Key Highlights

  • GSK plc (LSE:GSK) reported third-quarter sales of £8.9 billion, up 5% at constant currency, on 28 October 2026 and reaffirmed 2026 guidance.
  • Specialty Medicines sales rose 15% to £3.9 billion, but weaker Vaccine sales pressured the FTSE 100 shares.
  • An FDA decision on neladalkib, a lung cancer drug from the $10.6 billion Nuvalent acquisition, is due on 27 November 2026.
  • Core EPS growth is now expected in the lower half of the 7% to 9% range because of higher interest costs.
  • The FTSE 100 closed up 1.02% at 10,782.87 on 9 November 2026.

Why GSK (LSE:GSK) Is in Focus Today

GSK plc (LSE:GSK), the FTSE 100 drugmaker, is in focus on Monday 9 November 2026 as investors look ahead to a major regulatory decision for its newly acquired lung cancer drug. The index closed up 1.02% at 10,782.87 and healthcare stocks were supported as markets stabilised after a volatile week.

The shares had come under pressure after the third-quarter report on 28 October because of declining vaccine sales, even though the quarter beat forecasts and guidance was reaffirmed.

Third-Quarter Results

Total sales were £8.9 billion, up 4% at actual rates and 5% at constant currency. Specialty Medicines sales rose 15% to £3.9 billion, led by HIV at £2.1 billion, up 10%, Respiratory, Immunology and Inflammation at £1.1 billion, up 21%, and Oncology at £0.6 billion, up 23%. Cash generated from operations was £3.1 billion with free Cash Flow of £2.1 billion.

Core Research and Development expenses rose 22% to £1.87 billion, reflecting increased Investment in oncology and other late-stage programmes, and GSK expects to start 22 Phase III trials this year.

Guidance and Dividend

GSK reaffirmed 2026 guidance at constant currency: turnover growth of 3% to 5%, in the upper half, core operating profit growth of 7% to 9%, also in the upper half, and core EPS growth of 7% to 9%, now in the lower half because of an expected interest expense of £700 million to £750 million that includes about £160 million related to Nuvalent.

A third-quarter Dividend of 17p was declared, and the company still expects 70p for the full year. Management remains on track for a 2031 sales outlook of more than £40 billion.

The Nuvalent Acquisition

In June, GSK agreed to acquire Nuvalent for $124 per share in cash, valuing the company at $10.6 billion, or $9.4 billion net of cash. The deal brings two lead lung cancer assets: zidesamtinib, a ROS1 inhibitor with an FDA target date of 18 September, and neladalkib, an ALK inhibitor with a target date of 27 November 2026.

In the ALKOVE study, neladalkib showed a median progression-free survival of 14.5 months in previously treated patients. GSK expects the deal to dilute core EPS by a low single-digit percentage through 2028, with operating profit benefits from 2027.

Vaccines Under Pressure

Vaccines were the soft spot, with sales falling and weighing on sentiment as investors worry about declining Demand in shingles and respiratory vaccines in key markets. The company has been reshaping its portfolio toward specialty medicines, where growth is much stronger.

Chief Executive Luke Miels, who took over at the start of the year, is running a significant shake-up aimed at offsetting upcoming Patent expiries, particularly for the HIV drug dolutegravir from 2028.

Risks to Consider

The pending FDA decision carries regulatory risk, and any delay or rejection would hurt sentiment. Vaccine volatility, pricing policies in the United States, loss of exclusivity and higher interest costs from acquisitions are further concerns.

Currency also matters: if exchange rates stay at current levels, GSK has flagged a negative impact of about 3% on sterling core operating profit growth.

HIV Franchise and Long-Term Outlook

HIV remains the largest profit contributor, led by dolutegravir-based treatments and long-acting injectables. Management says Operating Margin should remain stable to improving through the dolutegravir loss-of-exclusivity period of 2028 to 2030, supported by newer specialty launches in respiratory, hepatitis B, liver disease and oncology.

This is central to the argument that GSK can sustain growth despite patent cliffs, but it relies on successful execution of launches and pipeline progression.

What Investors Are Watching Next

The key near-term catalyst is the FDA decision on neladalkib on 27 November, followed by launch plans for both Nuvalent drugs if approved. Investors will also watch pipeline data, particularly in hepatitis B, liver disease and oncology, and further Business development.

Full-year results in early 2027 will update guidance, and the market will focus on margin trends through the dolutegravir loss-of-exclusivity period and progress toward the 2031 ambition.