British pharmaceutical group GSK has reported a 15% increase in third-quarter Specialty Medicines sales, with growth across HIV, respiratory and oncology treatments supporting higher revenue and core operating profit despite weaker vaccine sales.
Total sales reached £8.9bn in the three months to September, increasing 4% at actual exchange rates and 5% at constant exchange rates. Specialty Medicines generated £3.9bn, becoming the principal source of growth within the group’s pharmaceutical portfolio.
The division’s performance reflects continued demand for established treatments and the introduction of newer products. GSK has been expanding its specialist medicines business as it prepares for changes to the patent protection and market exclusivity of existing treatments later this decade.
HIV sales increased 10% at constant exchange rates to approximately £2.1bn. The company continues to develop its portfolio of long-acting treatments, which provide alternatives to conventional daily oral medicines for eligible patients.
Long-acting injectable products have become an increasingly important part of GSK’s HIV business. The company reports that they accounted for 35% of US HIV turnover during the quarter, reflecting their growing contribution within one of its largest therapeutic areas.
Respiratory, Immunology and Inflammation generated £1.1bn in sales, an increase of 21% at constant exchange rates. Oncology sales rose 23% to approximately £600m as GSK expanded its portfolio of specialist cancer treatments.
Vaccines recorded a more mixed performance. Overall sales declined 2% at constant exchange rates to £2.6bn, although individual products experienced substantially different demand trends.
Shingrix, the company’s shingles vaccine, generated approximately £800m, down 5%. Meningitis vaccine revenue increased 12% to around £600m, while respiratory syncytial virus vaccine Arexvy recorded sales of approximately £200m, a decline of 24%.
Those differences demonstrate that demand and market conditions are not uniform across GSK’s vaccines portfolio. Product uptake can vary with immunisation programmes, eligibility recommendations and the timing of purchasing decisions across national healthcare systems.
General Medicines sales remained broadly stable at £2.4bn. Respiratory treatment Trelegy generated approximately £800m, representing 8% growth at constant exchange rates, helping offset weaker sales elsewhere in the division.
Core operating profit increased 5% at constant exchange rates to £3.1bn, supported by higher sales, a favourable product mix and increased royalty income. Core earnings per share rose 1% to 54.6p, with additional research and development spending, product launch investment and financing costs affecting profitability.
The statutory results showed a different pattern. Total operating profit fell 16% at constant exchange rates to approximately £2.1bn, reflecting major restructuring charges of £328m associated with GSK’s Accelerate Growth programme and lower other net operating income.
The difference between statutory and core profitability reflects the treatment of certain costs and income items. GSK’s core performance measures exclude specified adjustments to provide a view of underlying trading, while statutory results include the restructuring expenses recognised during the period.
Cash generated from operations reached £3.1bn during the quarter, with free cash flow of £2.1bn. The company has continued investing in clinical development and commercial launches alongside its existing manufacturing and operating activities.
Research and development progress includes US regulatory approvals for specialty medicines addressing chronic hepatitis B, lung cancer and rectal cancer. GSK has also reported positive late-stage clinical data in oncology and continued work on treatments involving its respiratory and immunology portfolio.
The company remains on course to initiate 22 phase III clinical trials during 2026, with 18 begun by the end of September. These studies form part of the late-stage development programme intended to support future regulatory submissions and potential new product launches.
GSK has maintained its full-year financial guidance, forecasting turnover growth of 3%–5%, core operating profit growth of 7%–9% and core earnings-per-share growth of 7%–9%, all at constant exchange rates.
It also retains its longer-term ambition of exceeding £40bn in annual sales by 2031, while planning for the loss of exclusivity affecting dolutegravir during 2028–2030. The board has declared a third-quarter dividend of 17p per share and continues to expect a full-year dividend of 70p.
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