | Ordinary shares of 31 ¼ pence each ('Ordinary Shares')
ISIN: GB00BN7SWP63 | |||
b) | Nature of the transaction | A conditional award of Ordinary Shares under the Company's 2017 Performance Share Plan
| |||
c) | Price(s) and volume(s) | Price(s) | Volume(s) | ||
£21.50 | 66,221 | ||||
d) | Aggregated information
| N/A (single transaction) | |||
Aggregated volume Price | |||||
e) | Date of the transaction | 2026-02-12 | |||
f) | Place of the transaction
| N/A | |||
1. | Details of PDMR/person closely associated with them ('PCA') | ||||
a) | Name | Deborah Waterhouse | |||
b) | Position/status | CEO, ViiV Healthcare and President, Global Health, GSK | |||
c) | Initial notification/ amendment | Initial notification | |||
2. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a) | Name | GSK plc | |||
b) | LEI | 5493000HZTVUYLO1D793 | |||
3. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transaction(s) has been conducted | ||||
a) | Description of the financial instrument | Ordinary shares of 31 ¼ pence each ('Ordinary Shares')
ISIN: GB00BN7SWP63 | |||
b) | Nature of the transaction | A conditional award of Ordinary Shares under the Company's 2017 Performance Share Plan
| |||
c) | Price(s) and volume(s) | Price(s) | Volume(s) | ||
£21.50 | 136,579 | ||||
d) | Aggregated information
| N/A (single transaction) | |||
Aggregated volume Price | |||||
e) | Date of the transaction | 2026-02-12 | |||
f) | Place of the transaction
| N/A | |||
1. | Details of PDMR/person closely associated with them ('PCA') | ||||
a) | Name | Tony Wood | |||
b) | Position/status | Chief Scientific Officer | |||
c) | Initial notification/ amendment | Initial notification | |||
2. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a) | Name | GSK plc | |||
b) | LEI | 5493000HZTVUYLO1D793 | |||
3. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transaction(s) has been conducted | ||||
a) | Description of the financial instrument | Ordinary shares of 31 ¼ pence each ('Ordinary Shares')
ISIN: GB00BN7SWP63 | |||
b) | Nature of the transaction | A conditional award of Ordinary Shares under the Company's 2017 Performance Share Plan | |||
c) | Price(s) and volume(s) | Price(s) | Volume(s) | ||
£21.50 | 247,138 | ||||
d) | Aggregated information
| N/A (single transaction) | |||
Aggregated volume Price | |||||
e) | Date of the transaction | 2026-02-12 | |||
f) | Place of the transaction
| N/A | |||
1. | Details of PDMR/person closely associated with them ('PCA') | ||||
a) | Name | Victoria Whyte | |||
b) | Position/status | SVP & Company Secretary | |||
c) | Initial notification/ amendment | Initial notification | |||
2. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a) | Name | GSK plc | |||
b) | LEI | 5493000HZTVUYLO1D793 | |||
3. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transaction(s) has been conducted | ||||
a) | Description of the financial instrument | Ordinary shares of 31 ¼ pence each ('Ordinary Shares')
ISIN: GB00BN7SWP63 | |||
b) | Nature of the transaction | A conditional award of Ordinary Shares under the Company's 2017 Performance Share Plan
| |||
c) | Price(s) and volume(s) | Price(s) | Volume(s) | ||
£21.41 | 11,800 | ||||
d) | Aggregated information
| N/A (single transaction) | |||
Aggregated volume Price | |||||
e) | Date of the transaction | 2026-02-12 | |||
f) | Place of the transaction
| N/A | |||
1. | Details of PDMR/person closely associated with them ('PCA') | ||||
a) | Name | Neil Falkingham | |||
b) | Position/status | PCA of Lynn Baxter (President, Europe)
| |||
c) | Initial notification/ amendment | Initial notification | |||
2. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a) | Name | GSK plc | |||
b) | LEI | 5493000HZTVUYLO1D793 | |||
3. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transaction(s) has been conducted | ||||
a) | Description of the financial instrument | Ordinary shares of 31 ¼ pence each ('Ordinary Shares')
ISIN: GB00BN7SWP63 | |||
b) | Nature of the transaction | A conditional award of Ordinary Shares under the Company's 2017 Performance Share Plan | |||
c) | Price(s) and volume(s) | Price(s) | Volume(s) | ||
£21.41 | 11,800 | ||||
d) | Aggregated information
| N/A (single transaction) | |||
Aggregated volume Price | |||||
e) | Date of the transaction | 2026-02-12 | |||
f) | Place of the transaction
| N/A | |||
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 www.gsk.com.
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 in the "Risk Factors" section in GSK's Annual Report on Form 20-F for 2024, and GSK's Q4 Results for 2025.
Registered in England & Wales:
No. 3888792
Registered Office:
79 New Oxford Street
London
WC1A 1DG
Related Shares:
Glaxosmithkline