GSK on Wednesday projected a slowdown in sales growth for 2026, marking the first forward-looking guidance under new CEO Luke Miels. The outlook comes as the pharmaceutical group pivots toward strengthening its drug pipeline to offset upcoming patent expiries on its leading HIV treatments.
The guidance highlights the challenge facing Miels as he transitions the company from a phase of heavy research investment to sharper commercial execution. His strategy is aimed at steering GSK toward its long-term ambition of generating more than £40 billion ($55 billion) in annual sales by 2031.
Investors are closely monitoring how Miels, who succeeded Emma Walmsley at the start of the year, will navigate a complex operating environment. Key risks include potential U.S. tariffs, evolving healthcare policies, and the expected loss of exclusivity for GSK’s top-selling HIV drugs beginning in 2028.
“2026 will be a key year of execution and operational delivery,” Miels said in a statement, underlining the importance of performance as the company enters the next phase of its strategy.
GSK expects revenue to grow between 3% and 5% this year on a constant-currency basis, compared with a 7% increase recorded in 2025. The company also reported core earnings per share of 25.5 pence for the three months ended December 31, as quarterly revenue rose 8% to £8.62 billion.
Looking ahead, GSK forecast 2026 core earnings per share growth of 7% to 9%. Vaccine sales are expected to range from a low single-digit percentage decline to broadly flat, reflecting a more cautious outlook for that segment.
