GSK stock slips as vaccine weakness overshadows Q3 growth

GSK's third-quarter update is now being assessed against the market reaction. The company reported its results on 28 October 2026, while the latest Lang & Schwarz quote was 21.60 euros on 29 October at 16:07 Berlin time. Compared with the Xetra close of 21.86 euros on 28 October, that represents a decline of 1.19 percent.

The underlying results remain mixed. In its third-quarter announcement, GSK reported sales of 8.887 billion pounds, up 5 percent at constant exchange rates. Specialty Medicines sales increased 15 percent to 3.9 billion pounds, supported by 10 percent growth in HIV, 21 percent growth in Respiratory, Immunology and Inflammation, and 23 percent growth in Oncology.

Growth drivers meet vaccine weakness

The pressure point was the vaccines division. Sales declined 2 percent to 2.6 billion pounds; Shingrix fell 5 percent and Arexvy dropped 24 percent. dpa-AFX reported that weaker demand for vaccines, particularly the RSV product Arexvy, put the shares under pressure despite better-than-expected operating performance.

Core operating profit rose 5 percent at constant exchange rates to 3.076 billion pounds, while core earnings per share increased 1 percent to 54.6 pence. Reported operating profit fell 16 percent, reflecting 328 million pounds of restructuring charges linked to the Accelerate Growth programme. The difference between core and reported figures is therefore relevant when assessing the quarter's quality.

Outlook remains unchanged

GSK reaffirmed its 2026 outlook for turnover growth of 3 to 5 percent, core operating profit growth of 7 to 9 percent and core earnings per share growth of 7 to 9 percent. Management expects turnover and core operating profit to land in the upper half of their ranges, while core earnings per share is expected in the lower half.

The company also declared a third interim dividend of 17 pence per share and expects total 2026 dividends of 70 pence. For investors, the next test is whether continued Specialty Medicines momentum can offset weaker vaccines and the costs of the restructuring programme.

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