Shore Capital analysts have concluded that GSK has effectively delivered on its medium-term plan a full year ahead of schedule. The firm now views the company’s target of achieving £40 billion in annual revenues by 2031 as entirely credible. Based on this assessment, Shore Capital has raised its fair-value estimate for GSK shares to 2,500 pence, reflecting confidence in the strength of the company’s specialty medicines and vaccines franchises and the positive momentum evident in recent quarterly performance.

In the fourth quarter of 2025, GSK reported core earnings of $0.68 per share (25.5 pence), outpacing consensus forecasts by 6 percent. Group revenues reached $11.46 billion (8.62 billion pounds), an 8 percent increase at constant exchange rates. Vaccine sales amounted to £2.29 billion, led by 20 percent growth in Shingrix (to £1.01 billion), 25 percent growth in Arexvy (£198 million) and 6 percent growth in meningitis vaccines (£313 million), offset in part by a 14 percent decline in established vaccine revenues (£694 million). Specialty Medicines revenues rose 15 percent (18 percent cc) to £3.81 billion, while General Medicines declined 3 percent (1 percent cc) to £2.52 billion. The board declared a fourth interim dividend of 18 pence, up from 16 pence a year earlier.

Management has guided 2026 sales growth of between 3 percent and 5 percent, with Specialty Medicines expected to deliver low-double-digit growth while vaccines and general medicines revenues are forecast to be flat to down low single digits. Core operating profit and EPS are projected to increase by 7 percent to 9 percent in 2026. Looking further ahead, GSK continues to target more than £40 billion in annual revenues by 2031, underpinned by pipeline progress across respiratory, immunology & inflammation, oncology and HIV franchises, ongoing geographic expansion of Shingrix and Arexvy, and disciplined capital allocation including incremental R&D investment in high-value assets.