GSK stock: Specialty medicines offset weaker vaccines in Q3

GSK's third-quarter performance showed a widening contrast between strong specialty-medicine growth and weaker vaccine demand. The company reported the results on Wednesday, October 28, 2026, and its 2026 outlook remains unchanged.

GSK stock traded at 22.22 euros on Lang & Schwarz at 16:31 CEST on Friday, October 30, 2026. That was 2.87 percent above the 21.60-euro quote in the previous report published on Thursday, October 29, at 16:07 Berlin time; this is a separate comparison from the daily Xetra close.

Specialty Medicines Lead Growth

According to GSK's Q3 announcement, total sales rose 4 percent at actual exchange rates and 5 percent at constant exchange rates to 8.9 billion pounds. Specialty Medicines sales increased 15 percent to 3.9 billion pounds.

HIV sales rose 10 percent to 2.1 billion pounds, while Respiratory, Immunology & Inflammation increased 21 percent to 1.1 billion pounds. Oncology sales advanced 23 percent to 0.6 billion pounds. General Medicines sales were stable at 2.4 billion pounds, with Trelegy sales up 8 percent.

Vaccines Remain The Pressure Point

Vaccines sales declined 2 percent to 2.6 billion pounds. Shingrix sales fell 5 percent to 0.8 billion pounds, while Arexvy declined 24 percent to 0.2 billion pounds. Meningitis vaccines provided an offset, with sales rising 12 percent to 0.6 billion pounds.

GSK's core operating profit rose 5 percent and core earnings per share increased 1 percent. Reported operating profit was affected by 328 million pounds of restructuring charges under the Accelerate Growth programme, making the distinction between core and reported figures material for investors.

Outlook Stays Unchanged

GSK continues to target 2026 turnover growth of 3 to 5 percent, core operating profit growth of 7 to 9 percent and core earnings per share growth of 7 to 9 percent. Management expects turnover and core operating profit to land in the upper half of their ranges, while core earnings per share is expected in the lower half.

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