WS Investor
28 Oct 2026, 14:36
GSK Falls 3.7% as Weak Vaccine Sales and Lower Reported Profit Offset Specialty Medicines Growth
GSK shares fell about 3.7% after the company reported solid third-quarter sales growth but weaker vaccine performance and a sharp decline in reported operating profit.
Third-quarter sales rose 4% to £8.9 billion, or 5% at constant exchange rates. Specialty Medicines led growth with sales up 15%, including 10% growth in HIV, 21% growth in Respiratory, Immunology & Inflammation and 23% growth in Oncology.
Vaccines were the main weak spot. Segment sales declined 2%, with Shingrix down 5% and Arexvy falling 24%, partly offset by 12% growth in meningitis vaccines. General Medicines sales were broadly flat.
Core operating profit increased 5% at constant currencies, while core EPS rose just 1% to 54.6p. Reported operating profit fell 16% and reported EPS declined 21%, mainly because of £328 million of restructuring charges tied to the Accelerate Growth programme and lower other operating income.
GSK reaffirmed its 2026 outlook for 3%-5% sales growth and 7%-9% growth in both core operating profit and core EPS. The company also maintained its goal of more than £40 billion in sales by 2031.
The 3.7% decline appears to reflect investor concern over continued weakness in key vaccines, modest core EPS growth and restructuring-related pressure on reported earnings, despite strong Specialty Medicines momentum and unchanged full-year guidance.
GSK shares fell about 3.7% after the company reported solid third-quarter sales growth but weaker vaccine performance and a sharp decline in reported operating profit.
Third-quarter sales rose 4% to £8.9 billion, or 5% at constant exchange rates. Specialty Medicines led growth with sales up 15%, including 10% growth in HIV, 21% growth in Respiratory, Immunology & Inflammation and 23% growth in Oncology.
Vaccines were the main weak spot. Segment sales declined 2%, with Shingrix down 5% and Arexvy falling 24%, partly offset by 12% growth in meningitis vaccines. General Medicines sales were broadly flat.
Core operating profit increased 5% at constant currencies, while core EPS rose just 1% to 54.6p. Reported operating profit fell 16% and reported EPS declined 21%, mainly because of £328 million of restructuring charges tied to the Accelerate Growth programme and lower other operating income.
GSK reaffirmed its 2026 outlook for 3%-5% sales growth and 7%-9% growth in both core operating profit and core EPS. The company also maintained its goal of more than £40 billion in sales by 2031.
The 3.7% decline appears to reflect investor concern over continued weakness in key vaccines, modest core EPS growth and restructuring-related pressure on reported earnings, despite strong Specialty Medicines momentum and unchanged full-year guidance.
