GSK Q1 Sales £7.63B Show 5% CER Growth, Specialty Medicines Lead

The latest quarterly results confirm GSK plc continues its steady growth trajectory. For Q1 2026, the company reported £7.63 billion in sales, representing 5% growth at constant exchange rates (CER). Specialty medicines emerged as the key growth driver, complemented by strong performance in vaccines, while general medicines experienced a modest decline. This solid performance underscores GSK’s strategic focus on high-value therapeutic areas and its ongoing commitment to R&D innovation.

Strong Q1 Financial Performance

GSK plc delivered impressive financial results for the first quarter of 2026. Total operating profit reached £2.29 billion, up 9% CER, while core operating profit climbed 10% to £2.65 billion. Earnings per share (EPS) were equally encouraging, with total EPS at 43.2 pence (+15% CER) and core EPS at 46.5 pence (+9% CER).

Cash generation remains healthy, with £1.35 billion from operations and a free cash flow of £0.8 billion, providing flexibility for investments and shareholder returns. These metrics indicate a robust business model, resilient to market fluctuations, and a strong foundation for 2026 growth targets.

Specialty Medicines Drive Growth

Specialty medicines led GSK’s growth story in Q1. The segment posted £3.2 billion in sales, up 14% at CER. Key contributors included:

• Respiratory, Immunology & Inflammation: £0.9 billion (+16%)

• Oncology: £0.5 billion (+28%)

• HIV Treatments: £1.8 billion (+10%)

This focus on specialty therapies highlights GSK plc’s commitment to innovative treatments for high-need conditions. By investing in targeted therapies, the company ensures sustainable revenue streams while addressing critical patient needs worldwide.

Vaccines Segment Performance

The vaccines business remained a growth engine, generating £2.1 billion in Q1 sales (+4%). Notably, Shingrix, the shingles vaccine, contributed £1.0 billion, up 20%, reflecting both global demand and successful market penetration. This strong performance underscores GSK’s leadership in preventive medicine and its capability to scale high-demand products efficiently.

General Medicines Segment

General medicines showed a slight decline, totaling £2.3 billion, down 6% at CER. Within this segment, key products like Trelegy (for respiratory conditions) remained stable at £0.6 billion. While growth is slower in this area, it provides a stable revenue foundation, allowing GSK plc to reinvest in faster-growing segments.

Market and Stock Overview

GSK plc trades actively on both the NYSE and LSE. Current market metrics as of early 2026 include:

Metric	Value
Share Price (NYSE ADR)	$51.38
Market Capitalization	~$102.7 billion
Dividend Yield	~3.44%
P/E Ratio (NTM)	10.2
52‑Week Range	$35.45 – $61.70

Despite recent market volatility, the company maintains a strong market position. Shares have remained resilient, reflecting investor confidence in GSK plc’s growth prospects and diversified portfolio.

R&D and Pipeline Highlights

Innovation remains central to GSK plc’s strategy. In 2026, the company secured approvals and advanced clinical programs:

• Exdensur: Severe asthma treatment approved in EU & China

• Nucala COPD: EU approval

• Blenrep: Multiple myeloma therapy approved in China

• Bepirovirsen: Hepatitis B functional cure candidate progressing in US, EU, China, and Japan

Phase III data for chronic cough and HIV prevention programs are expected later in 2026, indicating a robust pipeline that supports medium- and long-term growth.

2026 Guidance and Outlook

For the full year 2026, GSK plc targets sales growth of 3–5% at CER. Core operating profit is projected to rise 7–9%, while core EPS is expected to grow within the same range. Looking further ahead, the company aims for total revenues exceeding £40 billion by 2031, driven by specialty medicines, vaccines, and pipeline expansion.

This guidance reflects a measured approach, balancing growth initiatives with cost efficiency and strategic investment in innovation.

Recent Market Sentiment

GSK plc shares recently traded at £18.82 on May 29, 2026, approximately 17.5% below the 52-week high, reflecting broader market softness. Positive news from late-stage trials, such as the 19% functional cure rate for Hepatitis B in select patient subgroups, has supported investor sentiment and highlights GSK’s scientific capabilities.

Conclusion

GSK plc has delivered a strong start to 2026, with Q1 sales of £7.63 billion and specialty medicines leading growth. Robust cash flow, a promising pipeline, and focused R&D efforts position the company well for sustainable expansion. Investors and stakeholders can anticipate continued strength across vaccines and specialty medicines, while general medicines maintain stability. Overall, GSK plc exemplifies strategic growth in the global healthcare sector.