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GSK sees falling vaccine sales take shine off earnings

GSK reported a 5% rise in third-quarter revenue to £8.89 billion and a 5% increase in core operating profit to £3.08 billion on Wednesday, yet shares slid 5.4% during London trading.
CEO Luke Miels is steering the British drugmaker through a significant strategic overhaul aiming to accelerate growth and prepare for looming patent expiries on blockbuster medicines like the HIV drug dolutegravir.
Specialty HIV and respiratory medicine sales jumped 15%, driving the revenue beat, though vaccines revenue fell 2% and asthma drug Exdensur missed expectations, with a £328 million restructuring charge recorded.
Reaffirming its 2026 full-year growth guidance, the company projects turnover gains of 3% to 5% and core earnings growth of 7% to 9%, while declaring a third interim dividend of 17 pence per share.
The drugmaker remains on track to achieve sales exceeding £40 billion by 2031, with 18 of 22 planned phase III clinical trials for 2026 already underway as R&D spending accelerates.

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