GSK plc (LSE:GSK) reported a 4% increase in third-quarter sales to £8.9 billion, supported by growth in its Specialty Medicines business, while core earnings per share exceeded analysts’ expectations.
The British pharmaceutical company recorded core earnings per share of 54.6 pence for the three months ended 30 September 2026, compared with a company-compiled analyst consensus of 50.4 pence.
Revenue increased 5% at constant exchange rates, with demand for HIV, respiratory, immunology and oncology medicines contributing to the quarterly performance.
GSK maintained its full-year and longer-term financial targets despite reporting declines in total operating profit and statutory earnings per share, partly reflecting restructuring charges associated with its Accelerate Growth programme.
The company also generated £3.1 billion in operating cash flow and £2.1 billion in free cash flow during the quarter.
Third-Quarter Revenue Increases to £8.9 Billion
GSK reported total sales of £8.9 billion for the third quarter of 2026, representing growth of 4% at actual exchange rates and 5% at constant exchange rates.
The increase was primarily supported by the Specialty Medicines division, where sales rose across HIV, respiratory, immunology and inflammation, and oncology treatments.
General Medicines revenue remained broadly unchanged, while Vaccines recorded a decline.
The company attributed its core earnings performance to higher revenue, changes in its product and geographic sales mix, and increased royalty income.
These factors were partly offset by higher research and development expenditure, investment in new product launches and increased financing costs.
Core Earnings Per Share Exceed Analyst Expectations
GSK reported core earnings per share of 54.6 pence, exceeding the company-compiled analyst consensus of 50.4 pence.
The result was approximately 8.3% above the consensus estimate.
Core earnings per share increased 1% compared with the corresponding period last year.
Core operating profit rose 5%, reflecting revenue growth and the contribution from higher-margin products and royalty income.
The increase was partly offset by additional spending on research and development, commercial investment associated with new medicines and higher finance costs.
Core financial measures exclude certain items included in statutory results, including specified restructuring and other adjustments.
Specialty Medicines Sales Rise 15% to £3.9 Billion
GSK’s Specialty Medicines division reported third-quarter sales of £3.9 billion, representing growth of 15%.
The division accounted for approximately 44% of total group revenue during the period.
Growth was recorded across its principal therapeutic categories, including HIV, respiratory, immunology and inflammation, and oncology.
The performance reflected continued demand for the company’s specialty treatments.
Specialty Medicines was the main contributor to group revenue growth during the quarter, offsetting the decline in Vaccines sales and relatively unchanged revenue in General Medicines.
HIV Medicines Revenue Increases 10%
GSK reported HIV medicines sales of £2.1 billion during the third quarter, an increase of 10%.
The HIV portfolio represented the largest component of Specialty Medicines revenue.
The company continues to develop and commercialise treatments in this therapeutic area as part of its broader specialty pharmaceuticals business.
The quarterly figures indicate that HIV medicines remained a contributor to group sales growth.
GSK did not provide individual HIV product sales figures in the supplied quarterly summary.
Respiratory, Immunology and Inflammation Sales Grow 21%
Sales from respiratory, immunology and inflammation medicines increased 21% to £1.1 billion.
The category contributed to the overall growth of Specialty Medicines during the quarter.
GSK’s investment in these therapeutic areas forms part of its strategy to expand its portfolio of specialty treatments.
The company has also continued to allocate research and development resources towards new medicines and potential product launches.
The supplied results did not specify the contribution of individual products within this category.
Oncology Revenue Advances 23%
GSK’s oncology business reported third-quarter revenue of £0.6 billion, an increase of 23%.
The category recorded the highest percentage sales growth among the Specialty Medicines areas disclosed in the update.
Oncology remains part of GSK’s strategy to expand its portfolio of specialist medicines.
The company’s investment in research, development and new product launches contributed to higher operating expenditure during the period.
The quarterly summary did not provide a breakdown of sales by individual oncology treatment.
Vaccines Revenue Declines 2% to £2.6 Billion
GSK reported Vaccines sales of £2.6 billion for the third quarter, representing a decline of 2%.
Performance varied across the company’s vaccine portfolio.
Sales of Shingrix, the company’s shingles vaccine, decreased 5% to £0.8 billion.
Meningitis vaccine revenue increased 12% to £0.6 billion, partially offsetting declines elsewhere in the division.
Arexvy, GSK’s respiratory syncytial virus vaccine, recorded sales of £0.2 billion, down 24%.
The differences in performance across these products contributed to the overall reduction in Vaccines revenue.
The company did not provide detailed explanations for the individual vaccine sales movements in the supplied summary.
General Medicines Revenue Remains Stable at £2.4 Billion
GSK’s General Medicines division recorded third-quarter sales of £2.4 billion, broadly unchanged from the corresponding period last year.
Within the division, Trelegy generated revenue of £0.8 billion, an increase of 8%.
The product’s growth contributed to the performance of the General Medicines portfolio.
However, the division’s overall revenue remained stable, indicating that growth in Trelegy was offset by movements elsewhere in the business.
General Medicines accounted for approximately 27% of group sales during the quarter.
Statutory Operating Profit Falls 16% Following Restructuring Charges
Although core operating profit increased, GSK reported a 16% decline in total operating profit.
Total earnings per share fell 21%.
The statutory results were affected by £328 million in restructuring charges associated with the company’s Accelerate Growth programme.
Lower other net operating income also contributed to the decline.
These effects were partly offset by growth in core operating profit.
The difference between statutory and core earnings reflects the impact of items excluded from the company’s adjusted performance measures.
The Accelerate Growth programme forms part of management’s efforts to adjust the group’s operating structure and cost base.
The supplied results did not specify the total expected savings or implementation timetable for the programme.
Operating Cash Flow Reaches £3.1 Billion
GSK reported cash generated from operations of £3.1 billion during the third quarter.
Free cash flow totalled £2.1 billion.
The cash flow figures provide a separate measure of the company’s financial performance alongside reported and core earnings.
Cash generation remains relevant to GSK’s ability to fund research and development, commercial investment, restructuring activities and other corporate requirements.
The supplied quarterly summary did not include comparative cash flow figures for the corresponding period of 2025.
Full-Year and Long-Term Financial Targets Maintained
GSK reaffirmed its annual and longer-term financial targets following the third-quarter results.
The decision came despite restructuring charges affecting statutory profitability and mixed performance across the company’s operating divisions.
Specialty Medicines continued to support group revenue growth, while General Medicines sales remained stable and Vaccines revenue declined.
The company is also continuing its Accelerate Growth programme and investing in research, development and new product launches.
GSK did not revise its financial guidance in the supplied announcement.
The specific numerical ranges for its full-year and longer-term targets were not included in the source material.
CEO Luke Miels Continues Focus on Growth and Portfolio Development
The results come as Chief Executive Officer Luke Miels oversees initiatives intended to accelerate growth and prepare GSK for future patent expiries.
The company’s strategy includes investment in specialty medicines, research and development, product launches and changes to its operating cost structure.
During the third quarter, sales growth in HIV, respiratory, immunology and oncology medicines contributed to the group’s overall financial performance.
At the same time, the company continued to incur restructuring costs associated with its Accelerate Growth programme.
GSK’s ability to maintain revenue growth over the longer term will depend partly on the commercial performance of existing products, new medicine launches and the impact of patent expiries.
Outlook for the Remainder of 2026
GSK enters the final quarter of 2026 having reported nine-month progress that allowed it to maintain its annual financial targets.
Third-quarter sales growth was led by Specialty Medicines, with HIV, respiratory, immunology and oncology products recording increases.
The Vaccines division reported lower revenue, reflecting declines in Shingrix and Arexvy sales, while General Medicines remained broadly stable.
Core operating profit and core earnings per share increased, although statutory profitability was affected by restructuring charges and lower other net operating income.
The company continues to invest in its product portfolio and implement its Accelerate Growth programme.
GSK has not announced changes to its full-year or longer-term financial objectives.
More About GSK
GSK plc is a London-listed global biopharmaceutical company focused on the research, development, manufacture and commercialisation of medicines and vaccines.
The company operates across three principal commercial divisions: Specialty Medicines, Vaccines and General Medicines.
Its therapeutic areas include HIV, respiratory diseases, immunology, inflammation, oncology and infectious diseases.
GSK’s product portfolio includes Shingrix, Arexvy and Trelegy, alongside a range of specialist medicines and vaccines.
The company continues to invest in research and development while implementing operational initiatives intended to support its longer-term business objectives.
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