GSK stock: Specialty Medicines drive Q3 growth as vaccines slip

GSK reported stronger third-quarter growth in its Specialty Medicines business on October 28, while weaker vaccine sales and restructuring costs created pressure on reported earnings. The company reaffirmed its 2026 outlook in its official results release.

Total third-quarter sales increased 4 percent at actual exchange rates and 5 percent at constant exchange rates to 8.887 billion pounds. Specialty Medicines sales rose 15 percent to 3.9 billion pounds. HIV sales increased 10 percent to 2.1 billion pounds, while Respiratory, Immunology and Inflammation sales advanced 21 percent to 1.1 billion pounds. Oncology sales rose 23 percent to 0.6 billion pounds.

Specialty growth offsets vaccine weakness

Vaccines sales fell 2 percent to 2.6 billion pounds. Shingrix sales declined 5 percent to 0.8 billion pounds, and Arexvy sales fell 24 percent to 0.2 billion pounds. Meningitis vaccines provided some support with 12 percent growth to 0.6 billion pounds. General Medicines sales were stable at 2.4 billion pounds, while Trelegy sales increased 8 percent to 0.8 billion pounds.

GSK said reported total operating profit fell 16 percent and total earnings per share declined 21 percent. The company attributed the pressure mainly to 328 million pounds of restructuring charges linked to its Accelerate Growth programme and lower other operating income. Core operating profit still increased 5 percent, while core earnings per share rose 1 percent to 54.6 pence, supported by sales growth, product mix and higher royalty income. Higher research and development spending, new asset launches and finance costs limited the improvement.

Outlook and pipeline remain intact

Management kept its 2026 guidance for turnover growth of 3 percent to 5 percent, core operating profit growth of 7 percent to 9 percent and core earnings per share growth of 7 percent to 9 percent. GSK also said it remains on track for sales above 40 billion pounds in 2031 and expects operating margins to remain stable or improve through the 2028 to 2030 period of dolutegravir loss of exclusivity.

The pipeline remains an important part of the investment case. GSK said Hibsago and Jemperli had received US approvals, while Jideytro had been approved for second-line use in the United States. The company was also on track to begin 22 phase III trials in 2026, with 18 starts completed by the third-quarter announcement.

GSK stock traded at 21.95 euros on Lang & Schwarz at 11:40:53 CET on Friday, November 6, 2026. The company also declared a third-quarter dividend of 17 pence per share and expects a full-year 2026 dividend of 70 pence. Investors can follow the real-time quote of GSK stock.

For investors, the quarter highlights a clear split: specialty medicines and the late-stage pipeline are supplying growth, while vaccines face softer demand and the group is absorbing higher investment and restructuring costs. The reaffirmed outlook leaves execution in the final quarter and progress across the pipeline as the next major focus.

Broader UK equity-market developments can be followed through current market reports.

More news and analyses on GSK stock are available on the GSK stock topic page.

GSK plc

• ISIN: GB00BN7SWP63
• Latest quote: 21.95 euros on Lang & Schwarz, November 6, 2026, 11:40:53 CET
• Third-quarter sales: 8.887 billion pounds, up 4 percent at actual exchange rates
• Specialty Medicines sales: 3.9 billion pounds, up 15 percent
• Vaccines sales: 2.6 billion pounds, down 2 percent
• Third-quarter dividend: 17 pence per share