# GSK plc: Recent Events (through 28 October 2026) GSK reports in pounds sterling. Amounts below are converted to US dollars from sterling at the rates GSK states in its third-quarter 2026 results (average $1.34 per pound for the third quarter and nine months of 2026; $1.33 at 30 September 2026 for balances; $1.31 average and $1.35 year-end for 2025). The Accelerate Growth targets and the 2031 outlook are converted at the 30 September 2026 closing rate; sterling figures and percentage changes are the company's own. ## Filings that contain financial statements - **Form 6-K, accession 0001654954-26-009181, filed 28 October 2026 ("3rd Quarter Results").** Unaudited condensed interim financial information for the three and nine months ended 30 September 2026: income statement, statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement, segment information, plus Total-to-Core reconciliations and sales tables. It carries an auditor's review report. This is the source for third-quarter 2026 numbers. - **Form 6-K, accession 0001654954-26-006949, filed 28 July 2026 ("2nd Quarter Results").** Income statement, balance sheet and cash flow statement for the three and six months ended 30 June 2026, with the same supporting tables. - **Form 6-K, accession 0001193125-26-384439, filed 8 September 2026.** Re-furnishes the second-quarter 2026 results report (period ended 30 June 2026, with income statement, balance sheet and cash flow statement) so that it is incorporated by reference into the company's Form F-3 registration statement. The content matches the 28 July announcement. - **Annual report on Form 20-F, accession 0001131399-26-000004, filed 6 March 2026**, for the year ended 31 December 2025. ## Third-quarter 2026 results (6-K 0001654954-26-009181, 28 October 2026) - Turnover £8,887 million ($11.91 billion), up 4% at actual rates and 5% at constant exchange rates. Nine-month turnover £24,925 million ($33.40 billion), up 4% (5% constant). - Specialty Medicines sales rose 15% at constant rates (HIV +10%, Respiratory, Immunology & Inflammation +21%, Oncology +23%). Vaccines fell 2% (Shingrix -5%, Arexvy -24%, Meningitis +12%). General Medicines were stable (Trelegy +8%). - Core operating profit £3,076 million ($4.12 billion), up 5% constant (core operating margin 34.6%). Core EPS 54.6p, up 1% constant. - Total operating profit £2,127 million ($2.85 billion), down 16% constant; total EPS 38.5p, down 21%. The decline reflects Major restructuring charges of £328 million ($439.52 million) for the new "Accelerate Growth" programme and lower other net operating income. - Cash generated from operations £3,122 million ($4.18 billion); free cash flow £2,078 million ($2.78 billion), up 67%. Net debt at 30 September 2026 was £20,739 million ($27.58 billion), against £14,453 million ($19.51 billion) at 31 December 2025. The company attributes the increase mainly to net acquisition costs for Nuvalent (£7,143 million, $9.57 billion), RAPT Therapeutics (£1,404 million, $1.88 billion) and 35Pharma (£700 million, $945 million), dividends and the buyback, partly offset by free cash flow. - **Guidance reaffirmed** at constant rates for full-year 2026: turnover +3% to 5% (upper half of range), core operating profit +7% to 9% (upper half), core EPS +7% to 9% (lower half). Interest charges are expected at around £700 to 750 million ($938.00 million to $1.01 billion), including the effect of the Nuvalent acquisition, and the core tax rate is expected to rise to around 17.5%. The 2031 sales outlook of more than £40 billion ($53.20 billion) was reiterated. - Q3 2026 dividend of 17p per share declared ($0.46 per ADS); 70p expected for the full year 2026. The £2 billion ($2.68 billion) share buyback announced with 2024 results was completed in Q2 2026 (June). ## Restructuring: "Accelerate Growth" programme The Q3 results state that GSK initiated a three-year "Accelerate Growth" programme in the third quarter. It targets £1.9 billion ($2.53 billion) of annual savings, fully realised by 2029, for expected total costs of £2.4 billion ($3.19 billion), of which £2.1 billion ($2.79 billion) is cash. Most of the charges fall in 2026 and 2027, and savings are to be mainly reinvested in R&D, including business development, with a portion used to support operating margin through the dolutegravir loss-of-exclusivity period (2028 to 2030). The programme was first outlined with second-quarter results (6-K 0001654954-26-006949, 28 July 2026), alongside a plan to expand late-stage R&D to 20 or more phase III starts in 2026 (from 10). ## M&A and business development - **Nuvalent, Inc. (closed).** 6-K 0001654954-26-006663 (15 July 2026) announces completion of the acquisition by tender offer. The press release gave an aggregate equity value of about $10.6 billion, and about $9.4 billion net of cash acquired. The third-quarter results state that GSK paid $124 per share at closing, for $10.8 billion including transaction fees ($9.6 billion net of cash acquired), and recognised £852 million ($1.13 billion) of goodwill on provisional accounting. The deal adds zidesamtinib (now Jideytro, FDA-approved 22 July 2026), neladalkib (US decision expected in the second half of 2026) and NVL-330 in phase I. - **RAPT Therapeutics and 35Pharma (closed earlier in 2026).** The third-quarter results report these acquisitions as fully paid at 30 September 2026 (total consideration across Nuvalent, RAPT and 35Pharma £10.5 billion, $14.07 billion). - **Chimagen Biosciences (signed, not closed).** 6-K 0001654954-26-008359 (15 September 2026): agreement to acquire a trispecific T cell-engager for multiple myeloma, with an upfront payment (amount not disclosed) and a total potential value of up to $750 million including milestones. The release states the agreement is subject to customary closing conditions; GSK has not announced completion. - **ViiV Healthcare shareholding.** The third-quarter results describe the swap of Pfizer's 11.7% interest in ViiV for an investment by Shionogi, completed 31 March 2026, which lifted Shionogi's economic interest to 21.7%; GSK received a special dividend of $250 million. - **Rockville manufacturing site and linerixibat.** The nine-month results record income from the sale of the Rockville facility and the divestment of linerixibat. ## Capital markets - **Debt offering (September 2026).** On 8 September 2026 the company furnished its second-quarter report for incorporation into its Form F-3 (6-K 0001193125-26-384439). On 15 September 2026, 6-K 0001193125-26-391597 filed legal opinions (Exhibits 5.1 and 5.2) for a takedown of guaranteed debt securities issued by GlaxoSmithKline Capital Inc. and guaranteed by GSK plc. GlaxoSmithKline Capital Inc. issued notes guaranteed by GSK plc: $1.25 billion 4.850% notes due 2029, $1.25 billion 5.000% notes due 2031, $1.5 billion 5.250% notes due 2033, $1.5 billion 5.500% notes due 2036, $500 million 6.000% notes due 2056 and $500 million floating-rate notes due 2029, for $6.5 billion in total. Gross debt rose from £18,238 million ($24.26 billion) at 30 June to £23,701 million ($31.52 billion) at 30 September 2026. - Routine "Admission to trading" notices (6-Ks 0001654954-26-006854, 24 July, and 0001654954-26-008813, 6 October 2026) record small share issues under employee schemes; shares in issue were 4,316,311,662 after the October admission. ## Pipeline, regulatory and clinical items - **Camlipixant (17 July 2026, 6-K 0001654954-26-006705).** Phase III CALM-1 met its primary endpoint; CALM-2 did not. GSK decided not to progress camlipixant in refractory chronic cough. The second quarter carried impairments of £1,334 million ($1.79 billion) on camlipixant, and further impairment on terminated Alector-collaboration assets (£371 million, $497.14 million), per the second-quarter and third-quarter results. - **Jideytro (zidesamtinib), US approval 22 July 2026 (6-K 0001654954-26-006789)** for previously treated ROS1-positive NSCLC, ahead of the 18 September target date; it recorded £3 million ($4.02 million) of third-quarter sales. Positive first-line ARROS-1 registrational data followed on 14 September (6-K 0001654954-26-008318). - **Hibsago (bepirovirsen), chronic hepatitis B.** First approval in Japan on 24 August 2026 (6-K 0001654954-26-007800); US FDA approval announced 20 October 2026 (6-K 0001654954-26-009062, furnished 21 October). - **Jemperli.** FDA accepted for review the rectal cancer filing (6-K 0001654954-26-007798, 24 August), then approved it on 19 October 2026 for MSI-H/dMMR locally advanced rectal cancer (6-K 0001654954-26-009036). - **mRNA seasonal flu vaccine.** Positive phase II data and decision to start phase III in September 2026 (6-K 0001654954-26-007998, 1 September). - **Other.** Shingrix prefilled syringe approved in Japan (6-K 0001654954-26-008234, 10 September); Ris-Rez and Mo-Rez early data (6-Ks 0001654954-26-009023, -009127, -009141 and -008321, September to October). ## Corporate and governance - 9 July 2026 (6-K 0001654954-26-006557): Roy Jakobs, CEO of Royal Philips, joined the Board as a Non-Executive Director from 13 July 2026. - 8 October 2026 (6-K 0001654954-26-008854): Non-Executive Director Wendy Becker was appointed a Non-Executive Director of Tesco PLC from 1 November 2026. - 17 July 2026 (6-K 0001654954-26-006706): after a competitive tender, the Board decided to re-appoint Deloitte LLP as external auditor from the financial year ending 31 December 2028, subject to shareholder approval at the 2028 AGM. - 28 July 2026 (6-K 0001654954-26-006954): plan for a new flagship R&D centre on the Cambridge Biomedical Campus, with a £400 million ($536 million) investment over three years; the Stevenage site is to be vacated by 2029. ## Regulatory and policy The third-quarter results restate GSK's agreement with the US Administration on prescription medicine pricing (announced 19 December 2025) and the definitive agreement of 9 April 2026 providing Section 232 tariff relief through 20 January 2029, subject to implementation and compliance. GSK and ViiV signed GENEROUS Model participation agreements with CMS effective 15 June 2026. The company says full-year guidance includes the expected impact. ## Legal The aggregate provision for legal and other disputes was £202 million ($268.66 million) at 30 September 2026 (£210 million, $283.50 million, at 31 December 2025). Developments noted in the third-quarter results include a post-trial hearing on 20 October 2026 in Tesaro v. AnaptysBio (decision expected in Q4 2026 or Q1 2027) and a trial date of 22 February 2028 for consolidated Trelegy patent cases against Transpire. ## Routine filings Routine Director/PDMR shareholding notices and total-voting-rights notices were filed through the period and carry no financial news.