On April 29, 2026 GSK reported strong Q1 performance and start to 2026.
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Strong Specialty Medicines performance drives sales and core operating profit growth
Total Q1 sales £7.6 billion +2% AER; +5% CER
Specialty Medicines sales £3.2 billion (+14%); Respiratory, Immunology & Inflammation £0.9 billion (+16%); Oncology £0.5 billion (+28%); HIV sales £1.8 billion (+10%)
Vaccines sales £2.1 billion (+4%); Shingrix £1.0 billion (+20%); Meningitis vaccines £0.3 billion (-3%); and Arexvy £0.1 billion (-18%)
General Medicines sales £2.3 billion (-6%); Trelegy £0.6 billion (stable)
Total operating profit +9% and Total EPS +15% driven by Core operating profit growth and higher other income from disposals, partly offset by higher CCL charges
Core operating profit +10% and Core EPS +9% reflecting higher sales, favourable product and regional mix, SG&A benefits and higher royalty income, partly offset by increased investment in R&D and new asset launches
Cash generated from operations of £1.4 billion with free cash flow of £0.8 billion
Q1 2026
£m % AER % CER
Turnover 7,629 2 5
Total operating profit 2,293 3 9
Total operating margin % 30.1% 0.6ppts 1.3ppts
Total EPS 43.2p 9 15
Core operating profit 2,650 5 10
Core operating margin % 34.7% 1.0ppts 1.8ppts
Core EPS 46.5p 4 9
Cash generated from operations 1,350 4
Pipeline progress and R&D acceleration:
New product approvals for: Exdensur (EU & China for severe asthma with an eosinophilic phenotype and nasal polyps); Nucala COPD (EU); Blenrep (China for multiple myeloma)
Bepirovirsen, potential functional cure for chronic hepatitis B, regulatory filings accepted in US, EU, China and Japan. Data to be presented at EASL in Q2
Efimosfermin (FGF21) granted US Breakthrough and EU PRIME designations for liver disease MASH
Phase I data for Mo-Rez ADC in difficult-to-treat endometrial and ovarian cancer supports initiation of 5 phase III trials in 2026
Further pivotal readouts expected in 2026: camlipixant (chronic cough); Jemperli (rectal cancer); 3x yearly (Q4M) HIV PrEP; and Exdensur for EGPA
Pipeline acquisitions completed for new high-potential best-in-class assets: ozureprubart for food allergies; and HS235, pulmonary hypertension
Continued commitment to shareholder returns
Q1 2026 dividend of 17p declared; 70p expected for full year 2026
£1.7 billion executed to date as part of the £2 billion share buyback programme announced at FY 2024
2026 guidance and 2031 sales outlook reaffirmed
Expect 2026 turnover growth of between 3% to 5%; Core operating profit growth of between 7% to 9%; Core EPS
growth of between 7% to 9%
2031 sales outlook of more than £40 billion
Luke Miels, Chief Executive Officer, GSK:
"GSK has made a strong start to 2026, with good performance from our key growth drivers. Alongside operational delivery, we are focused on execution and accelerating R&D. This is visible in filings we have achieved for bepirovirsen, our potential functional cure for hepatitis B; updated phase III plans for our oncology ADCs; and completed acquisitions for new pipeline assets: ozureprubart for food allergies, and HS235 for pulmonary hypertension."
(Press release, GlaxoSmithKline, APR 29, 2026, View Source [SID1234664894])