On July 28, 2026 GSK reported strong Q2 core results performance and continued momentum. Plans announced to accelerate R&D and late-stage pipeline portfolio. Expect 20+ phase III trial starts in 2026.
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Strong Specialty Medicines and Vaccines performance drives sales and core operating profit growth
Total Q2 sales £8.4 billion +5% AER; +5% CER
Specialty Medicines sales £3.8 billion (+14%); Respiratory, Immunology & Inflammation £1.1 billion (+19%); Oncology £0.6 billion (+17%); HIV sales £2.1 billion (+10%)
Vaccines sales £2.3 billion (+8%); Shingrix £0.9 billion (+3%); Meningitis vaccines £0.5 billion (+21%); and Arexvy £0.2 billion (+>100%)
General Medicines sales £2.3 billion (-9%); Trelegy £0.8 billion (-7%)
Total operating profit -75% and Total EPS -69% driven by higher impairments, primarily related to camlipixant of £1.3 billion, and higher CCL charges, partly offset by Core operating profit growth and higher divestment income
Core operating profit +7% and Core EPS +9% reflecting higher sales and favourable product and regional mix, partly offset by increased investment in R&D and new asset launches and lower royalty income
Cash generated from operations of £2.9 billion with free cash flow of £2.0 billion
Q2 2026
Year to date
£m
% AER
% CER
£m
% AER
% CER
Turnover
8,409
5
5
16,038
3
5
Total operating profit
481
(76)
(75)
2,774
(35)
(31)
Total operating margin %
5.7%
(19.6ppts)
(19.3ppts)
17.3%
(10.0ppts)
(9.3ppts)
Total EPS
10.8p
(69)
(69)
54.1p
(28)
(24)
Core operating profit
2,800
6
7
5,450
6
8
Core operating margin %
33.3%
0.4ppts
0.6ppts
34.0%
0.7ppts
1.2ppts
Core EPS
50.5p
9
9
97.1p
6
9
Cash generated from operations
2,906
19
4,256
14
Pipeline progress:
Two late-stage medicines for non-small cell lung cancer acquired: Jideytro (FDA approval) & neladalkib (PDUFA
H2 2026)
Positive phase III Hansoh China data for Ris-Rez in lung cancer – first positive phase III overall survival data
reported for a B7-H3 targeted ADC in any tumour type
Positive data (AZUR-1) supports regulatory reviews for use of Jemperli in treatment of advanced rectal cancer
Momelotinib (Ojjaara) granted Orphan Drug Designations in US and EU for VEXAS syndrome
Pivotal data demonstrates unprecedented functional cure rates for bepirovirsen (chronic hepatitis B)
Arexvy expanded approval in Japan for adults aged 18-59 at increased risk of RSV
Decision not to progress further development of camlipixant in RCC following CALM-1/2 phase III results
R&D acceleration:
62 assets in clinical development with opportunities for significant growth
7 asset accelerations – across 18 indications – identified in: Oncology, Respiratory, Hepatology & Vaccines
Now expect 20+ phase III trial starts in 2026 (previously 10)
New flagship R&D Centre to be established in Cambridge Biomedical Campus, UK
3-year programme to fund investment in late-stage portfolio and to improve operating margin with £1.9 billion annual savings targeted by 2029 for costs of £2.4 billion (£2.1 billion cash costs)
Growth outlooks:
2026 guidance reaffirmed with expected growth in: turnover 3% to 5%; Core OP 7% to 9%; Core EPS 7% to 9%
On track for 2031 sales outlook of more than £40 billion; Accelerating growth from 2031 onwards
Operating margin stable to improving through dolutegravir loss of exclusivity period of 2028-2030
Shareholder returns:
Q2 2026 dividend of 17p declared; 70p expected for full year 2026
Completed £2 billion share buyback programme as announced at FY 2024
Luke Miels, Chief Executive Officer, GSK:
"GSK has delivered another quarter of strong core results performance, with our key growth drivers performing well. We remain focused on operational delivery, execution, and accelerating R&D.
To that end, we have identified late-stage pipeline accelerations – across 18 indications – for 7 key assets in Oncology, Respiratory, Hepatology and Vaccines. Based on clinical data, and their opportunities to improve upon current standards-of-care, we see strong reasons for all these assets to bring meaningful benefits and protection to patients. We have also decided to establish a new flagship R&D Centre on the UK’s Cambridge Biomedical Campus – an investment that will further integrate GSK into one of the world’s leading ecosystems for life-sciences.
To fund investment in the late-stage portfolio and R&D, we are starting a 3-year cost savings programme to simplify the organisation and to reallocate capital and resources. Savings will primarily be reinvested, with some used to improve margins and profitability in the dolutegravir patent expiry period (2028-2030).
We believe these plans, together with continued disciplined capital allocation, will drive strong operational performance and shareholder returns over the next five years, delivering our 2031 sales outlook and accelerated long-term growth."
Assumptions and cautionary statement regarding forward-looking statements
The Group’s management believes that the assumptions outlined above are reasonable, and that the guidance, outlooks, and expectations described in this report are achievable based on those assumptions. However, given the forward-looking nature of these guidance, outlooks, and expectations, they are subject to greater uncertainty, including potential material impacts if the above assumptions are not realised, and other material impacts related to foreign exchange fluctuations, macro-economic activity, the impact of outbreaks, epidemics or pandemics, changes in legislation, regulation, government actions and policies, including the impact of any potential tariffs or other restrictive trade policies on the Group’s products, or intellectual property protection, product development and approvals, actions by our competitors, and other risks inherent to the industries in which we operate.
This document contains statements that are, or may be deemed to be, "forward-looking statements". Forward-looking statements give the Group’s current expectations or forecasts of future events. An investor can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as ‘aim’, ‘ambition’, ‘anticipate’, ‘believe’, ‘could’, ‘estimate’, ‘expect’, ‘goal’, ‘intend’, ‘may’, ‘outlook’, ‘plan’, ‘project’, ‘seek’, ‘should’, ‘target’, ‘will’ and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. In particular, these include statements relating to future actions, prospective products or product approvals, future performance or results of current and anticipated products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, dividend payments and financial results. Other than in accordance with its legal or regulatory obligations (including under the Market Abuse Regulation, the UK Listing Rules and the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority), the Group undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The reader should, however, consult any additional disclosures that the Group may make in any documents which it publishes and/or files with the SEC. All readers, wherever located, should take note of these disclosures. Accordingly, no assurance can be given that any particular expectation will be met and readers are cautioned not to place undue reliance on the forward-looking statements.
All guidance, outlooks and expectations should be read together with the guidance and outlooks, assumptions and cautionary statements in this Q2 2026 earnings release and in the Group’s 2025 Annual Report on Form 20-F.
Forward-looking statements are subject to assumptions, inherent risks and uncertainties, many of which relate to factors that are beyond the Group’s control or precise estimate. The Group cautions investors that a number of important factors, including those in this document, could cause actual results to differ materially from those expressed or implied in any forward-looking statement. Such factors include, but are not limited to, those discussed under ‘Risk Factors’ in the Group’s Annual Report on Form 20-F for 2025 and as described on pages 48 and 49 in this Q2 2026 earnings release. Any forward-looking statements made by or on behalf of the Group speak only as of the date they are made and are based upon the knowledge and information available to the Directors on the date of this report.
Inside information
This announcement contains inside information. The person responsible for arranging the release of this announcement on behalf of GSK is Victoria Whyte, Company Secretary.
(Press release, GlaxoSmithKline, JUL 28, 2026, View Source [SID1234669458])