GSK reports Q3 revenue growth driven by specialty medicines

GSK reported third-quarter revenue of £8.9 billion, a 5% increase at constant exchange rates, driven primarily by strong performance in specialty medicines. Oncology sales rose 23% to £622 million, while HIV treatments saw a 10% increase, reaching £2.1 billion. Respiratory, immunology, and inflammation segments also grew by 21%.

Despite the revenue growth, total operating profit fell 16% to £2.1 billion due to £328 million in restructuring costs related to the company’s ‘Accelerate Growth’ program. Core operating profit, which excludes one-off items, rose 5% to £3.1 billion, exceeding analyst expectations.

The vaccine segment experienced a decline, with sales falling 2% to £2.6 billion. Specifically, sales of the shingles vaccine Shingrix dropped by 5%, and the RSV vaccine Arexvy saw a 24% decrease, partly due to reduced demand in the United States and China.

GSK reaffirmed its full-year guidance, targeting sales growth of 3% to 5% and core operating profit growth of 7% to 9%. The company also highlighted its commitment to expanding its oncology pipeline, aiming to increase the number of late-stage studies significantly in the coming years.