Its adjusted earnings per share rises to 25.5 pence, higher than analysts’ expectations
Published Wed, Feb 4, 2026 · 11:13 PM
[LONDON] GSK reported better-than-expected profit in the fourth quarter, buoyed by its human immunodeficiency virus (HIV) drugs and an asthma medicine that is now also approved for lung disease.
Its adjusted earnings per share (EPS), excluding some items, rose to 25.5 pence (S$0.44), the British drugmaker said on Wednesday (Feb 4). The EPS is higher than what analysts anticipated.
The company expects a profit growth of 7 to 9 per cent this year, though it warned that the growth could be affected by adverse currency conditions as it reports in sterling.
Its shares gained as much as 2.3 per cent in early London trading, adding to an increase of about 30 per cent since the company said in September that Luke Miels would replace Emma Walmsley as chief executive officer.
That eased investors’ concerns about the direction of GSK, which faces a significant patent cliff for its top-selling HIV drug, and has struggled to convince them about its pipeline.
The company expects a low double-digit increase in revenue this year for its specialty medicines portfolio, which consists of its HIV and cancer medicines as well as drugs such as Nucala. It was approved in the US for chronic obstructive pulmonary disease, which is a serious lung condition.
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Some analysts believe that Miels is setting a potentially beatable target, for a year in which the cancer drug Blenrep is likely to boost revenue.
Bloomberg Intelligence’s John Murphy said: “GSK’s 2026 guidance – excluding the impact of foreign exchange – looks conservative and leaves room for upgrades. But the current weakness of the US dollar is set to slash reported growth, and could drive consensus cuts.”
Revenue for the two other parts of GSK’s business, vaccines and general medicines, is likely to decline.
Vaccines are facing pressure as sentiment shifts in the US, under Health Secretary Robert F Kennedy Jr who has pushed sceptical views, influencing important recommendations around routine immunisations.
Even so, GSK’s vaccines did better than expected last quarter as the demand increased outside the US, particularly with higher sales of its shingles shot in China.
Under Walmsley, GSK demerged its consumer-health division Haleon and made acquisitions to try to boost its pipeline. Still, Miels needs to prove to investors that the company can meet revenue ambitions for the end of the decade and beyond.
In January, GSK agreed to buy Rapt Therapeutics in a deal valued at US$2.2 billion. It is a US-based biotech that develops treatments for patients with inflammatory and immunologic diseases. BLOOMBERG
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