GSK Plc (GSK.L): 2026 First Take: Earnings execution continues with top and bottom line beat; focus on growth event

Research evidence excerpt

GSK Plc (GSK.L): 2026 First Take: Earnings execution continues with top and bottom line beat; focus on growth event

Equity Research

28 July 2026 | 1:43PM BST

GSK Plc (GSK.L): 2Q26 First Take: Earnings execution continues with top

and bottom line beat; focus on growth event

GSK reported a top and bottom line beat with Turnover +2%/+2% vs. Rajan Sharma

+44(20)7051-7995 |

GSe/company-compiled consensus, respectively, and core EPS +7%/+7% vs. rajan.sharma@gs.com

Goldman Sachs International

GSe/consensus, largely driven by higher vaccine sales (mainly Arexvy and Bexsero)

James Quigley

and lower COGS, offsetting higher R&D and SG&A expenses. In terms of top line, +44(20)7051-3800 |

Vaccine sales were 10%/8% ahead of GSe/consensus expectations, while General james.quigley@gs.comGoldman Sachs International

Medicines sales were 5%/3% below vs. GSe/consensus expectations. For FY26, GSK Shyam Kotadia

updated its guidance, which implies 1%/1%/1% downside to company consensus +44(20)7051-6153shyam.kotadia@gs.com|

data on turnover, core operating profit, and core EPS, with FX impact for the year Goldman Sachs International

Bnow expected to be -2%/-4% on top line/bottom line respectively. Overall, whilst a Avantika +1(332)245-7514 | avantika.b@gs.com

positive headline, we see the beat as largely expected into earnings and with the Goldman Sachs India SPL

beat partly aided by Arexvy stocking/rebate adjustments we see limited scope Max Da, Ph.D.

+44(20)7051-8835 | max.da@gs.com

for positive consensus revisions based on the print. Going forward, we see Goldman Sachs International

potential for the announced cost savings programme to support further Theodora Rowe Beadle

earnings execution. Notably, in our view, the release also highlighted R&D +44(20)7552-0177theodora.beadle@gs.com|