Glaxosmithkline Stock Earnings Reports

GSK reported a strong Q1 2026: sales +5% to >£7.6bn, driven by Specialty Medicines (+14%) and record Shingrix sales (>£1bn, +20%). Core operating profit rose 10% and EPS +9%; cash generation was £1.4bn and a Q1 dividend of 17p was declared. Management confirmed full‑year guidance. Key commercial highlights: Shingrix momentum in Europe and the U.S. (some stocking effects and program annualization to watch later in the year); Jemperli continuing to grow (RUBY 4‑year OS data for dMMR endometrial cancer) with important readouts (including AZUR‑1) due H2; Nucala showing rapid uptake in COPD (U.S. share ~45%, strong early launches in China/Europe); Exdensur early uptake limited by J‑code access (expected early July) and patient switching dynamics; Blenrep gaining community use in multiple myeloma. HIV franchise: long‑acting strategy advancing—Cabenuva 3x yearly registrational study (CUATRO) on track with launch target 2028; Apretude 3x yearly PrEP registrational data expected H2 2026 and potential H1 2027 launch; additional long‑acting assets (VH184, VH499, lotivibart) progressing. R&D acceleration: multiple late‑stage starts and readouts coming (including bepirovirsen positive Phase III headlines for functional cure in chronic HBV; PDUFA 26 Oct), expansion of ADC programs (Ris‑Rez, Mo‑Rez) and new BD deals (35Pharma/HS235, ozureprubart, RAPT). Financial/CAPEX: disciplined capital allocation—net debt ~1.4x EBITDA, buyback on track, transactions (ViiV special dividend, Rockville divestment, linerixibat out‑licensing) to strengthen cash. Near‑term risks/notes: General Medicines down 6% (older portfolio decline), Trelegy headwinds from Medicare redesign in Q1 that should moderate later, vaccines comparators tougher in H2 as programs annualize, operating profit and cash flows remain weighted toward H2.