GSK’s first-quarter sales landed broadly as expected, rising 5% to £7.6bn excluding currency moves. Growth in speciality medicines and vaccines more than offset a decline in general medicines.
A favourable shift in product mix and cost reductions helped drive underlying operating profit up 10% to £2.7bn.
Free cash flow increased by £0.1bn to £0.8bn, and net debt stood at £15.6bn.
A quarterly dividend of 17p per share was declared with 70p expected for the year as a whole. The ongoing £2.0bn buyback program has £0.3bn left to run.
2026 guidance is unchanged, as is the 2031 sales outlook of over £40bn. This year’s sales are expected to grow by 3-5%.
The shares fell 2.4% in early trading.
Our view
HL view to follow.
GSK key facts
All ratios are sourced from LSEG Datastream, based on previous day’s closing values. Please remember yields are variable and not a reliable indicator of future income. Keep in mind key figures shouldn’t be looked at on their own – it’s important to understand the big picture.
This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by LSEG. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments rise and fall in value so investors could make a loss.
This article is not advice or a recommendation to buy, sell or hold any investment. No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment.