GSK sales reach £8.887 billion in third quarter, up 5%
Key Facts
GSK said on October 28, 2026, that sales reached £8.887 billion in the third quarter, up 4% at actual exchange rates and 5% at constant exchange rates. Core earnings per share were 54.6 pence, up 1% at constant exchange rates, while total earnings per share fell 21% to 38.5 pence. The results show a divergence between sales growth and limited growth in core EPS, and a decline in total earnings. In the third quarter of 2025, the company recorded sales of £8.547 billion, up 7% at actual exchange rates and 8% at constant exchange rates. Core operating profit was then £2.985 billion, while core EPS reached 55.0 pence.
Specialty medicines stood out as a key growth driver, with sales reaching £3.877 billion in the third quarter, up 15% at constant exchange rates. HIV medicines accounted for £2.116 billion of sales, up 10%. Sales of respiratory, immunology and inflammation medicines rose to £1.139 billion, up 21%. Oncology sales were £622 million, up 23% at constant exchange rates. Chief Executive Luke Miels said that "key growth drivers and new launches are performing well," linking the quarter's performance to these products and launches.
By contrast, higher sales did not mean that all profitability measures moved in the same direction: total EPS fell to 38.5 pence, while core EPS rose just 1% at constant exchange rates. GSK declared a third-quarter dividend of 17 pence per share and said it expects a dividend of 70 pence for full-year 2026. The company reaffirmed its annual guidance, expecting sales growth of between 3% and 5%. It also maintained its forecasts for growth in core operating profit and core EPS of between 7% and 9% for each. The guidance is based on the company's stated expectations for its performance this year, while the decline in total profitability remains part of results that combined sales growth with mixed earnings measures.
On its research pipeline, Miels said the company is focused on execution and accelerating research and development, and is on track to start 22 Phase III trials during 2026. It had started 18 of these trials by the time it announced results. GSK ties its growth plans to a longer-term horizon, targeting sales of more than £40 billion in 2031. It said the operating margin is expected to remain stable or improve during the dolutegravir exclusivity expiry period between 2028 and 2030. The company is scheduled to report full-year and fourth-quarter results on February 3, 2027.