GSK (LSE:GSK) said it expects sales growth to moderate in 2026, forecasting revenue growth of between 3% and 5% on a constant-currency basis, down from the 7% increase delivered in 2025. The guidance marks the company’s first forward outlook since the appointment of chief executive Luke Miels.
The group said core earnings per share are expected to increase by 7% to 9% in 2026. Vaccine sales are projected to range from a low single-digit decline to being “stable,” while Specialty Medicines revenue is anticipated to grow by a low double-digit percentage. General Medicines sales are forecast to sit between a low single-digit fall and “stable,” reflecting mixed demand trends across the portfolio.
The outlook comes as GSK looks to navigate upcoming patent expiries linked to its leading HIV treatments by broadening and strengthening its drug development pipeline. “2026 will be a key year of execution and operational delivery,” Miels said in a statement.
For the fourth quarter of 2025, GSK reported core earnings per share of 25.5 pence as turnover rose 8% to £8.62 billion. Total operating profit jumped 65% to £1.1 billion, lifting the operating margin to 12.8%, an improvement of 4.6 percentage points. On a core basis, operating profit increased 18% to £1.63 billion, with the core operating margin rising to 19%, up 1.6 percentage points.
Commenting on the full-year performance, Miels said: “GSK delivered another strong performance in 2025, driven mainly by Specialty Medicines, with double-digit sales growth in Respiratory, Immunology & Inflammation (RI&I), Oncology and HIV.”
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