Oct 28, 2026 earnings call — Specialty launches and R&D acceleration
GSK reconfirmed 2026 guidance as sales rose 5% to GBP 8.9 billion, driven by specialty product launches.
Revenue $11.8B (est $11.8B) · EPS $1.47 (est $1.33)
Key quotes
"This quarter, we have made good progress on Blenrep, where repeat prescribers are growing as physicians and patients get comfortable using the medicine, and Exdensur, where we are seeing momentum building with prescribers, patients, and access all increasing in the quarter."
"We've now started 18 phase III studies, with a further four on track to start before the end of the year."
"Monitoring is there for two reasons. One is ALT elevation, so liver enzyme elevation, and the other one is thrombocytopenia."
Analyst Q&A 9
HIV long-acting injectables update
Q (James Gordon · Barclays): Analyst asked about the EXTEND four-monthly PrEP PK results, whether more PK work is needed, and if that could delay launches. He also asked if recent ViiV management changes imply a reboot and about Exdensur and Blenrep launch timing after J-code.
A: Management said the management changes are not connected to the programmes and they feel confident in the ViiV team. They confirmed the EXTEND PrEP data are in-house and analysis is ongoing and will be shared with regulators. For Exdensur, J-code was granted 1st of July and the ASP document became available 1st of October, with week-on-week sales increases since then; Blenrep has about half sales ex-U.S. and perception is the main challenge.
"Look, I think firstly, no connection to management changes." — Luke Miels (CEO)
Shingrix regional performance and Hibsago
Q (Simon Baker · Redburn): Analyst asked for regional drivers of Shingrix performance and potential accelerants including MACE and dementia studies. He also asked about Hibsago adoption and whether monitoring is a barrier.
A: Management gave region-by-region Shingrix detail: U.S. IZ rate 46%, inventory dynamics, China shots about 300,000 a month (up 60%), and international expansion in new countries. They described large pragmatic studies for MACE and dementia with initial CVD readout end of 2027 and initial results from two studies expected in 2029. For Hibsago they said it is approved in Japan and the U.S., reimbursement in Japan included a 50% usefulness premium, monitoring is expected early after dosing (ALT and thrombocytopenia) and physicians will likely gate the first 12 weeks then reassess.
"We're expecting initial results from those two studies in 2029." — Tony Wood
Q3 items and EXTEND read-through
Q (Michael Leuchten · Jefferies): Analyst asked if there were other Q3 items to note beyond Shingrix inventory and why full-year guidance did not rise despite SG&A beat. He also asked why management sees no read-through from the PrEP PK outcome to Cabenuva treatment.
A: Julie said the Shingrix U.S. inventory build in Q3 amounted to about 2% points of global growth and that Q3 beat reflected sales phasing, meningitis ordering, Ventolin and higher R&D spend; full-year guidance reflects moderating sales drivers and planned R&D and launch spend. David said EXTEND is a PK bridging study looking at drug levels at steady state and safety, whereas CUATRO is an efficacy study comparing four-monthly to two-monthly Cabenuva, and they are confident in the formulation.
"EXTEND is a PK bridging study where we are looking at drug substance levels at steady state, no earlier than month 13, as well as safety and tolerability." — David Redfern
APRETUDE timing and R&D funding
Q (Kerry Holford · Berenberg): Analyst asked whether there is a scheduled FDA review for APRETUDE Q4 data and when clearer next steps can be expected. He also asked how confident management is that 2027 incremental R&D can be offset by SG&A and COG savings.
A: David said the last patient reached steady state only a few weeks ago, analysis is ongoing and they are confident they will share the data with regulators before the end of the year. Julie said the company has a track record of delivering margin accretion while increasing R&D, expects R&D to grow ahead of sales but not as sharply as Q3, and plans to offset spend via specialty pivot, SG&A efficiencies and cost of goods improvements under the Accelerate Growth programme.
"I think we are confident we will be sharing the data with the regulator before the end of the year, and obviously, post-regulatory discussions, we will update appropriately." — David Redfern
TRELEGY, Dovato, Hibsago China timing
Q (Sachin Jain · BofA): Analyst asked about the TRELEGY IRA impact called out for 2027 and whether more IRA pressure is expected. He asked if Dovato DTG tender impact should grow next year. He also asked timeline to reimbursement for Hibsago in China.
A: David said Dovato had some impact in markets like Brazil where dolutegravir patents expire this year, and noted the U.S. composition-of-matter runs to 2028. Luke said TRELEGY negotiated U.S. price for 30 days is $175, a 73% discount to 2024 list price, and the rebasing is included in guidance. Nina said China discussions for Hibsago are ongoing, they will launch immediately in the private market when available, and they hope NRDL inclusion by the end of next year.
"there are some international markets, notably Brazil, where the patents on dolutegravir expire this year." — David Redfern
IRA impact and Hibsago pricing/coverage
Q (Zain Ebrahim · JPMorgan): Analyst asked whether consensus outlets for general medicines properly capture IRA headwinds for BREO and TRELEGY. He also asked how Hibsago pricing compares to initial expectations and when Part D coverage will occur.
A: Luke gave pricing and epidemiology context: about GBP 50,000 in Japan and just over GBP 100,000 in the U.S., and discussed treated and diagnosed patient counts across countries. Nina said most Hibsago patients have commercial coverage and there is no competition, which helps pricing; Julie said they will provide comprehensive guidance by product area at year end.
"Most of these patients do have commercial coverage." — Nina Mojas
Exdensur vs Nucala and interest charges
Q (Matthew Weston · UBS): Analyst asked whether the IL-5 class weakness in Q3 (Nucala) relates to Exdensur access or class pressure from TSLP. He also asked about net financial charge assumptions for 2027 given Nuvalent and restructuring cash out.
A: Luke said Nucala U.S. volume was up nearly 40% while prices were down 15%, there is competitive pressure from TSLP but Xolair pricing is being defended and coverage for Xolair improved from 18% to 43% Q2 to Q3. Julie said Nuvalent cash out and Accelerate Growth charges are material, they now expect P&L charges around GBP 1 billion and interest costs for next year in the order of GBP 900 million to maybe GBP 1 billion.
"If you look at the numbers in the U.S., volume I think was up nearly 40%, 39%, prices down 15%." — Luke Miels (CEO)
EXTEND PK issue and CUATRO formulation
Q (Graham Parry): Analyst asked what needs further characterization about the new formulation in EXTEND, whether PK mismatched simulations or tolerability, and if CUATRO uses the same formulation so why no read-through. He also asked about Arbutus litigation status.
A: David said they need to complete analysis then discuss with regulators and declined to give more detail to avoid prejudicing regulators. He confirmed that PK levels for monthly dosing were set based on the pivotal two-monthly study and stated that it's the same formulation in both EXTEND and CUATRO and they are very confident in that formulation. Luke declined to add more on Arbutus beyond implying market signals.
"You're right that it's the same formulation in both EXTEND and CUATRO." — David Redfern
Food allergy program and Hansoh deal
Q (Trung Huynh · RBC): Analyst asked about the food allergy ozureprubart Phase II timing, opportunity and competitive landscape, and details on the Hansoh collaboration targets and timing of optioned programmes and milestones.
A: Luke said they expect a 2B food allergy readout in 2027 and plan to start phase III in H2 next year, and described ozureprubart as about twice the potency of Xolair with potential three-monthly dosing. Tony said the Hansoh PDE3/4 is early clinical work aiming at a metered dose inhaler opportunity, and there are 11 other collaboration targets not disclosed yet but actively being selected for future options.
"In 2027, we will get a 2B readout for food allergy." — Luke Miels (CEO)