GSK stock: Specialty Medicines Offset Weaker Vaccines in Q3

GSK reported stronger third-quarter sales on Wednesday, October 28, as specialty medicines offset weaker vaccine demand. In its Q3 results announcement, the British drugmaker said turnover increased 4 percent at actual exchange rates and 5 percent at constant exchange rates to 8.887 billion pounds in the three months to September 30.

Specialty medicines lead growth

Specialty Medicines sales increased 15 percent to 3.9 billion pounds. HIV sales rose 10 percent to 2.1 billion pounds, while Respiratory, Immunology and Inflammation grew 21 percent to 1.1 billion pounds. Oncology sales advanced 23 percent to 0.6 billion pounds. General Medicines remained stable at 2.4 billion pounds, with Trelegy sales up 8 percent to 0.8 billion pounds.

Core operating profit rose 5 percent to 3.076 billion pounds and core earnings per share increased 1 percent to 54.6 pence. Reported operating profit fell 16 percent and reported earnings per share declined 21 percent, reflecting 328 million pounds of restructuring charges tied to the Accelerate Growth programme, as well as lower other operating income. Research and development spending also increased as GSK expanded its development pipeline.

Vaccines remain the pressure point

Vaccines sales fell 2 percent to 2.6 billion pounds. Shingrix revenue declined 5 percent to 0.8 billion pounds and Arexvy fell 24 percent to 0.2 billion pounds. Meningitis vaccines provided an offset, with sales rising 12 percent to 0.6 billion pounds. Management attributed the broader vaccine performance in part to Shingrix destocking in China, while highlighting growth in the United States.

GSK reaffirmed its 2026 outlook. Turnover is expected to grow 3 to 5 percent at constant exchange rates, with sales in the upper half of that range. Core operating profit is also expected to rise 7 to 9 percent in the upper half, while core earnings per share is expected to increase 7 to 9 percent in the lower half. The company maintained its long-term target of more than 40 billion pounds in sales by 2031.

Pipeline execution stays central

GSK said it remains on track to start 22 Phase III trials in 2026, with 18 already initiated. The company also highlighted US and Japanese approval for Hibsago, a chronic hepatitis B treatment, and further progress for Jemperli and Jideytro. Chief Executive Luke Miels said the company was focused on operational delivery, new launches and faster research and development execution.

GSK stock traded at 21.94 euros on Lang & Schwarz at 10:33:52 CET on Monday, November 2, 2026. Investors can follow the real-time quote of GSK stock.

Healthcare investors are also watching the Euro Stoxx 50 for the broader European market setting.

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