GSK posts £8.887 billion in third-quarter sales; shares fall 5.4%
Key Facts
GSK posted sales of £8.887 billion in the third quarter of 2026, up 5% at constant exchange rates and 4% at actual exchange rates year on year, beating analysts’ sales estimate of £8.84 billion. Core earnings per share were 54.6 pence, compared with expectations of 50.4 pence, according to Reuters. Still, the stock fell as much as 5.4% in early trading on 28 October. Reuters reported that investors were unconvinced by the long-term growth plan, as the vaccines business and asthma drug Exdensur missed expectations. Chief Executive Luke Mills said the company had delivered “another strong quarter” and that its key growth drivers and new launches were “performing well.”
Specialty medicines led revenue growth, with sales of £3.9 billion, up 15% from the year-earlier period. HIV medicines generated sales of £2.1 billion, up 10%. In respiratory, immunology and inflammation, sales rose to £1.1 billion, an increase of 21%. Oncology sales reached £0.6 billion, up 23%. The results show differing performance across the group, with several divisions posting double-digit growth while vaccine sales declined.
Vaccine sales fell 2% to £2.6 billion. Shingrix, the shingles vaccine, recorded a 5% decline in sales to £0.8 billion, while Arexvy sales fell 24% to £0.2 billion. By contrast, meningitis vaccine sales rose 12% to £0.6 billion. Reuters reported that the vaccines business missed expectations, along with asthma drug Exdensur. In the third quarter of 2025, the group posted sales of £8.5 billion, up 8% at constant exchange rates, while specialty medicines generated £3.4 billion in sales, a 16% increase.
On earnings, total operating profit fell 16% and total earnings per share declined 21% at constant exchange rates compared with a year earlier. In contrast, core operating profit rose 5% and core earnings per share increased 1%. GSK attributed the weaker total results in part to restructuring charges of £328 million and lower other operating income. The company said the charges were related to its “Growth Accelerator” programme. The programme forms part of a £1.9 billion cost-saving plan announced in July, according to Reuters.
GSK reaffirmed its 2026 guidance, forecasting sales growth of between 3% and 5%, and core operating profit and core earnings-per-share growth of between 7% and 9% each. Longer term, the company said it remained on track to achieve sales of more than £40 billion by 2031. In its pipeline, GSK began a Phase 3 trial of an mRNA seasonal flu vaccine after positive Phase 2 data. The company said it aims to start 22 Phase 3 trials during 2026 and had begun 18 trials by 28 October. Mills added: “We remain focused on operational delivery and execution, and accelerating R&D.”
In an earlier regulatory development, GSK announced on 20 October that the U.S. Food and Drug Administration had approved Hepzago to treat chronic hepatitis B in certain groups of adults. The company said pooled Phase 3 data recorded a 19% overall functional cure rate. The rate was 26% among participants whose hepatitis B surface antigen level did not exceed 1,000 international units per milliliter. Phase 3 data announced in May had shown a functional cure in 19% of participants, compared with 0% with standard care alone. The rate was 26% among patients with lower viral activity, according to the company’s statement.