Biotech News
GSK delivers strong Q3 performance and continued momentum
28 October 2026
For media and investors only
Issued: London, UK
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Strong Specialty Medicines performance drives sales and core operating profit growth
Total Q3 sales £8.9 billion +4% AER; +5% CER
Specialty Medicines sales £3.9 billion (+15%); HIV sales £2.1 billion (+10%), Respiratory, Immunology & Inflammation
£1.1 billion (+21%); Oncology £0.6 billion (+23%)
Vaccines sales £2.6 billion (-2%); Shingrix £0.8 billion (-5%); Meningitis vaccines £0.6 billion (+12%); and Arexvy £0.2
billion (-24%)
General Medicines sales £2.4 billion (stable); Trelegy £0.8 billion (+8%)
Total operating profit -16% and Total EPS -21% driven by Major restructuring charges of £328 million related to the
Accelerate Growth programme and lower other net operating income, partly offset by Core operating profit growth
Core operating profit +5% and Core EPS +1% reflecting higher sales, favourable product and regional mix and higher
royalty income, partly offset by increased investment in R&D and new asset launches and higher finance costs
Cash generated from operations of £3.1 billion with free cash flow of £2.1 billion
| Q3 2026 | Year to date | |||||
|---|---|---|---|---|---|---|
| £m | % AER | % CER | £m | % AER | % CER | |
| Turnover | 8,887 | 4 | 5 | 24,925 | 4 | 5 |
| Total operating profit | 2,127 | (18) | (16) | 4,901 | (28) | (25) |
| Total operating margin % | 23.9% | (6.4ppts) | (6.1ppts) | 19.7% | (8.7ppts) | (8.2ppts) |
| Total EPS | 38.5p | (23) | (21) | 92.5p | (26) | (23) |
| Core operating profit | 3,076 | 3 | 5 | 8,526 | 5 | 7 |
| Core operating margin % | 34.6% | (0.3ppts) | (0.1ppts) | 34.2% | 0.3ppts | 0.7ppts |
| Core EPS | 54.6p | (1) | 1 | 151.6p | 4 | 6 |
| Cash generated from operations | 3,122 | 24 | 7,378 | 18 |
Continued pipeline progress:
Hibsago approved in US and Japan, with data showing unprecedented functional cure rates and potential to redefine
treatment of chronic hepatitis B
Jemperli approved in US as first immunotherapy for adults with dMMR/MSI-H locally advanced rectal cancer
Positive registrational data for Jideytro in first-line ROS1-positive non-small cell lung cancer (approved in US in second
line in July)
Promising first global data for Ris-Rez in lung cancer; and positive phase I data for Mo-Rez in ovarian cancer
Shingrix pre-filled syringe approved in Japan, simplifying administration
mRNA seasonal influenza (flu) vaccine phase III trial initiated, following positive phase II data
On track to start 22 phase III trials in 2026 with 18 starts to date
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
Operating margin stable to improving through dolutegravir loss of exclusivity period of 2028-2030
Shareholder returns:
Q3 2026 dividend of 17p declared; 70p expected for full year 2026
Luke Miels, Chief Executive Officer, GSK:
“GSK has delivered another strong quarter, with our key growth drivers and new launches performing well. We remain focused on operational delivery, execution and accelerating R&D. Over recent months we have received 3 new specialty medicine approvals in the US: Hibsago , which has the potential to transform the treatment of chronic hepatitis B; Jideytro in non-small cell lung cancer; and Jemperli in rectal cancer. More broadly, in the late-stage portfolio, we are on track to start 22 phase III trials this year.”
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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