GSK (NYSE:GSK) reported third-quarter sales growth of 5% at constant exchange rates to £8.9 billion, supported by specialty medicines, new product launches and oncology growth. Core operating profit increased 5%, while core earnings per share rose 1%. The company reconfirmed its 2026 guidance, with sales and core operating profit expected in the upper half of its previously stated ranges.
Chief Executive Officer Luke Miels said specialty medicines were driving the company’s operating momentum, including launches in respiratory disease and oncology. GSK generated £7.4 billion in cash year to date and declared a third-quarter dividend of 17 pence per share.
Specialty medicines lead commercial growth
President of Global Product Strategy Nina Mojas said specialty medicines grew 15% during the quarter. Cabenuva, GSK’s long-acting HIV treatment, increased 35%, with more than 75% of U.S. patient switches coming from competing treatments. APRETUDE, a long-acting HIV prevention medicine, grew 21% and maintained market share.
Nucala sales rose 18%, aided by its COPD launch, while Exdensur generated £27 million in quarterly sales as it expanded in severe asthma. Mojas said Exdensur’s U.S. launch reached an inflection point after the product received a J-code in July and an average selling price document became available in October. U.S. new prescribers rose 68% in the third quarter, while new patient starts rose 74%, including patients receiving a free first dose through the company’s Fast Start program.
In oncology, GSK said Blenrep continued to build adoption, with repeat prescribers accounting for roughly one-third of U.S. sales to date. The product is approved in 52 markets and is market leader in the United Kingdom’s second-line setting for NICE-approved regimens, according to Mojas. Ojjaara and Jemperli also posted double-digit growth.
GSK launched Jideytro for previously treated ROS1-positive non-small cell lung cancer and recorded £3 million of initial sales. The company also received U.S. and Japanese approval for Hibsago, which it described as the first finite treatment intended to offer a functional cure for chronic hepatitis B.
Vaccines sales declined 2%, reflecting Shingrix destocking in China, partly offset by U.S. growth. GSK’s meningitis portfolio rose 12%, supported by its meningitis B products and the first full back-to-school season for Penmenvy. General medicines were flat as Trelegy growth offset declines in established products.
Pipeline advances and trial expansion
Chief Scientific Officer Tony Wood said GSK had started 18 phase III studies in 2026 and expects to begin four more before year-end. The expanded trial activity includes two new phase III influenza studies and reflects the company’s effort to accelerate late-stage development.
Wood highlighted data for Jideytro, neladalkib, Ris-Rez, Mo-Rez and Jemperli. In treatment-naive ROS1-positive lung cancer patients, Jideytro produced a 94% overall response rate and a 15% complete response rate in the ARROS-1 study, according to GSK. Neladalkib, which is being developed for ALK-positive lung cancer, showed a 14.5-month median progression-free survival in previously TKI-treated patients in the ALKOVE study. GSK said it anticipates an FDA decision on neladalkib in November.
For Jemperli in mismatch repair-deficient locally advanced rectal cancer, GSK cited AZUR-1 data showing more than two-thirds of patients achieved a complete clinical response. No disease recurrences had been reported after two years among responding patients, Wood said.
GSK also cited data for Ris-Rez in small cell lung cancer and osteosarcoma, as well as Mo-Rez in ovarian cancer. In a phase I ovarian cancer study, Mo-Rez demonstrated median progression-free survival of approximately 11 months in a non-biomarker-selected population. The company has started five phase III studies in ovarian and endometrial cancers for the product.
In vaccines, GSK began a phase III study of its mRNA influenza candidate in more than 50,000 adults age 65 and older. The study began in September, and the company said more than two-thirds of this season’s enrollment target had already been recruited. Preliminary data are anticipated next year if sufficient flu cases occur.
Financial performance and outlook
Chief Financial Officer Julie Brown said gross profit increased 7%, supported by product mix and efficiencies. Selling, general and administrative expense increased 1%, including costs related to Nuvalent. Research and development spending rose 22% as GSK accelerated oncology programs including Ris-Rez, Mo-Rez and velzatinib, alongside investments in felcorekibart and efimosfermin.
Core operating margins were broadly stable, as higher R&D spending was offset by cost-of-goods and SG&A productivity. Core EPS growth lagged operating-profit growth because of higher interest expense following the Nuvalent acquisition and a higher tax rate, Brown said.
- Year-to-date cash generated from operations was £1.1 billion ahead of the prior year.
- Free cash flow rose £1.8 billion year to date, including proceeds from the out-licensing of linerixibat and a special dividend related to a ViiV shareholding change.
- GSK remains on track to generate about £10 billion in cash from operations for the full year at constant exchange rates.
- Net debt to core EBITDA stood at 1.8 times following the Nuvalent acquisition.
The company recorded a £0.3 billion Accelerate Growth charge in the quarter and now expects up to £1 billion in program charges during 2026. The program is intended to simplify support services and supply operations while shifting resources toward R&D.
For the full year, GSK expects core operating margin above 31% at constant exchange rates. It expects R&D spending to grow faster than sales as the company more than doubles its planned phase III trial starts to 22 from the 10 initially expected. Core EPS growth is projected in the lower half of its guidance range, reflecting expected full-year interest expense of £700 million to £750 million, including approximately £160 million related to Nuvalent.
During the question-and-answer session, executives said GSK expects to share data from the EXTEND four-monthly HIV prevention study with regulators before the end of the year, following completion of analysis. David Redfern, president of corporate development, said the EXTEND study is a pharmacokinetic bridging study and differs from the CUATRO efficacy study of four-monthly HIV treatment dosing, which is expected to read out next year.
About GSK (NYSE:GSK)
GSK plc, formerly GlaxoSmithKline, is a global biopharmaceutical company headquartered in Brentford, England. The company focuses on researching, developing and commercializing medicines and vaccines designed to prevent and treat infectious diseases, respiratory conditions, immune-related disorders and certain cancers.
Its vaccine portfolio includes products such as Shingrix for shingles, Arexvy for respiratory syncytial virus (RSV) in older adults, and vaccines targeting meningitis, influenza and other infectious diseases.
