GSK plc

GSK

$50.87

+0.85%

N/A+$0.43

Healthcare

Drug Manufacturers - General

NYSE

Active Trading

GSK plc, a global pharmaceutical entity founded in 1715 and headquartered in Brentford, United Kingdom, dedicates its efforts to the research, development, ...

Supply Chain of GSK

Upstream

Foundry, packaging, memory, wafers, components, and input vendors.

Upstream

Bora Pharmaceuticals Co., Ltd.

Lonza Group AG

Thermo Fisher Scientific Inc. (Patheon brand)

Croda International Plc

Piramal Pharma Ltd (Piramal Pharma Solutions)

Desano Pharmaceuticals Co., Ltd.

Bora Pharmaceuticals Co., Ltd.

TWSE:6472

CDMO — oral solid dose and sterile manufacturing; 5-year $250M global manufacturing agreement renewed Feb 2026 across hundreds of products

Samsung Biologics Co., Ltd.

KRX:207940

CDMO — large-scale biologics drug substance manufacturing; acquired GSK's Rockville, MD facility (completed Mar 2026) and continues supplying GSK under supply agreement

Lonza Group AG

SIX:LONN

CDMO — biological manufacturing capacity and expertise for biopharmaceuticals portfolio; long-standing agreement for biologics drug substance production

Thermo Fisher Scientific Inc. (Patheon brand)

NYSE:TMO

CDMO — acquired GSK's Cork, Ireland manufacturing site in 2019; provides contract development and manufacturing services including API and drug product

WuXi Biologics (Cayman) Inc.

HKEx:2269

CDMO/R&D partner — license agreement for multiple novel bispecific T-cell engagers (Jan 2023); $40M upfront with up to $1.5B milestones; potential commercial manufacturing

Downstream

Customers, distributors, OEMs, and channels that absorb output.

Downstream

Cencora, Inc. (formerly AmerisourceBergen)

Anda Pharmaceuticals (subsidiary of Teva Pharmaceutical Industries)

Capital Wholesale Drug Company

Walgreens Boots Alliance, Inc.

UnitedHealth Group Inc. (OptumRx)

Cencora, Inc. (formerly AmerisourceBergen)

NYSE:COR

Authorized US wholesaler/distributor of record for GSK and ViiV Healthcare prescription medicines and vaccines

Cardinal Health, Inc.

NYSE:CAH

Authorized US wholesaler/distributor of record for GSK and ViiV Healthcare prescription medicines and vaccines; one of 'Big Three' US pharma distributors

McKesson Corporation

NYSE:MCK

Authorized US wholesaler/distributor of record for GSK and ViiV Healthcare prescription medicines and vaccines; one of 'Big Three' US pharma distributors

Anda Pharmaceuticals (subsidiary of Teva Pharmaceutical Industries)

Authorized US wholesaler/distributor for GSK and ViiV Healthcare; subsidiary of Teva since 2016

Capital Wholesale Drug Company

Authorized US wholesaler; family-owned regional pharmaceutical distributor based in Columbus, Ohio

Proxies

Public comparables and monitoring names used as representatives for the analysis.

Proxies

AstraZeneca plc

Sanofi S.A.

Bora Pharmaceuticals Co., Ltd.

Croda International Plc

AstraZeneca plc

LSE:AZN

Closest UK-based biopharma peer with similar exposure to respiratory/immunology, oncology, and vaccines. Comparable supply chain structure with CDMO dependencies and US/China exposure.

Sanofi S.A.

EURONEXT:SAN

Diversified European pharma peer with large vaccines franchise (Sanofi has ~$7B+ vaccine sales); shares similar adjuvant and cold-chain supply chain dynamics with GSK.

Merck & Co., Inc.

NYSE:MRK

US pharma peer with large vaccines portfolio (Gardasil, etc.) and significant R&D in oncology/immunology; similar supplier concentration dynamics.

Pfizer Inc.

NYSE:PFE

Former ViiV shareholder; large pharma with similar CDMO outsourcing model, vaccine logistics (COVID vaccine), and US distribution dependency on Big Three wholesalers.

Bora Pharmaceuticals Co., Ltd.

TWSE:6472

GSK's top CDMO partner by contract value ($250M/5yr); Bora's performance and capacity expansion directly impact GSK's oral solid dose and injectable supply chain resilience.

Geographic

Region-level exposures that can distort the supply network.

Geographic

China

India

United Kingdom / EU

Desano Pharmaceuticals

WuXi Biologics

Piramal Pharma Ltd

China

API and raw material dependency via sub-suppliers; also geopolitical risk

Desano PharmaceuticalsAPI supplier for ViiV's dolutegravir for China market

WuXi BiologicsHKEX:2269R&D and potential manufacturing partner for bispecific T-cell engagers; Pentagon listed WuXi AppTec as China military-linked Jun 2026

India

API sourcing dependency — India supplies ~48% of US API DMFs but relies on China for raw chemical intermediates

Piramal Pharma LtdNSE:PPLPHARMACDMO/API manufacturer via Piramal Pharma Solutions

United Kingdom / EU

Manufacturing concentration — GSK's internal manufacturing network includes UK (Ware, Irvine, Barnard Castle, Montrose), EU (Belgium, France, Germany), and US sites; Brexit customs friction and EU regulatory divergence create complexity

United States

Revenue concentration — US is GSK's single largest market. GSK committed $30B over 5 years (2025-2030) for US R&D and manufacturing expansion to reduce import dependency and mitigate tariff risks under Section 232

Cencora, Inc.NYSE:CORAuthorized US wholesaler

Cardinal Health, Inc.NYSE:CAHAuthorized US wholesaler

McKesson CorporationNYSE:MCKAuthorized US wholesaler

Concentration

Customer, supplier, or partner concentration exposures that can distort the supply network.

Customer

Critical

US wholesale drug distribution is dominated by three companies (Cencora, Cardinal Health, McKesson) controlling ~95% of the market. GSK's US revenue (largest single market) flows almost entirely through these three distributors, creating extreme customer concentration risk.

Foundry

High

GSK relies heavily on a small number of CDMOs (Bora Pharmaceuticals, Samsung Biologics, Lonza, Thermo Fisher) for significant portions of its commercial manufacturing capacity. Any disruption at a key CDMO site could affect multiple product lines simultaneously.

Other

High

Vaccine adjuvant supply concentration — GSK's proprietary adjuvant systems (AS01, AS01E) used in Shingrix and Arexvy rely on QS-21 sourced from a limited number of suppliers (Croda International via Biosector acquisition). Single-point-of-failure risk for the vaccines franchise.

Other

High

Product concentration — Shingrix (£3.6B), Trelegy (£3.0B), and Nucala (£2.0B) together represent ~26% of total revenue. Patent expirations or competitive launches for these products would materially impact GSK's financial profile.

Revenue mix

How the target's revenue mix translates into supply-chain leverage and dependency.

Specialty Medicines — HIV (ViiV Healthcare)

21.7%

$9.3B

Requires complex API supply (dolutegravir, cabotegravir), CDMO partnerships for long-acting injectable formulations. Desano Pharmaceuticals supplies API for China market. ViiV has ~32% global HIV market share.

Specialty Medicines — Respiratory, Immunology & Inflammation (Nucala, Benlysta)

11.6%

$5.0B

Biologics manufacturing requiring mammalian cell culture capacity via CDMOs (Samsung Biologics, Lonza). Nucala (£2.0B) drives demand for monoclonal antibody production; Benlysta (£1.3B+) requires similar biologics supply chain.

Specialty Medicines — Oncology (Blenrep, etc.)

7.7%

$3.3B

ADC and novel modality manufacturing requiring specialized CDMO capabilities. Blenrep (BCMA ADC) approved in 2025 across US, EU, Japan. Growing pipeline demands HPAPI and conjugation capacity.

Vaccines — Shingrix (shingles)

11.0%

$4.7B

Adjuvanted recombinant vaccine requiring QS-21 adjuvant supply from Croda International/others; complex cold-chain logistics and government/CDC procurement channels.

Vaccines — Meningitis (Bexsero, Menveo)

4.9%

$2.1B

Multi-component vaccine requiring specialized fermentation and purification capacity. Distributed via government tenders and CDC.

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GSK plc

Supply Chain of GSK

Upstream

Bora Pharmaceuticals Co., Ltd.

Samsung Biologics Co., Ltd.

Lonza Group AG

Thermo Fisher Scientific Inc. (Patheon brand)

WuXi Biologics (Cayman) Inc.

Croda International Plc

Piramal Pharma Ltd (Piramal Pharma Solutions)

Desano Pharmaceuticals Co., Ltd.

View More

Downstream

Cencora, Inc. (formerly AmerisourceBergen)

Cardinal Health, Inc.

McKesson Corporation

Anda Pharmaceuticals (subsidiary of Teva Pharmaceutical Industries)

Capital Wholesale Drug Company

CVS Health Corporation

Walgreens Boots Alliance, Inc.

UnitedHealth Group Inc. (OptumRx)

View More

Proxies

AstraZeneca plc

Sanofi S.A.

Merck & Co., Inc.

Pfizer Inc.

Bora Pharmaceuticals Co., Ltd.

Croda International Plc

Geographic

China

India

United Kingdom / EU

View More

Supply Chain of GSK

Upstream

Bora Pharmaceuticals Co., Ltd.

Samsung Biologics Co., Ltd.

Lonza Group AG

Thermo Fisher Scientific Inc. (Patheon brand)

WuXi Biologics (Cayman) Inc.

Croda International Plc

Piramal Pharma Ltd (Piramal Pharma Solutions)

Desano Pharmaceuticals Co., Ltd.

View More

Downstream

Cencora, Inc. (formerly AmerisourceBergen)

Cardinal Health, Inc.

McKesson Corporation

Anda Pharmaceuticals (subsidiary of Teva Pharmaceutical Industries)

Capital Wholesale Drug Company

CVS Health Corporation

Walgreens Boots Alliance, Inc.

UnitedHealth Group Inc. (OptumRx)

View More

Proxies

AstraZeneca plc

Sanofi S.A.

Merck & Co., Inc.

Pfizer Inc.

Bora Pharmaceuticals Co., Ltd.

Croda International Plc

Geographic

China

India

United Kingdom / EU

View More