GSK delivers strong Q1 performance and start to 2026
Strong Specialty Medicines performance drives sales and core operating profit growth
- Total Q1 sales £7.6 billion +2% AER; +5% CER
- Specialty Medicines sales £3.2 billion (+14%); Respiratory, Immunology & Inflammation £0.9 billion (+16%); Oncology £0.5 billion (+28%); HIV sales £1.8 billion (+10%)
- Vaccines sales £2.1 billion (+4%); Shingrix £1.0 billion (+20%); Meningitis vaccines £0.3 billion (-3%); and Arexvy £0.1 billion (-18%)
- General Medicines sales £2.3 billion (-6%); Trelegy £0.6 billion (stable)
- Total operating profit +9% and Total EPS +15% driven by Core operating profit growth and higher other income from disposals, partly offset by higher CCL charges
- Core operating profit +10% and Core EPS +9% reflecting higher sales, favourable product and regional mix, SG&A benefits and higher royalty income, partly offset by increased investment in R&D and new asset launches.
- Cash generated from operations of £1.4 billion with free cash flow of £0.8 billion
(Financial Performance – Q1 2026 results unless otherwise stated, growth % and commentary at CER as defined on page 42. In Q1 2026, the adverse currency impact on AER versus CER primarily reflected the strengthening of Sterling against the USD. See page 8 for further details.)
| Q1 2026 | |||
| £m | % AER | % CER | |
| Turnover | 7,629 | 2 | 5 |
| Total operating profit | 2,293 | 3 | 9 |
| Total operating margin % | 30.1% | 0.6ppts | 1.3ppts |
| Total EPS | 43.2p | 9 | 15 |
| Core operating profit | 2,650 | 5 | 10 |
| Core operating margin % | 34.7% | 1.0ppts | 1.8ppts |
| Core EPS | 46.5p | 4 | 9 |
| Cash generated from operations | 1,350 | 4 | |
Pipeline progress and R&D acceleration:
- New product approvals for: Exdensur (EU & China for severe asthma with an eosinophilic phenotype and nasal polyps); Nucala COPD (EU); Blenrep (China for multiple myeloma)
- Bepirovirsen, potential functional cure for chronic hepatitis B, regulatory filings accepted in US, EU, China and Japan. Data to be presented at EASL in Q2
- Efimosfermin (FGF21) granted US Breakthrough and EU PRIME designations for liver disease MASH
- Phase I data for Mo-Rez ADC in difficult-to-treat endometrial and ovarian cancer supports initiation of 5 phase III trials in 2026
- Further pivotal readouts expected in 2026: camlipixant (chronic cough); Jemperli (rectal cancer); 3x yearly (Q4M) HIV PrEP; and Exdensur for EGPA
- Pipeline acquisitions completed for new high-potential best-in-class assets: ozureprubart for food allergies; and HS235, pulmonary hypertension
Continued commitment to shareholder returns
- Q1 2026 dividend of 17p declared; 70p expected for full year 2026
- £1.7 billion executed to date as part of the £2 billion share buyback programme announced at FY 2024
2026 guidance and 2031 sales outlook reaffirmed
- Expect 2026 turnover growth of between 3% to 5%; Core operating profit growth of between 7% to 9%; Core EPS growth of between 7% to 9%
- 2031 sales outlook of more than £40 billion
Luke Miels, Chief Executive Officer, GSK:
“GSK has made a strong start to 2026, with good performance from our key growth drivers. Alongside operational delivery, we are focused on execution and accelerating R&D. This is visible in filings we have achieved for bepirovirsen, our potential functional cure for hepatitis B; updated phase III plans for our oncology ADCs; and completed acquisitions for new pipeline assets: ozureprubart for food allergies, and HS235 for pulmonary hypertension.”
The Total results are presented in summary above and on page 7 and Core results reconciliations are presented on pages 17-18. Core results are a non-IFRS measure that may be considered in addition to, but not as a substitute for, or superior to, information presented in accordance with IFRS. The following terms are defined on pages 42-43: Core results, AER% growth, CER% growth and other non-IFRS measures. GSK provides guidance on a Core results basis only for the reasons set out on page 15. All expectations, guidance and outlooks regarding future performance and dividend payments should be read together with ‘Guidance and outlooks, assumptions and cautionary statements’ on pages 44-45. Abbreviations are defined on page 48.
2026 Guidance
GSK affirms its full-year 2026 guidance at constant exchange rates (CER).
Turnover is expected to increase between 3 to 5 per cent
Core operating profit is expected to increase between 7 to 9 per cent
Core earnings per share is expected to increase between 7 to 9 per cent
This guidance is supported by the following turnover expectations for full-year 2026 at CER
Specialty Medicines – expected increase of a low double-digit per cent in turnover
Vaccines – expected decline of a low single-digit per cent to stable in turnover
General Medicines – expected decline of a low single-digit per cent to stable in turnover
Core operating profit is expected to grow between 7 to 9 per cent at CER. GSK expects to deliver leverage at a gross margin level due to improved product mix from Specialty Medicines growth and continued operational efficiencies. In addition, GSK anticipates further leverage in Operating profit as we continue with ongoing productivity initiatives and take a returns-based approach to SG&A investments, with SG&A expected to grow at a low single-digit percentage. Royalty income continues to be expected to be at £800-850 million. R&D is expected to grow ahead of sales as we continue to invest in the pipeline while driving operational efficiencies.
Core earnings per share is also expected to increase between 7 to 9 per cent at CER, in line with Core operating profit growth, reflecting higher interest charges and the tax rate which is expected to rise to around 17.5%, offset by the expected benefit from the share buyback programme. Expectations for non-controlling interests remain unchanged relative to 2025.
Agreement with US Government to lower the cost of prescription medicines for American patients
As previously announced, on 19 December 2025, GSK entered into an agreement with the US Administration to lower the cost of prescription medicines for American patients, which, once fully implemented, would exclude both GSK and ViiV Healthcare from Section 232 tariffs for three years.
On 2 April 2026, President Trump issued a Section 232 proclamation imposing a 100% tariff on patented pharmaceuticals and associated pharmaceutical ingredients beginning on 31 July 2026. On 9 April 2026, GSK, ViiV Healthcare, and the US Government entered into a definitive agreement reflecting Section 232 tariff relief through 20 January 2029 (subject to final implementation, including through participation in the US Government’s Generous Model programme). Our full year guidance is inclusive of the expected impact of these agreements.
Dividend policy
The Dividend policy and the expected pay-out ratio remain unchanged. Consistent with this, GSK has declared a dividend for Q1 2026 of 17p per share. GSK’s future dividend policy and guidance regarding the expected dividend pay-out in 2026 are provided on page 29.
GSK commenced a £2 billion share buyback programme in Q1 2025, to be implemented over the period to the end of Q2 2026.
Exchange rates
If exchange rates were to hold at the closing rates on 22 April 2026 ($1.35/£1, €1.15/£1 and Yen 215/£1) for the rest of 2026, the estimated impact on 2026 Sterling turnover growth for GSK would be -2% and if exchange gains or losses were recognised at the same level as in 2025, the estimated impact on 2026 Sterling Core Operating Profit growth for GSK would be -4%.
Results presentation
A conference call and webcast for investors and analysts of the quarterly results will be hosted by Luke Miels, CEO, at 12 noon BST (US EST at 07.00 am) on 29 April 2026. Presentation materials will be published on www.gsk.com prior to the webcast and a transcript of the webcast will be published subsequently.
Notwithstanding the inclusion of weblinks, information available on the company’s website, or from non GSK sources, is not incorporated by reference into this Results Announcement.