GSK earnings: third quarter 2026

GSK's sales rose 5% in the third quarter of 2026 without currency swings, to £8,887 million, carried almost entirely by its specialty medicines for cancer and for respiratory and immune diseases. Vaccines slipped as its RSV vaccine Arexvy fell sharply, and older general medicines were flat. The company's underlying operating profit grew 5%, but heavier research spending and higher interest on debt taken on for the Nuvalent purchase left its underlying earnings per share roughly flat. The business produced much more cash than a year ago, and GSK kept all its forecasts for the year. ¹

Against what analysts expected

Ahead of the results, analysts expected earnings of $1.40 per US-listed share for the quarter, the average of five forecasts compiled by Nasdaq; the release reports in pounds per ordinary share, so the two figures cannot be set directly against each other. ¹²

The strong points

• Specialty medicines, GSK's newer and pricier treatments, grew sales 15% without currency effects, led by cancer drugs. ¹
• Total sales rose to £8,887 million, up 5% once currency swings are stripped out. ¹
• GSK had £2.1 billion of free cash flow left in the quarter after running and investing in the business, well above a year ago, though last year's figure was held down by payments to settle Zantac lawsuits. ¹

The weak points

• Underlying earnings per share, the company's measure without one-off and acquisition items, were 54.6p, just under a year ago. ¹
• Vaccine sales fell as Arexvy, GSK's RSV vaccine, dropped 24%. ¹
• Long-term borrowing rose to £21.7 billion from £14.7 billion at the end of 2025, mostly to pay for acquisitions. ¹

What the company expects

• GSK kept its forecast of 3% to 5% sales growth for 2026 without currency effects, and now expects to land in the upper half. ¹
• GSK kept its forecast of 7% to 9% growth in underlying operating profit, toward the upper half, but expects underlying earnings per share growth in the lower half of that same range. ¹

Our verdict on the quarter

A strong report. Sales grew solidly on the back of specialty medicines, cash rose sharply and every forecast for the year was kept, though weak vaccines and heavier interest and research costs left underlying earnings per share flat.

The results as published

• The results release itself
• The filing it came with (SEC)

Notes

1. GSK's results release, 28 October 2026: sec.gov. ↩
2. Nasdaq's earnings calendar, 29 October 2026. ↩