London, Feb 6, 2026, 08:01 GMT — Regular session
- Shares slip in early trading following a rapid post-earnings surge that pushed the stock close to multi-decade highs
- Investors are balancing a weaker 2026 revenue forecast with steady dividend payouts and share repurchases
- Attention now turns to early indicators of vaccine demand and potential new deal activity under the incoming CEO
GSK plc shares edged down 0.8%, hitting 2,162 pence in early London trading Friday, after an opening at 2,166 pence. The stock fluctuated between 2,162 and 2,169 pence, hovering near its 52-week peak of 2,196.
The dip follows a strong rally that pushed the FTSE 100 to a record high earlier this week. CEO Luke Miels highlighted faster R&D and smaller bolt-on acquisitions as key drivers for the company’s next growth stage, after delivering upbeat quarterly results.
GSK reported 2025 sales of £32.7 billion and set a 2026 turnover growth target of 3% to 5% at constant exchange rates, which exclude currency fluctuations. The company expects “core” operating profit and earnings per share — metrics that leave out certain one-off items — to increase by 7% to 9%. It noted vaccines and general medicines may see flat or declining sales. Currency impacts could cut reported 2026 turnover growth by around 3% and core operating profit growth by roughly 6%, assuming late-January exchange rates hold. GSK announced a fourth-quarter dividend of 18 pence and projects 70 pence for 2026. It has completed £1.4 billion of a £2 billion share buyback. Additionally, GSK pointed to a December deal with the U.S. administration to lower prescription drug costs, which excludes GSK and ViiV Healthcare from Section 232 tariffs for three years, though the full terms remain confidential. GSK
Sheena Berry, healthcare analyst at Quilter Cheviot, described the update as a “steady and credible start” for Miels. She noted that although growth guidance eases a bit, vaccine leadership, robust HIV performance, and a clear long-term goal should reassure investors, she wrote. media.quilter.com
After two strong sessions, some investors reckon the stock has run a bit too far, too fast. “The numbers are solid enough even if earnings were a touch off expectations,” said Dan Coatsworth, head of markets at AJ Bell. GSK’s gains stood out in a healthcare sector dragged down by Novo Nordisk’s selloff. Reuters
A regulatory filing revealed that David Redfern, President of Corporate Development, sold 100,000 ordinary shares on Feb. 5 at £21.09 apiece on the London Stock Exchange. The same filing showed Neil Falkingham, closely linked to GSK executive Lynn Baxter, offloaded 2,000 shares at £20.87.
The bar’s set higher now. A slip in vaccine progress or a tougher blow from pricing and currency shifts could reveal whether this week’s rerating reflects solid fundamentals or just market positioning.
Traders will be looking for any signs that deal discussions are moving forward. Miels has brought acquisitions back into focus, and once management drops that kind of language, investors usually expect clear timelines.
GSK’s first-quarter results, due April 29, are the next major event. Investors will be watching closely for signs that vaccine demand remains steady and whether specialty medicines can drive growth through 2026.
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