GSK Q3 2026: Revenue Blowout Masked by Restructuring Charges
As seen on the 24/7 Wall St. homepage on October 28, 2026.
One-off charges, led by £328 million of Accelerate Growth restructuring, pushed adjusted earnings below expectations while revenue beat estimates. Specialty Medicines grew 15% and management reaffirmed full-year guidance, so the operating story is intact.
Continue ReadingShow less
GSK's third-quarter revenue of $11.81 billion beat the consensus estimate, with U.S. sales, Specialty Medicines, Oncology and HIV all growing year over year. Cabenuva and Nucala led the gains.
Adjusted EPS of $0.73 came in missing expectations because the quarter absorbed £328 million in charges tied to the new Accelerate Growth restructuring programme plus a contingent consideration remeasurement. Operating income and net income fell on those one-time items.
GSK won three U.S. FDA approvals in the period: Hibsago for chronic hepatitis B, Jemperli as the first immunotherapy for a form of locally advanced rectal cancer, and Jideytro for a form of non-small cell lung cancer. CEO Luke Miels said the company is on track to start 22 phase III trials in 2026.
Sponsored
Management reaffirmed full-year guidance for turnover growth at the upper half of its 3% to 5% constant-exchange-rate range, with Core EPS growth in the lower half of its range. Specialty Medicines is expected to grow at a low double-digit percentage, while Vaccines stays broadly stable.
Vaccines was the weak spot, with Shingrix, Arexvy and Fluarix/FluLaval all declining on demand headwinds across the respiratory syncytial virus and flu franchise. Investors should watch whether those trends stabilize against the 2031 sales target.