GSK delivers Q3 earnings beat, reaffirms 2026 outlook

What happened

GSK reported third-quarter core earnings per share of 54.6 pence, above the 50p analyst consensus. Total sales rose 4% to £8.9B, slightly ahead of estimates, as specialty medicines growth offset weaker vaccine sales. GSK reaffirmed its full-year 2026 outlook.

Confirmed

Global impact / market context

Higher core earnings suggest GSK's main business is more profitable than analysts expected, which can support the case for holding the stock. But total profit fell 16% after £328M in restructuring charges, which means reported results looked weaker than adjusted ones.

Analyst inference

Investors are weighing GSK's newer medicines, Blenrep and Exdensur, against a 2% decline in vaccine sales. Specialty medicine sales, including HIV and oncology, grew faster than the company overall, so the mix of GSK's revenue is shifting toward these newer products.

Analyst inference

What to watch

1. Blenrep generated £50M in sales and Exdensur £27M, so upcoming quarters will show whether these new medicines build momentum after launch. Confirmed
2. Watch whether GSK's reaffirmed 2026 outlook holds if vaccine sales keep falling and specialty medicine growth must carry overall sales. Proposed
3. Further Accelerate Growth restructuring charges could keep reported profit below core profit, so the gap between the two figures matters for how investors judge earnings. Analyst inference

Evidence

• seekingalpha.com