Strong Specialty Medicines and Vaccines performance drives sales and core operating profit growth
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Total Q2 sales £8.4 billion +5% AER; +5% CER
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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%)
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Vaccines sales £2.3 billion (+8%); Shingrix £0.9 billion (+3%); Meningitis vaccines £0.5 billion (+21%); and Arexvy £0.2 billion (+>100%)
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General Medicines sales £2.3 billion (-9%); Trelegy £0.8 billion (-7%)
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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
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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
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Cash generated from operations of £2.9 billion with free cash flow of £2.0 billion
Pipeline progress:
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Two late-stage medicines for non-small cell lung cancer acquired: Jideytro (FDA approval) & neladalkib (PDUFA
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H2 2026)
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Positive phase III Hansoh China data for Ris-Rez in lung cancer – first positive phase III overall survival data
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reported for a B7-H3 targeted ADC in any tumour type
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Positive data (AZUR-1) supports regulatory reviews for use of Jemperli in treatment of advanced rectal cancer
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Momelotinib (Ojjaara) granted Orphan Drug Designations in US and EU for VEXAS syndrome
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Pivotal data demonstrates unprecedented functional cure rates for bepirovirsen (chronic hepatitis B)
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Arexvy expanded approval in Japan for adults aged 18-59 at increased risk of RSV
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Decision not to progress further development of camlipixant in RCC following CALM-1/2 phase III results
R&D acceleration:
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62 assets in clinical development with opportunities for significant growth
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7 asset accelerations - across 18 indications - identified in: Oncology, Respiratory, Hepatology & Vaccines
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Now expect 20+ phase III trial starts in 2026 (previously 10)
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New flagship R&D Centre to be established in Cambridge Biomedical Campus, UK
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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:
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2026 guidance reaffirmed with expected growth in: turnover 3% to 5%; Core OP 7% to 9%; Core EPS 7% to 9%
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On track for 2031 sales outlook of more than £40 billion; Accelerating growth from 2031 onwards
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Operating margin stable to improving through dolutegravir loss of exclusivity period of 2028-2030
Shareholder returns:
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Q2 2026 dividend of 17p declared; 70p expected for full year 2026
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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.”