GSK PLC (LSE:GSK, NYSE:GSK), the FTSE 100 pharmaceuticals giant, has reiterated its full-year 2026 guidance after delivering a strong first quarter, with core operating profit growth and earnings per share both expected to rise between 7% and 9% at constant exchange rates.
Turnover growth is forecast to be between 3% and 5%, supported by expectations of low double-digit growth in Specialty Medicines, offset by low single-digit declines to stable performance in both Vaccines and General Medicines.
The company also reaffirmed its 2031 sales outlook of more than £40 billion.
First-quarter turnover came in at £7.6 billion, up 2% at actual exchange rates and 5% at constant exchange rates, with Specialty Medicines the primary growth engine.
Specialty Medicines sales rose 14% to £3.2 billion, with Oncology the standout, climbing 28% to £0.5 billion, while HIV sales grew 10% to £1.8 billion and Respiratory, Immunology and Inflammation advanced 16% to £0.9 billion.
Vaccines sales rose 4% to £2.1 billion, driven by a 20% jump in Shingrix, the shingles vaccine, to £1.0 billion, partly offset by an 18% decline in Arexvy, the respiratory syncytial virus vaccine.
General Medicines sales fell 6% to £2.3 billion.
Core operating profit grew 10% at constant exchange rates to £2.65 billion, with core operating margin expanding to 34.7%.
Total earnings per share rose 15% to 43.2p, while core earnings per share increased 9% to 46.5p.
On the pipeline, GSK said regulatory filings for bepirovirsen, a potential functional cure for chronic hepatitis B, have been accepted in the US, EU, China and Japan, with data due to be presented at the European Association for the Study of the Liver congress in the second quarter.
Efimosfermin, a treatment for the liver disease MASH (metabolic dysfunction-associated steatohepatitis), has been granted US Breakthrough and EU PRIME designations, fast-track designations that can accelerate regulatory review.
Phase I data for the Mo-Rez antibody-drug conjugate in endometrial and ovarian cancer supported the initiation of five phase III trials in 2026.
GSK also completed pipeline acquisitions for ozureprubart, targeting food allergies, and HS235 for pulmonary hypertension.
The company has secured tariff relief through to January 2029 under an agreement with the US government, excluding both GSK and its HIV-focused subsidiary ViiV Healthcare from Section 232 pharmaceutical tariffs, and says full-year guidance incorporates the expected impact of those arrangements.
A quarterly dividend of 17p per share has been declared, with 70p expected for the full year.