GSK stock: Specialty-medicine growth offsets weaker vaccines in Q3

GSK reported stronger specialty-medicine demand in the third quarter, but weaker vaccine sales and restructuring charges weighed on reported profitability. In its results release on Wednesday, October 28, the pharmaceutical group said total sales rose 5 percent at constant exchange rates to 8.887 billion pounds.

Specialty Medicines generated 3.9 billion pounds, up 15 percent. HIV sales increased 10 percent to 2.1 billion pounds, Respiratory, Immunology & Inflammation rose 21 percent to 1.1 billion pounds, and Oncology advanced 23 percent to 0.6 billion pounds. GSK said the performance reflected higher sales, favorable product and regional mix, and higher royalty income.

Vaccines sales fell 2 percent to 2.6 billion pounds. Shingrix revenue declined 5 percent to 0.8 billion pounds, while Arexvy revenue dropped 24 percent to 0.2 billion pounds. Meningitis vaccines partly offset the weakness with 12 percent growth to 0.6 billion pounds. General Medicines sales were stable at 2.4 billion pounds, with Trelegy increasing 8 percent to 0.8 billion pounds.

Core operating profit rose 5 percent to 3.076 billion pounds and core earnings per share increased 1 percent to 54.6 pence. Reported operating profit fell 16 percent and total earnings per share dropped 21 percent, mainly because of 328 million pounds in restructuring charges tied to the Accelerate Growth program and lower other net operating income. GSK generated 3.122 billion pounds in operating cash flow and 2.1 billion pounds in free cash flow.

GSK reaffirmed its 2026 outlook 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. Management also maintained its outlook for sales above 40 billion pounds by 2031 and expects operating margins to remain stable or improve through the 2028-2030 dolutegravir loss-of-exclusivity period.

The company said it remains on track to start 22 phase III trials in 2026, with 18 already underway. Recent pipeline progress includes US and Japan approvals for Hibsago in chronic hepatitis B, a US approval for Jemperli in locally advanced rectal cancer, and positive registrational data for Jideytro in ROS1-positive non-small-cell lung cancer. GSK also started a phase III trial of its mRNA seasonal influenza vaccine.

GSK said its third-quarter dividend was set at 17 pence per share, with 70 pence expected for the full year. The company’s third-quarter results release provides the detailed figures and outlook.

The real-time quote of GSK stock was 22.28 euros on Lang & Schwarz at 10:48 CET on Friday, October 30, 2026.

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