GSK Q1 Revenues Increase 5% to £7.6 Billion; Shingrix Up 20%
GSK reported Q1 sales up 5% to GBP7.6 billion, core operating profit grew 10% and EPS rose 9% driven by specialty medicines and vaccines. Shingrix sales surged 20% to over GBP1 billion and HIV portfolio sales climbed 10%, while General Medicines declined 6% and US co-pay changes weighed on growth.
1. Q1 Financial Performance
GSK delivered Q1 sales of GBP7.6 billion, marking a 5% increase year-over-year. Core operating profit rose 10% and EPS increased 9%, highlighting robust earnings driven by higher-margin specialty medicines and vaccine offerings.
2. Key Product Highlights
Shingrix achieved record quarterly sales of over GBP1 billion, up 20% with strong uptake in Europe and the US. The HIV portfolio also posted double-digit growth, rising 10% on long-acting regimens and Dovato market share gains in the US.
3. Business Challenges
General Medicines sales fell 6% as established products underperformed and US growth was restricted by higher co-pay requirements from Medicare redesign. Exdensur’s US access remains limited pending a J-code, and competitor data on oral HIV drugs may pressure the injectable segment.
4. Pipeline Progress
GSK accelerated its R&D pipeline with seven Phase III trials initiated in 2025 and plans for ten more in 2026, focusing on high-potential oncology and respiratory candidates. A comprehensive strategy update is expected with Q2 results, including HIV business outlook.