GSK earnings: October 28, 2026 results
GSK’s next results are expected on October 28, 2026. Watch whether approvals become sales while restructuring improves cash generation without weakening research.
What has GSK guided for 2026?
Management reaffirmed 2026 turnover growth of 3.0%–5.0% and core operating-profit and earnings-per-share growth of 7.0%–9.0%. “Core” is GSK’s view of ordinary trading after removing major restructuring, acquisition, impairment and legal items. Those costs still consume cash: in Q2 2026, total operating profit fell 75% while core operating profit rose 7%.
| Period | Low | High | Given on | |
|---|---|---|---|---|
| Turnover growth at CER (%) | Year to Dec 2026 | 3.0% | 5.0% | Jul 28, 2026 |
| Core operating profit growth at CER (%) | Year to Dec 2026 | 7.0% | 9.0% | Jul 28, 2026 |
| Core earnings per share growth at CER (%) | Year to Dec 2026 | 7.0% | 9.0% | Jul 28, 2026 |
| Dividend per share (pence) | Year to Dec 2026 | 70.00 | 70.00 | Jul 28, 2026 |
| Phase III trial starts | Year to Dec 2026 | 20 | Jul 28, 2026 |
Has GSK kept its past promises?
GSK first guided to sales growth of 3%–5% for 2025. It guided to core operating profit growth of 6%–8%. It delivered 7% sales growth and 11% core operating profit growth, exceeding those initial ranges. That supports the record of promises kept, although Miels’ newer savings promises remain untested.
What do GSK’s last eight reported periods show?
Revenue rose to £8,409 million from £7,986 million a year earlier, while gross margin edged up to 73.1%. Operating income nevertheless fell to £481 million, and diluted EPS fell to 10.70p. Sales and production economics therefore held up while costs below gross profit deteriorated.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8,409 | 7,629 | 8,618 | 8,547 | 7,986 | 7,516 | 8,117 | 8,012 |
| Gross margin | 73.1% | 75.4% | 69.2% | 73.6% | 72.9% | 74.2% | 68.5% | 70.1% |
| Operating income | 481 | 2,293 | 1,100 | 2,593 | 2,023 | 2,216 | 696 | 189 |
| Net income | 435 | 1,737 | 636 | 2,013 | 1,443 | 1,624 | 414 | -58 |
| EPS, diluted | 10.70 | 42.60 | 15.60 | 49.10 | 35.10 | 39.30 | 10.00 | -1.40 |
What should GSK watch in the next release?
GSK reports Q3 on 28 October 2026. Investors will want to see whether trials have begun, how much restructuring cash has been paid, and whether sales and core profit remain consistent with guidance. The separate currency effect on Q3 sales will help distinguish commercial performance from translation into pounds.
Two regulatory dates make the autumn important. The US regulator’s action date for bepirovirsen is 26 October, while neladalkib’s target date is 27 November. An action date is a target for a regulatory decision, not a promise of approval. Japan approved bepirovirsen as Hibsago on 24 August, but GSK still needs eligible patients, supply and reimbursement to turn approval into treatment.