GSK Q3 2026 Revenue Rises 5% to GBP 8.9 Billion as Specialty Medicines Surge 15%, Vaccines Stumble on Weak Shingrix China Demand

GlaxoSmithKline Plc (GSK; NYSE: GSK) reported Q3 2026 revenues of GBP 8.89 billion (USD 11.91 billion), up 5% at constant exchange rates (CER), driven by double-digit growth in specialty medicines, while vaccines sales declined amid weaker demand for Shingrix in China and Arexvy in the US. The company reaffirmed full-year guidance, with revenue growth expected in the upper half of its 3%–5% range.

Financial Performance

• Full-Year Guidance (Reaffirmed): Revenue growth of 3%–5%, expected in the upper half of the range; core operating profit forecast to increase 7%–9%, also toward the upper half.

Specialty Medicines – The Growth Engine

Leading Products:

Vaccines – Shingrix and Arexvy Drag

General Medicines

• Segment Revenue: Flat at GBP 2.43 billion (USD 3.26 billion).
• Trelegy: Sales rose 8% to GBP 787 million (USD 1.05 billion), offsetting declines elsewhere in the respiratory and established medicines portfolios.

Regional Performance

Pipeline Highlights

• Hibsago (hepatitis B): Secured US and Japanese approvals.
• Jemperli (oncology): Received US approval for locally advanced rectal cancer.
• Jideytro (acquired via Nuvalent transaction): Delivered positive registrational data in first-line ROS1-positive NSCLC, following its US second-line approval in July.
• Ris-Rez and Mo-Rez (oncology candidates): Encouraging data reported.
• mRNA Seasonal Influenza Vaccine: Phase III trial initiated.
• Phase III Momentum: GSK completed 18 Phase III trial starts toward its target of 22 in 2026.

Market Impact & Outlook

• Mix Shift Paying Off: Specialty medicines — now growing at +15% — are decisively offsetting vaccine softness, validating GSK’s strategic repositioning toward HIV, immunology/oncology, and respiratory franchises.
• Vaccine Headwinds: The Shingrix China weakness and −24% Arexvy decline highlight post-pandemic RSV demand normalization and regional reimbursement/access challenges; management will need to stabilize the vaccines base to protect group margins.
• Guidance Confidence: Reaffirming full-year growth in the upper half of 3%–5%, with core operating profit up 7%–9%, signals management conviction that specialty momentum and pipeline catalysts will carry the year.
• Pipeline Velocity: With 18 of 22 planned Phase III starts completed and fresh approvals across hepatitis B, oncology, and ROS1 lung cancer, GSK’s late-stage engine remains one of big pharma’s most active.

Forward‑Looking Statements
This brief contains forward‑looking statements regarding GSK’s revenue and profit guidance, vaccine demand recovery, specialty medicines growth, pipeline advancement, and product approvals. Actual results may differ materially due to risks including demand and pricing pressures (notably for Shingrix and Arexvy), reimbursement and regulatory decisions, foreign exchange movements, clinical trial outcomes, and competitive dynamics.-Fineline Info & Tech