- Q1 sales £7.6bn (+5% CER); Specialty Medicines £3.2bn; Core operating profit £2,650m (+10% CER); cash from operations £1.35bn and free cash flow £0.8bn.
- Shareholder returns: Q1 dividend 17p, full-year dividend expected 70p, and £1.7bn executed of a £2bn buyback.
- 2026 guidance: turnover +3–5%, Core operating profit +7–9% and Core EPS +7–9%; 2031 sales target reaffirmed at >£40bn.
- Pipeline and approvals: bepirovirsen filings accepted in US, EU, China and Japan; efimosfermin granted US Breakthrough and EU PRIME for MASH; Mo-Rez ADC to start five phase III trials in 2026; approvals for Exdensur (EU, China), Nucala COPD (EU) and Blenrep (China); acquisitions of ozureprubart (food allergies) and HS235 (pulmonary hypertension).
Financial performance
Total Q1 sales £7.6bn (+2% AER; +5% CER); Specialty Medicines £3.2bn (+14%) including Respiratory, Immunology & Inflammation £0.9bn (+16%), Oncology £0.5bn (+28%) and HIV £1.8bn (+10%); Vaccines £2.1bn (+4%) with Shingrix £1.0bn (+20%); General Medicines £2.3bn (-6%) with Trelegy £0.6bn stable. Total operating profit up 9% and Total EPS +15%; Core operating profit £2,650m (+5% AER; +10% CER) and Core EPS 46.5p (+4% AER; +9% CER). Cash generated from operations £1.35bn and free cash flow £0.8bn.
Pipeline and R&D progress
Regulatory approvals: Exdensur (EU & China) for severe eosinophilic asthma and nasal polyps; Nucala COPD (EU); Blenrep (China) for multiple myeloma. Bepirovirsen filings accepted in US, EU, China and Japan with data due at EASL in Q2. Efimosfermin (FGF21) received US Breakthrough and EU PRIME for MASH. Phase I Mo‑Rez ADC data support initiation of five phase III trials in 2026. Additional pivotal readouts expected in 2026 for camlipixant (chronic cough), Jemperli (rectal cancer), three‑monthly HIV PrEP (Q4M) and Exdensur for EGPA. Completed pipeline acquisitions: ozureprubart (food allergies) and HS235 (pulmonary hypertension).
Capital allocation and outlook
Q1 dividend declared 17p and full‑year dividend expected 70p; £1.7bn executed of a £2bn buyback programme. 2026 guidance reaffirmed: turnover +3–5%, Core operating profit +7–9% and Core EPS +7–9%. 2031 sales outlook reconfirmed at >£40bn.
