GSK Share Price Falls as Q3 Beat Fails to Calm Vaccine Worries

GSK share price fell sharply today as the company beat third-quarter profit estimates.

Shares dropped as much as 5.3 percent in early London trading after investors focused on weaker vaccine sales.

Group turnover rose 5 percent at constant exchange rates to £8.9 billion, and core earnings per share reached 54.6 pence, ahead of the 50.4 pence consensus.

Specialty medicines delivered strong growth, yet vaccine sales declined 2 percent.

Shingrix and Arexvy both missed expectations. GSK reaffirmed its 2026 guidance and remains on track for its longer-term targets under the Accelerate Growth program led by CEO Luke Miels.

Market Reaction and Why Shares Fell

Investors sold the stock despite the earnings beat. The GSK shares fall reflected clear concern over the vaccines division. Shingrix sales dropped 5 percent and Arexvy sales plunged 24 percent.

These declines outweighed solid gains in specialty medicines and the reaffirmed full-year outlook. Markets also weighed the upcoming patent pressure on key HIV products and the need for continued pipeline delivery.

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Q3 Financial Highlights

Key numbers from the quarter:

• Total sales: £8.9 billion (+4 percent AER, +5 percent CER)
• Core operating profit: up 5 percent CER
• Core EPS: 54.6 pence (+1 percent CER)
• Total operating profit and EPS declined because of £328 million in Accelerate Growth restructuring charges
• Cash generated from operations: £3.1 billion
• Free cash flow: £2.1 billion

The results cleared consensus estimates on both sales and core earnings.

Segment Performance

• Specialty Medicines Specialty medicines sales climbed 15 percent to £3.9 billion and acted as the main growth engine. HIV sales rose 10 percent to £2.1 billion, supported by long-acting injectables. Respiratory, Immunology & Inflammation advanced 21 percent. Oncology grew 23 percent.
• Vaccines Vaccines sales fell 2 percent to £2.6 billion and missed consensus. Shingrix sales declined 5 percent to £0.8 billion. Arexvy sales dropped 24 percent to £0.2 billion. Meningitis vaccines provided a partial offset with 12 percent growth to £0.6 billion. The GSK vaccines sales decline became the main source of investor concern.
• General Medicines General medicines held steady at £2.4 billion. Trelegy sales increased 8 percent to £0.8 billion.

Outlook

GSK confirmed its 2026 guidance of 3–5 percent turnover growth, 7–9 percent operating profit growth and 7–9 percent core EPS growth. The company also reiterated its ambition to exceed £40 billion in sales by 2031.

Investors will now watch the vaccine recovery path, new product momentum and further progress under the Accelerate Growth plan. GSK share price remains under pressure as markets balance near-term vaccine trends against longer-term specialty strength.