GSK Q3 2026: Specialty Medicines Lift Sales and Core Profit
- Total Q3 sales £8.9bn, up 4% AER and 5% CER.
- Specialty Medicines sales £3.9bn, up 15%; HIV £2.1bn (+10%), Respiratory/Immunology & Inflammation £1.1bn (+21%), Oncology £0.6bn (+23%).
- Core operating profit +5% and Core EPS +1%; total operating profit -16% and total EPS -21% due to a £328m Accelerate Growth restructuring charge.
- Cash from operations £3.1bn and free cash flow £2.1bn; 2026 guidance reaffirmed (turnover +3–5%, Core OP +7–9%, Core EPS +7–9%).
Q3 performance
Total Q3 sales were £8.9bn (+4% AER; +5% CER). Specialty Medicines grew 15% to £3.9bn with HIV £2.1bn (+10%), Respiratory, Immunology & Inflammation £1.1bn (+21%) and Oncology £0.6bn (+23%). Vaccines were £2.6bn (-2%) and General Medicines stable at £2.4bn; Trelegy sales were £0.8bn (+8%).
Profit and cash
Core operating profit rose 5% and Core EPS 1%, supported by higher sales, favourable mix and increased royalty income, partly offset by higher R&D, new launches and finance costs. Total operating profit fell 16% and total EPS 21%, driven by £328m of Accelerate Growth restructuring charges and lower other net operating income. Cash generated from operations was £3.1bn with free cash flow of £2.1bn.
Pipeline progress
Approvals include Hibsago (US, Japan) and Jemperli (US); Jideytro had positive registrational data and was approved in the US in second line. Early data reported for Ris‑Rez and Mo‑Rez; Shingrix pre‑filled syringe approved in Japan; an mRNA seasonal flu phase III trial has started. The group is on track to start 22 phase III trials in 2026 (18 started to date).
Outlook and returns
2026 guidance was reaffirmed: turnover +3–5%, Core OP +7–9% and Core EPS +7–9%. The group remains on track for a 2031 sales outlook of more than £40bn. A Q3 dividend of 17p was declared, with 70p expected for the full year.
Source: GSK