GSK reported third quarter 2026 revenue of £8.9 billion, reflecting 5% growth at constant exchange rates (CER), and core EPS of 54.6p, both exceeding analyst expectations. Growth was primarily driven by a 15% increase in Specialty Medicines, which helped offset a 2% decline in the Vaccines segment. Total results were impacted by £328 million in restructuring charges related to the new Accelerate Growth program, intended to streamline the cost base ahead of the 2028-2030 dolutegravir loss of exclusivity period.
Key Highlights
- Specialty Medicines turnover grew 15% CER to £3.9 billion, led by a 10% increase in HIV sales and 23% growth in Oncology.
- Vaccines revenue fell 2% CER to £2.6 billion, as Arexvy sales dropped 24% to £195 million due to lower market demand and competitive pressures in the U.S.
- Free cash flow for the first nine months reached £4.9 billion, up 59% compared to the prior year, benefiting from higher core operating profits and favorable working capital timing.