GSK Q2 2026 results, released on 28 July 2026, show the pharmaceutical group delivered a 5% rise in total turnover to £8.4 billion, driven by strong demand across its Specialty Medicines and Vaccines portfolios. Core operating profit climbed 7% at constant exchange rates (CER) to £2.8 billion, while Core earnings per share increased 9% to 50.5p, reflecting favourable product mix and continued momentum in high-growth therapy areas including HIV, oncology, and respiratory disease.
The GSK Q2 2026 results also confirm the company’s decision to accelerate its late-stage research and development pipeline, with plans to initiate more than 20 Phase III trial starts in 2026, double the previous target of 10. GSK identified seven late-stage assets across 18 indications in Oncology, Respiratory, Hepatology, and Vaccines for accelerated development, alongside a new three-year cost-savings programme targeting £1.9 billion in annual savings by 2029.
Total operating profit fell 75% at CER to £481 million, and Total earnings per share dropped 69% to 10.8p, driven primarily by a £1.3 billion impairment related to camlipixant following disappointing Phase III chronic cough trial results, along with higher contingent consideration liability charges. GSK generated £2.9 billion in cash from operations during the quarter, with free cash flow of £2.0 billion, up 77% year-on-year.
Luke Miels, Chief Executive Officer of GSK, said the company delivered another quarter of strong core results performance, with key growth drivers performing well, and highlighted the identification of late-stage pipeline accelerations across Oncology, Respiratory, Hepatology, and Vaccines as central to the company’s five-year growth strategy.
GSK Q2 2026 Results: Specialty Medicines and Vaccines Lead Sales Growth
Specialty Medicines turnover reached £3.8 billion in the quarter, up 14% at CER, with particularly strong performances in Respiratory, Immunology & Inflammation (up 19% to £1.1 billion) and Oncology (up 17% to £569 million). Within HIV, long-acting injectables Cabenuva and Apretude contributed 80% of total HIV growth in the quarter, with GSK reporting that year-to-date long-acting injectable sales exceeded £1 billion for the first time.
Vaccines turnover grew 8% at CER to £2.3 billion. Meningitis vaccines rose 21% to £462 million, and Arexvy, GSK’s respiratory syncytial virus (RSV) vaccine, more than doubled to £192 million, supported by tender deliveries in Australia and expanded funding in Europe. Shingrix sales increased 3% to £888 million, with the cumulative US immunisation rate reaching 45%, up three percentage points year-on-year.
General Medicines turnover declined 9% at CER to £2.3 billion, with Trelegy sales down 7% to £775 million in the US due to Medicare benefit design changes and continued pricing pressure. GSK noted that ex-US demand for Trelegy remained resilient, supported by growth in Europe and International markets.
GSK Q2 2026 Results: Pipeline Acceleration and R&D Investment
Core R&D investment rose 13% at CER to £1.7 billion in the quarter, reflecting increased spend on oncology antibody-drug conjugates Ris-Rez and Mo-Rez, the anti-TSLP monoclonal antibody programme, and clinical trials for mRNA seasonal influenza vaccines. GSK also confirmed plans to establish a new flagship R&D centre on the Cambridge Biomedical Campus in the UK.
Several pipeline milestones were reported alongside the GSK Q2 2026 results. Jideytro received FDA approval for pretreated non-small cell lung cancer (NSCLC), Bexsero’s meningococcal B booster indication received regulatory acceptance in the EU, and Jemperli reported positive pivotal Phase II data in advanced rectal cancer through the AZUR-1 study. Momelotinib (branded Ojjaara in the US and Omjjara in other markets) received Orphan Drug Designation in both the US and EU for VEXAS syndrome.
GSK also disclosed that it had discontinued further development of camlipixant in refractory chronic cough following limited efficacy in the CALM-1 and CALM-2 Phase III trials, resulting in a £1.3 billion impairment charge recognised in the quarter’s Total results.
GSK Q2 2026 Results: 2026 Guidance and Shareholder Returns
GSK reaffirmed its full-year 2026 guidance at CER, now expecting turnover growth of 3% to 5% at the upper half of the range, Core operating profit growth of 7% to 9% at the upper half of the range, and Core earnings per share growth of 7% to 9% at the lower half of the range. Specialty Medicines turnover is expected to grow at a low double-digit percentage for the full year, while Vaccines turnover is now expected to be broadly stable to a low single-digit increase, an upgrade from the prior guidance of a decline.
The board declared a Q2 2026 dividend of 17p per share, with GSK maintaining its expectation of a 70p total dividend for the full year. The company also completed its £2 billion share buyback programme in June 2026, repurchasing 124 million shares since the programme was announced in February 2025.
Total net debt stood at £15.1 billion at the end of June 2026, up from £14.5 billion at the start of the year, reflecting acquisition spending, dividend payments, and share buybacks, partly offset by free cash inflow. The GSK Q2 2026 results reaffirm management’s confidence in reaching the company’s stated 2031 sales ambition of more than £40 billion.
GSK Q2 2026 Results: Strategic Acquisitions Strengthen Oncology Pipeline
The GSK Q2 2026 results detail three completed biopharmaceutical acquisitions during the period. GSK completed the $2.3 billion acquisition of RAPT Therapeutics in March 2026, adding ozureprubart, a Phase IIb anti-IgE monoclonal antibody for food allergen protection, and the $1.0 billion acquisition of 35Pharma in April 2026, gaining rights to HS235, an activin signalling inhibitor for pulmonary hypertension.
As a post-balance-sheet event, GSK also disclosed the completion of its approximately $10.6 billion acquisition of Nuvalent, Inc., a Boston-based oncology company, on 15 July 2026. The deal brought GSK two late-stage non-small cell lung cancer assets: zidesamtinib, which received FDA approval shortly after the deal closed, and neladalkib, which is under FDA review with a PDUFA date expected in the second half of 2026.
Together, these transactions reinforce the strategic direction outlined in the GSK Q2 2026 results: reallocating capital toward a late-stage oncology, respiratory, hepatology, and vaccines pipeline that management believes will support the company’s stated ambition of surpassing £40 billion in annual sales by 2031.
GSK Q2 2026 Financial Performance vs. Q2 2025
| Metric | Q2 2026 | Growth (CER) | H1 2026 (YTD) | Growth (CER) |
|---|---|---|---|---|
| Turnover | £8,409m | +5% | £16,038m | +5% |
| Total operating profit | £481m | -75% | £2,774m | -31% |
| Core operating profit | £2,800m | +7% | £5,450m | +8% |
| Total EPS | 10.8p | -69% | 54.1p | -24% |
| Core EPS | 50.5p | +9% | 97.1p | +9% |
| Cash from operations | £2,906m | +19% AER | £4,256m | +14% AER |
| Free cash flow | £1,994m | +77% | £2,809m | +54% |
Sales by Business Segment Q2 2026
| Segment | Sales | Growth (CER) | Key Products |
|---|---|---|---|
| Specialty Medicines | £3,782m | +14% | HIV £2,078m; RI&I £1,135m; Oncology £569m |
| Vaccines | £2,284m | +8% | Shingrix £888m; Meningitis £462m; Arexvy £192m |
| General Medicines | £2,343m | -9% | Trelegy £775m; Other Respiratory £1,679m total |
| Total Group | £8,409m | +5% | — |
GSK Q2 2026 Pipeline and Regulatory Milestones
| Asset | Indication | Event |
|---|---|---|
| Jideytro | Non-small cell lung cancer (pretreated) | FDA approval |
| zidesamtinib | ROS1-positive NSCLC | FDA approval (post Nuvalent deal) |
| neladalkib | Non-small cell lung cancer | FDA review, PDUFA H2 2026 |
| Jemperli (AZUR-1) | Advanced rectal cancer | Positive pivotal Phase II data |
| Bexsero | Meningococcal B booster (10+ yrs) | EU regulatory acceptance |
| Momelotinib (Ojjaara/Omjjara) | VEXAS syndrome | Orphan Drug Designation (US, EU) |
| camlipixant | Refractory chronic cough | Discontinued after CALM-1/2 Phase III |
2026 Full-Year Guidance (CER)
| Guidance Metric | Updated 2026 Guidance | Previous Guidance |
|---|---|---|
| Turnover | +3% to +5% (upper half) | +3% to +5% |
| Core operating profit | +7% to +9% (upper half) | +7% to +9% |
| Core EPS | +7% to +9% (lower half) | +7% to +9% |
| Vaccines turnover | Broadly stable to low single-digit growth | Low single-digit decline to stable |
| General Medicines turnover | Mid- to low single-digit decline | Low single-digit decline to stable |
