First-quarter sales strength buoys new GSK CEO Miels
GSK chief executive Luke Miels.
GSK has had a solid start to 2026, with revenues rising ahead of analyst expectations in the first full quarter under new chief executive Luke Miels.
The group posted a 2% rise in revenues to $7.6 billion ($10.3 billion) – up 5% at constant currencies – which was driven by specialty medicines, such as cancer and HIV drugs, and vaccines. GSK said the result puts it on track to meet its 2026 turnover growth target of 3% to 5%, en route to its strategic objective of driving annual sales to at least £40 billion in 2031.
For Miels, the emphasis is firmly focused on ensuring GSK's R&D and business development operations can deliver that target, so much of the first-quarter update is focusing on pipeline progress and the company's ongoing push for "R&D acceleration," particularly in oncology, respiratory, and immunology/inflammation.
The CEO said that push can be seen with the just-completed US filing for chronic hepatitis B (CHB) treatment bepirovirsen and an ambitious phase 3 programme for GSK's portfolio of antibody-drug conjugates for cancer, including B7-H3-targeting risvutatug rezetecan (ris-rez) for small cell lung cancer and B7-H4-directed mocertatug rezetecan (mo-rez) for ovarian and endometrial cancers.
He also highlighted the recent acquisitions of RAPT Therapeutics and its ozureprubart for food allergies, in a $2.2 billion deal, and a $950 million takeover of 35Pharma and its pulmonary hypertension treatment HS235.
Extending its pipeline has some urgency for GSK, as it prepares to face patent expiry in 2027 for HIV drug dolutegravir, one of its biggest sellers, as well as competition to shingles vaccine Shingrix – currently its top product, with sales rising 20% to £1.02 billion in the first quarter – from the likes of Pfizer/BioNTech and Moderna.
One of the bright spots for GSK was the growth of its oncology business, including cancer immunotherapy Jemperli (dostarlimab), which grew 40% to $232 million thanks to a broader approval in endometrial cancer, and a 34% gain for myelofibrosis treatment Ojjaara/Omjjara (momelotinib) to £144 million.
Blenrep (belantamab mafodotin), recently relaunched for multiple myeloma, has also started to build momentum, however, making £23 million in the first quarter compared to £13 million in the last quarter of 2025 and £17 million for the full year.
To build towards its 2030 sales objective – which is higher than predicted by many analysts – GSK is banking on the delivery of new products, including bepirovirsen, long-acting IL-5 inhibitor Exdensur (depemokimab) for asthma and its predecessor Nucala (mepolizumab) for chronic obstructive pulmonary disease, and metabolic dysfunction-associated steatohepatitis (MASH) candidate efimosfermin.
The company said it is already seeing a strong COPD launch for Nucala, which grew 12% to £484 million in the first three months of the year, and encouraging "early signals" for Exdensur, which added £11 million to the revenue pot.
