GSK delivers strong Q2 core results performance and continued momentum. Plans announced to accelerate R&D and late-stage pipeline portfolio. Expect 20+ phase III trial starts in 2026

28 July 2026

For media and investors only ​

Issued: London, UK

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Strong Specialty Medicines and Vaccines performance drives sales and core operating profit growth

Total Q2 sales £8.4 billion +5% AER; +5% CER

Specialty Medicines sales £3.8 billion (+14%); Respiratory, Immunology & Inflammation £1.1 billion (+19%); Oncology £0.6 billion (+17%); HIV sales £2.1 billion (+10%)

Vaccines sales £2.3 billion (+8%); Shingrix £0.9 billion (+3%); Meningitis vaccines £0.5 billion (+21%); and Arexvy £0.2 billion (+>100%)

General Medicines sales £2.3 billion (-9%); Trelegy £0.8 billion (-7%)

Total operating profit -75% and Total EPS -69% driven by higher impairments, primarily related to camlipixant of £1.3 billion, and higher CCL charges, partly offset by Core operating profit growth and higher divestment income

Core operating profit +7% and Core EPS +9% reflecting higher sales and favourable product and regional mix, partly offset by increased investment in R&D and new asset launches and lower royalty income

Cash generated from operations of £2.9 billion with free cash flow of £2.0 billion

Pipeline progress:

Two late-stage medicines for non-small cell lung cancer acquired: Jideytro (FDA approval) & neladalkib (PDUFA

H2 2026)

Positive phase III Hansoh China data for Ris-Rez in lung cancer – first positive phase III overall survival data

reported for a B7-H3 targeted ADC in any tumour type

Positive data (AZUR-1) supports regulatory reviews for use of Jemperli in treatment of advanced rectal cancer

Momelotinib ( Ojjaara ) granted Orphan Drug Designations in US and EU for VEXAS syndrome

Pivotal data demonstrates unprecedented functional cure rates for bepirovirsen (chronic hepatitis B)

Arexvy expanded approval in Japan for adults aged 18-59 at increased risk of RSV

Decision not to progress further development of camlipixant in RCC following CALM-1/2 phase III results

R&D acceleration:

62 assets in clinical development with opportunities for significant growth

7 asset accelerations - across 18 indications - identified in: Oncology, Respiratory, Hepatology & Vaccines

Now expect 20+ phase III trial starts in 2026 (previously 10)

New flagship R&D Centre to be established in Cambridge Biomedical Campus, UK

3-year programme to fund investment in late-stage portfolio and to improve operating margin with £1.9 billion annual savings targeted by 2029 for costs of £2.4 billion (£2.1 billion cash costs)

Growth outlooks:

2026 guidance reaffirmed with expected growth in: turnover 3% to 5%; Core OP 7% to 9%; Core EPS 7% to 9%

On track for 2031 sales outlook of more than £40 billion; Accelerating growth from 2031 onwards

Operating margin stable to improving through dolutegravir loss of exclusivity period of 2028-2030

Shareholder returns:

Q2 2026 dividend of 17p declared; 70p expected for full year 2026

Completed £2 billion share buyback programme as announced at FY 2024

Luke Miels, Chief Executive Officer, GSK:

“GSK has delivered another quarter of strong core results performance, with our key growth drivers performing well. We remain focused on operational delivery, execution, and accelerating R&D.

To that end, we have identified late-stage pipeline accelerations - across 18 indications – for 7 key assets in Oncology, Respiratory, Hepatology and Vaccines. Based on clinical data, and their opportunities to improve upon current standards-of-care, we see strong reasons for all these assets to bring meaningful benefits and protection to patients. We have also decided to establish a new flagship R&D Centre on the UK’s Cambridge Biomedical Campus – an investment that will further integrate GSK into one of the world’s leading ecosystems for life-sciences.

To fund investment in the late-stage portfolio and R&D, we are starting a 3-year cost savings programme to simplify the organisation and to reallocate capital and resources. Savings will primarily be reinvested, with some used to improve margins and profitability in the dolutegravir patent expiry period (2028-2030).

We believe these plans, together with continued disciplined capital allocation, will drive strong operational performance and shareholder returns over the next five years, delivering our 2031 sales outlook and accelerated long-term growth.”

Assumptions and cautionary statement regarding forward-looking statements

The Group’s management believes that the assumptions outlined above are reasonable, and that the guidance, outlooks, and expectations described in this report are achievable based on those assumptions. However, given the forward-looking nature of these guidance, outlooks, and expectations, they are subject to greater uncertainty, including potential material impacts if the above assumptions are not realised, and other material impacts related to foreign exchange fluctuations, macro-economic activity, the impact of outbreaks, epidemics or pandemics, changes in legislation, regulation, government actions and policies, including the impact of any potential tariffs or other restrictive trade policies on the Group's products, or intellectual property protection, product development and approvals, actions by our competitors, and other risks inherent to the industries in which we operate.

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Inside information

This announcement contains inside information. The person responsible for arranging the release of this announcement on behalf of GSK is Victoria Whyte, Company Secretary.