London, April 30, 2026, 15:01 BST
GSK ticked up in London on Thursday, with shares trading at 1,938 pence at 2:51 p.m. BST, up 1.04%. That comes after Wednesday’s 5.42% tumble, as investors digested a first-quarter profit beat that left questions unanswered about the sustainability of those gains.
This quarter lands early in CEO Luke Miels’ tenure, a first look at whether GSK can chase that £40 billion sales target for 2031—even with the looming 2028 patent cliff for dolutegravir, its main HIV drug. Some investors, according to Reuters, asked if the earnings beat owed more to one-off items than underlying strength.
GSK stuck with its 2026 outlook, leaving guidance unchanged. The company is still calling for turnover to rise 3% to 5% and expects core operating profit growth between 7% and 9% at constant exchange rates, which exclude currency effects.
GSK posted first-quarter turnover of £7.63 billion, climbing 5% at constant exchange rates. Core operating profit landed at £2.65 billion, a 10% gain, while core earnings per share—excluding some items—rose 9% to 46.5 pence.
Specialty medicines—think HIV and cancer treatments—climbed 14% to £3.2 billion. Vaccines edged up 4% to £2.1 billion, powered largely by Shingrix: the shingles shot surged 20% to £1.0 billion. General Medicines slipped, down 6% to £2.3 billion.
Shingrix drove much of the gains here. Reuters said Shingrix sales reached £1.03 billion, topping forecasts of £851 million thanks to better uptake in Europe and a pre-filled format rolling out in the U.S. Barclays put the stockpiling bump at roughly £100 million.
James Eugene, a research analyst at Verso Investment Management, called out “quality concerns” behind the share drop, arguing the earnings beat was propped up by one-off items. He flagged softer momentum in General Medicines as well, noting the beat was “likely more modest than the numbers suggest.” Reuters
Miels shifted the spotlight to R&D, saying, “GSK has made a strong start to 2026,” in the company’s statement. He referenced regulatory filings for bepirovirsen—a possible hepatitis B therapy—along with new plans for late-stage cancer drugs and fresh pipeline deals. GSK
GSK announced that regulators in the United States, Europe, China, and Japan have accepted filings for bepirovirsen. The company also flagged its anticipated 2026 data readouts: chronic cough, rectal cancer, HIV prevention, and Exdensur for EGPA—a rare disorder that targets small blood vessels.
Miels told reporters GSK has gone through over 50 late-stage programs and expects to present a shortlist in the second quarter. “We’re employing AI to accelerate this,” he added. The company aims for 10 late-stage trials this year—five of those tied to a targeted cancer drug licensed from Hansoh Pharma in China. Reuters
This isn’t just a standalone readout. AstraZeneca, trading in London, posted its own first-quarter numbers earlier this week—an 8% revenue bump at constant exchange, hitting $15.29 billion. The company stuck to its full-year forecast, so for now, attention across the sector remains fixed on pipeline progress, not just headline profit surprises.
GSK’s first-quarter momentum looks fragile. Shingrix demand could pull back, Arexvy sales already dropped 18%, and General Medicines continues to drag. Analysts quoted by Reuters see GSK posting around £35 billion in sales by 2031—well short of the company’s own £40 billion-plus ambition.
The market hasn’t tossed out the Miels plan yet, but it wants firmer evidence. Next up: that second-quarter pipeline update—investors are watching to see if it can shore up the 2031 sales target and make it look a little less ambitious.
