What they sell
| Product | What it treats | How new is it? |
|---|---|---|
| Shingrix £780 million in Q3 2026 (-5%). | Shingles vaccine | Better than what exists |
| Dovato, Cabenuva and other HIV medicines HIV sales of £2.1 billion in Q3 (+10%). Cabenuva, an injection every one or two months, grew 35%. | HIV treatment | Better than what exists |
| Trelegy A single daily inhaler with three medicines. £787 million in Q3. | Asthma and COPD | Better than what exists |
| Nucala, Exdensur Nucala £582 million in Q3. Exdensur is a new injection given every six months. | Severe asthma and related diseases | Better than what exists |
| Arexvy The first RSV vaccine for older adults. £195 million in Q3 (-24%). | RSV vaccine for older adults | First of its kind |
| Jemperli, Blenrep Jemperli £273 million in Q3 (+19%). Blenrep, returned to the US market, £50 million. | Womb and other cancers; multiple myeloma | Better than what exists |
| Jideytro (zidesamtinib) Came with Nuvalent. Approved July 2026, £3 million of first sales. | ROS1-positive lung cancer, after earlier treatment | Better than what exists |
In development
| Drug | For | Stage |
|---|---|---|
| Neladalkib FDA decision on 27 November 2026, with priority review. | ALK-positive lung cancer, after earlier pills | Filed |
| Bepirovirsen Filed in Q1 2026. EU and China decisions expected in the first half of 2027. | Chronic hepatitis B | Filed |
| Zidesamtinib Positive data. US filing expected in the second half of 2026, decision in the second half of 2027. | First-line ROS1-positive lung cancer | Phase 3 |
Dates to watch
| When | What |
|---|---|
| 27 November 2026 | FDA decision on neladalkib in ALK-positive lung cancer. |
| 2H 2026 | US filing of zidesamtinib in first-line lung cancer. |
| 1H 2027 | EU and China decisions on bepirovirsen in hepatitis B; EU filing of neladalkib. |
The short version
GSK is one of the world’s largest drugmakers. It was formed in 2000 from the merger of Glaxo Wellcome and SmithKline Beecham, and it spun off its consumer health business as Haleon in 2022. Today it is focused on vaccines, HIV, respiratory disease and cancer. It made £24.9 billion of sales in the first nine months of 2026 (GSK Q3 2026 results), and it expects to pass £40 billion by 2031.
The latest FDA decision: approved
On 22 July 2026 the FDA approved Jideytro (zidesamtinib) for ROS1-positive lung cancer, two months early and one week after GSK closed its $10.6 billion purchase of Nuvalent (AJMC). The drug is small news for a company this size, and the shares barely moved (-0.1%), as our FDA Decision Calendar shows. The next decision is close: neladalkib, Nuvalent’s second drug, for ALK-positive lung cancer, on 27 November.
What it makes
GSK has three parts. Specialty medicines (£3.9 billion in Q3, +15%) include HIV, severe asthma and cancer. Vaccines (£2.6 billion, -2%) are led by Shingrix. General medicines (£2.4 billion, flat) include older inhalers and antibiotics. Growth now comes mostly from specialty, especially long-acting HIV injections such as Cabenuva and cancer drugs such as Jemperli.
Is it really new?
GSK has some true firsts, such as Arexvy, the first RSV vaccine for older adults, and Cabenuva, the first complete long-acting HIV injection. Most of its sales, though, come from improved versions of known medicines. Bepirovirsen, under review for hepatitis B, could be a real change if it delivers a lasting response in a disease that patients now manage for life.
The competition
In HIV the main rival is Gilead, whose Biktarvy leads the market. In vaccines, Pfizer’s Abrysvo and Moderna’s mRESVIA compete with Arexvy. In severe asthma it faces AstraZeneca and the very successful Dupixent. Neladalkib would be aimed at patients whose tumours stopped responding to Lorbrena or Alecensa.
Money
Core operating profit rose 5% to £3.08 billion in Q3 and core earnings per share rose 1% to 54.6p, held back by interest costs on the Nuvalent deal. GSK kept its 2026 guidance: sales up 3–5% and core operating profit up 7–9%, both in the upper half of the range, and core earnings per share up 7–9%, in the lower half. Net debt was £20.7 billion at the end of September, and it expects a 70p dividend for 2026. The shares fell about 6% on the results day, mainly on weak vaccine sales (Stockopedia).
Risks
- Vaccines. Shingrix and Arexvy are slowing, and US vaccine policy has become less predictable.
- Patents. GSK’s key HIV medicine dolutegravir faces patent expiry towards the end of the decade, so long-acting products must take over.
- Deal risk. The price paid for Nuvalent has to be earned back in a competitive area.
- Slow growth. A company this large will rarely deliver big jumps.
Our take
GSK is a classic defensive stock: steady sales, a solid dividend and a modest valuation. CEO Luke Miels has to prove the 2031 target is realistic while vaccines are weak. For investors who want biotech exposure without the risk of a single trial wiping out a company, this is a very different kind of holding.
Main competitors
| Company | Rival product | How it compares |
|---|---|---|
| Gilead | Biktarvy, Yeztugo | The HIV market leader, and the main rival to Dovato and Cabenuva. |
| Pfizer, Moderna | Abrysvo, mRESVIA | Rival RSV vaccines. |
| Pfizer, Roche | Lorbrena, Alecensa | Leading ALK lung cancer pills, where neladalkib aims to work after they stop working. |
| AstraZeneca, Sanofi / Regeneron | Fasenra, Tezspire, Dupixent | Strong rivals to Nucala and Exdensur in severe asthma. |
Frequently asked questions
What does GSK do?
GSK is a global drugmaker that sells vaccines, HIV medicines, respiratory drugs and cancer treatments. It was formed in 2000 and made sales of £24.9 billion in the first nine months of 2026.
Why did GSK buy Nuvalent?
To add two lung cancer pills, zidesamtinib and neladalkib, to its cancer business. The deal cost $10.6 billion and closed in July 2026. The FDA approved zidesamtinib as Jideytro the same month.
Does GSK pay a dividend?
Yes. It declared 17p for Q3 2026 and expects 70p for the full year.
Is GSK a biotech company?
It is better described as a large pharmaceutical company, but it buys and develops biotech drugs. Its American shares (ADRs) trade in New York and each one equals two ordinary shares in London.