GSK plc reported first‑quarter 2026 revenue of £7.63 billion, a 5 % year‑on‑year increase that matched analyst expectations. Core operating profit rose 10 % to £2.65 billion, reflecting the company’s continued focus on high‑margin specialty medicines.
Total earnings per share climbed 15 % to 43.2 p, while core EPS grew 9 % to 46.5 p. Analysts had mixed expectations, with some reporting a miss and others a beat, reflecting the different accounting bases used by the company.
Specialty Medicines sales increased 14 % to £3.2 billion, driven by growth in HIV, oncology and respiratory, immunology & inflammation. Vaccines sales rose 4 % to £2.1 billion, led by a 20 % increase in Shingrix. General Medicines sales fell 6 % to £2.3 billion, underscoring the shift away from legacy products.
Gross margin improved 110 basis points, largely due to the favorable product mix, while operating margin expanded as cost controls offset higher R&D spend. The company’s mix shift to higher‑margin specialty products has been a key driver of margin expansion.
Management reiterated its 2026 guidance, forecasting core earnings growth of 7 %–9 % and revenue growth of 3 %–5 % at constant exchange rates. CEO Luke Miels said, “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.” CFO Julie Brown added, “Gross margin improved 110 basis points due to mix benefits from specialty medicines and Shingrix. SG&A declined 2 % as reported, which she said was helped by positive IP settlements; on an underlying basis, SG&A grew 2 %.”
Investors expressed disappointment, focusing on the EPS miss and revenue shortfall, which tempered enthusiasm for the company’s strong operational performance.
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