GSK stock: Specialty Medicines Power Q3 Growth as Vaccines Slip

GSK reported stronger third-quarter sales on October 28, with specialty medicines offsetting weaker vaccine revenue. In its Q3 results release, the pharmaceutical group said sales reached GBP 8.9 billion, up 4 percent at actual exchange rates and 5 percent at constant exchange rates.

Specialty portfolio leads performance

Specialty Medicines sales increased 15 percent to GBP 3.9 billion. HIV revenue rose 10 percent to GBP 2.1 billion, while Respiratory, Immunology and Inflammation sales advanced 21 percent to GBP 1.1 billion. Oncology revenue grew 23 percent to GBP 0.6 billion.

Vaccines sales fell 2 percent to GBP 2.6 billion. Shingrix revenue declined 5 percent to GBP 0.8 billion and Arexvy revenue dropped 24 percent to GBP 0.2 billion. Meningitis vaccines provided a counterweight, with sales increasing 12 percent to GBP 0.6 billion. General Medicines sales were stable at GBP 2.4 billion, while Trelegy sales rose 8 percent to GBP 0.8 billion.

Profit affected by restructuring

Core operating profit rose 5 percent to GBP 3.076 billion and core earnings per share increased 1 percent to 54.6 pence. GSK said higher sales, product and regional mix and royalty income supported the core result, while greater research and development investment, new asset launches and higher finance costs weighed on performance.

Total operating profit fell 16 percent on a constant-currency basis, and total earnings per share declined 21 percent. GSK attributed the pressure largely to GBP 328 million of major restructuring charges linked to its Accelerate Growth programme and lower other net operating income. Cash generated from operations was GBP 3.1 billion, while free cash flow reached GBP 2.1 billion.

Guidance remains unchanged

GSK reaffirmed its 2026 outlook. Turnover is expected to grow 3 to 5 percent, core operating profit 7 to 9 percent and core earnings per share 7 to 9 percent. The company expects turnover and core operating profit toward the upper half of their respective ranges, while core earnings per share are expected toward the lower half.

Management also maintained its long-term ambition for sales above GBP 40 billion in 2031. The company expects Specialty Medicines to grow at a low double-digit rate, while Vaccines should be broadly stable to grow at a low single-digit rate. General Medicines are expected to decline by a mid-single-digit to low-single-digit percentage.

Pipeline spending raises execution focus

GSK said Hibsago received approval in the United States and Japan, while Jemperli received US approval for adults with a specific form of locally advanced rectal cancer. The company also reported positive data for Jideytro in first-line ROS1-positive non-small-cell lung cancer.

GSK has started 18 phase III trials in 2026 and remains on track to begin 22 by year-end. That expansion supports the longer-term growth strategy but also keeps research spending and execution central to the investment case. The company declared a third-quarter dividend of 17 pence and expects a full-year 2026 dividend of 70 pence.

GSK stock traded at 21.96 euros on Lang & Schwarz at 11:43 CET on Wednesday, November 4.

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GSK plc at a glance

• Company: GSK plc
• ISIN: GB00BN7SWP63
• Ticker: GSK
• Lang & Schwarz quote: 21.96 euros on November 4, 2026, at 11:43 CET
• Third-quarter sales: GBP 8.9 billion
• 2026 dividend outlook: 70 pence per share

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More news and analyses on GSK stock cover results, pipeline progress and future guidance.