GSK Plc (GSK.L): 3Q26 First Take: 8% EPS beat; but mixed performance of key drivers and Q4M HIV the focus

GSK reported in-line revenue, a 5% operating profit beat (aided by lower S,G&A and higher royalty income) with lower net financials driving an 8% core EPS beat vs company compiled consensus. FY26 guidance was reiterated on an underlying basis with a 1pp improvement in FX on top and bottom line. On a divisional basis HIV revenues were +1% vs consensus with solid beats across the portfolio excluding Apretude and Dovato which was impacted by generics in Brazil. Specialty medicines revenue was in line though we note weakness in the IL-5 respiratory franchise with Nucala slightly below consensus (-1%) and Exdensur 25% below as well as a Benlysta miss (-1%). Vaccine revenues missed slightly (-2%) driven by key vaccines Shingrix (-8% vs cons) and Arexvy (-16% vs cons). Overall, whilst GSK continues its strong run of earnings momentum with a strong bottom line beat, we believe this was largely expected by investors and expect focus to be the quality of the print. To that end, momentum of key g