GSK Shares Fall as Weaker Vaccine Sales and Trimmed Outlook Overshadow Earnings Beat

GSK plc (GSK) shares fell more than 4% in London trading after the company's third-quarter 2026 earnings report presented a mixed picture that concerned investors. While the pharmaceutical giant surpassed headline profit and revenue estimates, weakness in its vaccine division and a more cautious full-year outlook prompted a significant sell-off.

Earnings Beat Masks Underlying Weakness

GSK reported core earnings per share of 54.6 pence, comfortably ahead of the 50.4 pence consensus estimate. Total sales for the quarter also edged past expectations, coming in at £8.89 billion versus a forecast of £8.84 billion.

However, investors looked past the top-line figures to focus on deteriorating performance in key segments. The company's statutory profitability was hit by a £328 million restructuring charge, contributing to a 16% slide in total operating profit. The crucial vaccines division also showed signs of strain.

• Vaccine Sales: Fell 2% to £2.6 billion, driven by weaker market demand.
• Arexvy Sales: The company's RSV vaccine saw a 24% decline.
• Shingrix Sales: Revenue from the shingles vaccine dropped by 5%.

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Guidance Trimmed Amid Higher Costs

Compounding investor concerns, GSK confirmed that it now expects full-year core EPS growth to be in the lower half of its 7% to 9% guidance range. The company attributed the tempered forecast to higher interest charges, which are now anticipated to be between £700 million and £750 million, stemming from debt used to finance its acquisition of Nuvalent.

A broader risk-off tone in the market amplified the selling pressure. The FTSE 100 index was trading lower, weighed down by an earnings miss from HSBC and investor caution ahead of the UK's Autumn Budget and a forthcoming interest rate decision from the U.S. Federal Reserve. The combination of internal performance issues and external market headwinds pushed GSK shares to an intraday low of 1823p, a sharp drop from the previous session's close of 1923.5p.