GlaxoSmithKline · Q4 2026 earnings

Briefing

GSK starts 2026 strong with Q1 turnover of £7.6bn, core EPS up 9% at constant exchange rates

GSK reported strong first-quarter 2026 results for the period ended March 31, 2026. Turnover rose 2% at actual exchange rates and 5% at constant exchange rates to £7.6 billion, driven by Specialty Medicines growth of 14% CER to £3.2 billion. Core operating profit increased 10% CER to £2.65 billion with a core operating margin of 34.7%, while core EPS rose 9% CER to 46.5p. Total operating profit grew 9% CER to £2.29 billion and total EPS increased 15% CER to 43.2p, helped by higher other income including the Rockville site disposal. Shingrix reached record quarterly sales of £1.0 billion, up 20% CER. Cash generated from operations was £1.4 billion and free cash flow was £0.8 billion. GSK declared a Q1 dividend of 17p and reaffirmed full-year 2026 guidance for turnover growth of 3-5% and core EPS growth of 7-9% at CER.

• Q1 turnover of £7.6 billion rose 5% at constant exchange rates, led by Specialty Medicines up 14% CER to £3.2 billion.
• Core operating profit of £2.65 billion increased 10% CER with core EPS of 46.5p up 9% CER.
• Shingrix delivered record quarterly sales of £1.0 billion, up 20% CER, while HIV sales rose 10% CER to £1.8 billion.
• Pipeline progress included regulatory acceptances for bepirovirsen and approvals for Exdensur, Nucala COPD, and Blenrep in China.
• GSK reaffirmed 2026 guidance for 3-5% turnover growth and 7-9% core EPS growth at constant exchange rates.

Headline financials

Revenue & EPS history

GSK reaffirmed full-year 2026 guidance at constant exchange rates: turnover growth of 3-5%, core operating profit growth of 7-9%, and core EPS growth of 7-9%.