TLDR
- GSK Q2 turnover hit £8.41 billion, beating the £8.24 billion analyst consensus
- Core EPS of 50.5 pence topped the 47.1 pence forecast
- Specialty Medicines rose 14%, Vaccines up 8%; General Medicines fell 9%
- GSK launched a £1.9 billion ($2.52 billion) three-year cost-savings program
- Full-year 2026 guidance reaffirmed, with turnover growth expected at the upper half of 3%–5%
GSK stock climbed 4.2% on Tuesday after the British drugmaker reported second-quarter results that beat analyst expectations across the board and announced a major cost-cutting plan.
Q2 turnover came in at £8.41 billion, ahead of the £8.24 billion consensus. Core operating profit was £2.80 billion versus the £2.68 billion forecast.
Core profit before tax hit £2.68 billion, topping the £2.52 billion estimate. Core EPS of 50.5 pence beat the 47.1 pence consensus.
GSK Q2 2026 Earnings
-Adj EPS 50.5P (est 46.8P)
-Rev. GBP 8.41B (est GBP 8.25B)
-Vaccines Sales GBP 2.28B (Est GBP 2.1B)
-SHINGRIX Rev. GBP 888M (est GBP 867.8M)
-AREXWY REV. GBP 192M (est GBP 77.8M)
-Expect 20+ Phase III Trial Starts In 2026
-On Track For 2031 Sales…
— First Squawk (@FirstSquawk) July 28, 2026
GSK declared a Q2 dividend of 17 pence per share, in line with analyst expectations.
Specialty Medicines was the standout performer, with sales rising 14% to £3.8 billion. Oncology grew 17% and HIV climbed 10%.
Vaccines sales reached £2.3 billion, up 8%. Shingrix brought in £0.9 billion, a 3% rise, while Meningitis sales more than doubled to £0.2 billion.
Not everything moved in the right direction. General Medicines fell 9% to £2.3 billion. Trelegy sales dropped 7% to £0.8 billion.
$2.5 Billion Savings Drive
Alongside the earnings, GSK launched a £1.9 billion ($2.52 billion) three-year cost-savings program. The plan is designed to free up capital to fund late-stage drug development.
CEO Luke Miels said the program will “simplify the organisation and reallocate capital and resources” to support the late-stage pipeline.
The savings will partly fund what Miels has described as a push for faster drug development — a key priority as GSK faces upcoming patent losses on several products.
R&D and UK Investment
GSK also confirmed a £400 million investment in the UK, which includes a new R&D centre. The announcement adds to a broader push under Miels to rebuild the company’s pipeline.
GSK has been active on the acquisition front. In June, it completed what was described as its biggest-ever deal — the acquisition of Nuvalent — as it builds out its oncology business.
The company has a target of generating more than £40 billion in annual revenue by 2031. Patent losses in the coming years are seen as a key risk to hitting that goal.
GSK reaffirmed its full-year 2026 guidance, now pointing to the upper half of its 3%–5% turnover growth range.
The stock was up 4.2% at 1120 GMT on Tuesday.
