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Inferra AI / Company / GSK

GSK

GSK · Health Care

Last earnings Oct 28, 2026

Key results

Free cash flowquarter

67%

  Cash generation Cash flow             Q3 2026 £m Q3 2025 £m 9 months 2026 £m 9 months 2025 £m Cash generated from operations (£m) 3,122 2,520 7,378 6,254 Total net cash inflow/(outflow) from operating activities (£m) 2,809 2,222 6,640 5,463 Free cash inflow/(outflow)* (£m) 2,078 1,246 4,887 3,069 Free cash flow growth/(decline) (%) 67% (6%) 59% 58% Free cash flow conversion* (%) >100% 62% >100% 60% Total net debt** (£m) 20,739 14,444 20,739 14,444 *  Free cash flow and free cash flow conversion are defined on page 43.

SEC original ↗GSK — Earnings release (6-K report)6-KOct 28, 2026

AI analysis

Latest earnings event · reported Oct 28, 2026

Based on: Earnings release — transcript not held

Headline figures

MetricLatest earnings eventPrior qtrYear ago
Free cash flow67%——

6-K · Oct 28, 2026

Guidance · company-stated

Direction: Raised

EPS

“   Turnover is expected to increase between 3% to 5%, at the upper half of the range  Core operating profit is expected to increase between 7% to 9%, at the upper half of the range  Core earnings per share is expected to increase between 7% to 9%, at the lower half of the range     This guidance is supported by the following turnover expectations for full-year 2026 at CER.”

Company outlook — Reiterated

“  2026 Guidance     GSK reaffirms its full-year 2026 guidance at constant exchange rates (CER).”

Classified from the release's primary full-year outlook statement.

Next earningsNo verified date on fileNo date is estimated or imported

Cash flow & capex

Free cash flow67%

Capital allocation

All expectations, guidance and outlooks regarding future performance and dividend payments should be read together with ‘Guidance and outlooks, assumptions and cautionary statements’ on pages 45-46.

  Core earnings per share is expected to increase at the lower half of the 7 to 9 per cent range at CER, reflecting higher interest charges of around £700-750 million, including the impact of the Nuvalent acquisition, and the tax rate which is expected to rise to around 17.5%, offset by the expected benefit from the share buyback programme.

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

GSK — Earnings release (2026-10-28)

Based on: Earnings release — transcript not held

Guidance & outlook

Direction: Raised

EPS: “   Turnover is expected to increase between 3% to 5%, at the upper half of the range  Core operating profit is expected to increase between 7% to 9%, at the upper half of the range  Core earnings per share is expected to increase between 7% to 9%, at the lower half of the range     This guidance is supported by the following turnover expectations for full-year 2026 at CER.”

Company outlook — Reiterated (“reaffirms”)
“  2026 Guidance     GSK reaffirms its full-year 2026 guidance at constant exchange rates (CER).”

EPS — Raised (“increase”)
“   Turnover is expected to increase between 3% to 5%, at the upper half of the range  Core operating profit is expected to increase between 7% to 9%, at the upper half of the range  Core earnings per share is expected to increase between 7% to 9%, at the lower half of the range     This guidance is supported by the following turnover expectations for full-year 2026 at CER.”

Classified from the release's primary full-year outlook statement.

Capital allocation

All expectations, guidance and outlooks regarding future performance and dividend payments should be read together with ‘Guidance and outlooks, assumptions and cautionary statements’ on pages 45-46.

SEC original ↗GSK — Earnings release (6-K report)6-KOct 28, 2026

  Core earnings per share is expected to increase at the lower half of the 7 to 9 per cent range at CER, reflecting higher interest charges of around £700-750 million, including the impact of the Nuvalent acquisition, and the tax rate which is expected to rise to around 17.5%, offset by the expected benefit from the share buyback programme.

SEC original ↗GSK — Earnings release (6-K report)6-KOct 28, 2026

  Dividend policy The Dividend policy and the expected pay-out ratio remain unchanged.

SEC original ↗GSK — Earnings release (6-K report)6-KOct 28, 2026

Consistent with this, GSK has declared a dividend for Q3 2026 of 17p per share.

SEC original ↗GSK — Earnings release (6-K report)6-KOct 28, 2026

GSK's future dividend policy and guidance regarding the expected dividend pay-out in 2026 are provided on page 30.

SEC original ↗GSK — Earnings release (6-K report)6-KOct 28, 2026

GSK completed the £2 billion share buyback programme announced in FY 2024 in Q2 2026.

SEC original ↗GSK — Earnings release (6-K report)6-KOct 28, 2026

Strategy & priorities

We remain focused on operational delivery, execution and accelerating R&D.

SEC original ↗GSK — Earnings release (6-K report)6-KOct 28, 2026

In addition, GSK anticipates further leverage in Operating profit as we accelerate ongoing productivity initiatives and take a returns-based approach to SG&A investments, with SG&A expected to be broadly stable year-on-year.

SEC original ↗GSK — Earnings release (6-K report)6-KOct 28, 2026

Exdensur 27 – – 56 – – Increasing new patient starts in key growth markets US, Japan and Germany, and geographic expansion with launches across other European and International markets.

SEC original ↗GSK — Earnings release (6-K report)6-KOct 28, 2026

Strong growth continued in Europe and International driven by launches and reimbursement expansion across markets.

SEC original ↗GSK — Earnings release (6-K report)6-KOct 28, 2026

Continued geographic expansion with launches across Europe and International markets.

SEC original ↗GSK — Earnings release (6-K report)6-KOct 28, 2026

Risks & headwinds

  Agreement with US Government to lower the cost of prescription medicines for American patients As previously announced, on 19 December 2025, GSK entered into an agreement with the US Administration to lower the cost of prescription medicines for American patients and exclude both GSK and ViiV Healthcare from Section 232 tariffs for three years.

SEC original ↗GSK — Earnings release (6-K report)6-KOct 28, 2026

On 9 April 2026, GSK, ViiV Healthcare, and the US Government entered into a definitive agreement reflecting Section 232 tariff relief through 20 January 2029 (subject to implementation and ongoing compliance).

SEC original ↗GSK — Earnings release (6-K report)6-KOct 28, 2026

Significant legal charges and expenses are those arising from the settlement of litigation or government investigations that are not in the normal course and materially larger than more regularly occurring individual matters.

SEC original ↗GSK — Earnings release (6-K report)6-KOct 28, 2026

  Global health and health security     ● Dengue remains a major unmet global health challenge with hundreds of millions of infections estimated each year and limited treatment options.

SEC original ↗GSK — Earnings release (6-K report)6-KOct 28, 2026

Competitors

Competitors & peers

Same GICS sector — classification peers, not declared competitors

Gilead Sciences (GILD) Health CareGenmab (GMAB) Health CareAlcon (ALC) Health CareArgenx (ARGX) Health CareSanofi (SNY) Health CareMerck & Co. (MRK) Health CareXencor Inc (XNCR) Health CareIllumina, Inc. (ILMN) Health Care
Documents

Filings

75 documents

Earnings releases

1 document

Presentations

0 documents

No presentations for GSK are held in this edition of the library.

Transcripts

0 documents

No transcripts for GSK are held in this edition of the library.

Mentioned by

5 companies

Other tracked companies whose held documents mention GSK by name or ticker. A mention is counted once per document, from the document text the library holds.

See also the earnings calendar for every tracked company’s next earnings date.