Core earnings of 54.6 pence a share topped the 50.4 pence analysts expected, led by specialty medicines. Core operating profit rose 5% at constant currency, below the 7% to 9% full-year guidance. The shares fell about 3.5%.
Earnings | FinancialMarkets.com | October 28, 2026
Tickers: GSK, AZN, PFE, XLV
GSK beat the quarter and stood by the year. The stock fell anyway, and the gap between the two growth rates may be why.
The London-listed drugmaker reported third-quarter turnover of 8.89 billion pounds, up 4% at actual exchange rates and 5% at constant currency, slightly above the 8.84 billion pounds in its company-compiled consensus. Core earnings were 54.6 pence a share, against the 50.4 pence analysts expected.
Where growth came from
Specialty medicines drove the quarter, with sales up 15% to 3.9 billion pounds. HIV sales rose 10% to 2.1 billion pounds and oncology 23% to 0.6 billion pounds.
On a reported basis, earnings per share fell 23% to 38.5 pence, after 328 million pounds of major restructuring charges.
The guidance math
GSK reaffirmed its 2026 guidance: turnover growth of 3% to 5%, and core operating profit and core earnings growth of 7% to 9%, all at constant currency. Turnover is tracking toward the upper half of its range and core earnings toward the lower half, Reuters reported.
The quarter's core operating profit, however, rose 5% at constant currency to 3.08 billion pounds, below the full-year range. Holding the 7% to 9% target with a third quarter at 5% suggests GSK is counting on a stronger fourth quarter, or on a stronger first half already banked.
The reaction
GSK shares fell 3.5% to 1,857 pence in early London trading, and its U.S.-listed shares were quoted about 3.3% lower. The company's call is at 8 a.m. Eastern.
What the market may be pricing
The supportive reading is that GSK beat by a wide margin on earnings per share, its specialty and oncology franchises are growing in double digits, and it kept every guidance range.
The cautious reading is about pace. Core profit grew more slowly than the full-year target, earnings are guided to the lower half of the range, and reported earnings per share fell 23%, which GSK attributed to restructuring charges and lower other operating income. A stock that falls on a beat suggests investors wanted more confidence about next year.
What to watch
The call on Wednesday morning, any commentary on 2027 growth and pipeline launches, the size and timing of further restructuring, and AstraZeneca's results on Friday.