Stock likely to react positively to solid earnings beat and Zantac overhang removal. Key catalysts ahead: bepirovirsen PDUFA date Oct 26, 2026, and upcoming Phase III data readouts (camlipixant, Jemperli). Monitor FX headwinds (-4% Core OP impact) and tariff agreement implementation.
Price Chart
Executive Summary
GSK reported Q1 2026 results with total turnover of £7.6 billion (+5% CER), Core operating profit up 10% CER, and Core EPS up 9% CER, driven by strong Specialty Medicines growth (+14% CER). The company reaffirmed full-year 2026 guidance (3-5% turnover growth, 7-9% Core OP/EPS growth) and highlighted key pipeline milestones including bepirovirsen regulatory filings and Zantac legal resolution, removing a major overhang.
Key Facts
- Q1 2026 turnover: £7,629m, +5% CER (Q1 2025: £7,516m)
- Core operating profit: £2,650m, +10% CER
- Core EPS: 46.5p, +9% CER
- Specialty Medicines sales grew 14% CER; HIV +10%, Oncology +28%
- Shingrix record quarterly sales of £1,026m (+20% CER)
- FY 2026 guidance reaffirmed: turnover +3-5%, Core OP +7-9%, Core EPS +7-9%
- Delaware Zantac case dismissed with no remaining cases; securities class action dismissed
- Q1 dividend declared 17p per share; full-year expected 70p
- £1.7bn of £2bn share buyback executed; net debt £15.6bn
Financial Impact
Revenue £7.6bn, Core operating profit £2.65bn, Core EPS 46.5p
Risk Factors
- FX headwinds: ~-2% turnover, ~-4% Core OP impact if current rates hold
- Pipeline setbacks: bepirovirsen, camlipixant, or efimosfermin Phase III data risks
- Generic competition for Trelegy and mature products
- Tariff uncertainty despite Section 232 relief agreement
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001654954-26-004051 |
| Document: 0001654954-26-004051-index-headers.html | 0001654954-26-004051 |
| Document: 0001654954-26-004051-index.html | 0001654954-26-004051 |
| Document: 0001654954-26-004051.txt | 0001654954-26-004051 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 10, 2026 19w ago | 6-K | $25.12 $25.25 | ▲ +0.52% | ▼ −1.62% | $26.12 (+3.98%) |
Jun 9, 2026 19w ago | 6-K | $24.66 $25.50 | ▲ +3.41% | ▲ +1.60% | $26.12 (+5.92%) |
Jun 9, 2026 20w ago | 6-K | $24.66 $25.50 | ▲ +3.41% | ▲ +1.60% | $26.12 (+5.92%) |
Jun 1, 2026 21w ago | 6-K | $24.25 $24.66 | ▲ +1.69% | ▲ +4.44% | $26.12 (+7.71%) |
Jun 1, 2026 21w ago | 6-K | $24.25 $24.66 | ▲ +1.69% | ▲ +4.44% | $26.12 (+7.71%) |
May 28, 2026 21w ago | 6-K | $24.58 $24.66 | ▲ +0.33% | ▲ +0.01% | $26.12 (+6.27%) |
May 27, 2026 21w ago | 6-K | $25.57 $23.94 | ▼ −6.37% | ▼ −7.58% | $26.12 (+2.15%) |
May 26, 2026 22w ago | 6-K | $25.50 $24.25 | ▼ −4.90% | ▼ −5.99% | $26.12 (+2.43%) |
May 26, 2026 22w ago | 6-K | $25.50 $24.25 | ▼ −4.90% | ▼ −5.99% | $26.12 (+2.43%) |
May 22, 2026 22w ago | 6-K | $26.00 $24.25 | ▼ −6.73% | ▼ −8.39% | $26.12 (+0.46%) |
US Market Status
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