$GSK · GSK plc

GSK reported Q3 2026 turnover of £8.9 billion (+4% AER, +5% CER), driven by Specialty Medicines at £3.9 billion (+15% CER) including HIV (+10%), Respiratory/Immunology (+21%), and Oncology (+23%). Core operating profit rose 5% CER to £3.08 billion with Core EPS of 54.6p (+1% CER). Total operating profit fell 16% CER to £2.13 billion, weighed by £328 million in Major Restructuring charges tied to the Accelerate Growth programme. Full-year 2026 guidance was reaffirmed: turnover +3-5%, Core OP +7-9%, Core EPS +7-9%, all at CER. A Q3 dividend of 17p was declared.

GSK shares down 3.47% to $49.17 in regular trading despite reaffirmed guidance and Specialty Medicines strength. The decline likely reflects the 16% CER drop in Total operating profit driven by £328M restructuring charges and the modest +1% Core EPS growth, which may have disappointed against the 7-9% full-year Core EPS guidance range.

GSK's Specialty Medicines engine is firing (+15% CER) but heavy restructuring costs and R&D spend are compressing bottom-line conversion, leaving the stock vulnerable despite reaffirmed guidance.

GSK's Specialty Medicines portfolio (+15% CER) continues to outpace the broader pharma sector, with HIV long-acting injectables now 35% of US HIV turnover. The Accelerate Growth restructuring programme mirrors cost-optimisation efforts across peer large-cap pharma.

Dolutegravir loss of exclusivity during 2028-2030 flagged as a headwind, with GSK targeting stable-to-improving operating margins through that period. Arexvy sales fell 24% CER on lower market demand and US returns provision adjustments.