GSK posted 8% year-on-year earnings growth in Q3 with a core operating margin of 34.9%. Specialty medicines drove strong growth, while vaccines only grew by 2%. Nucala, Benlysta, and HIV drugs contributed significantly. Blenrep was approved for third-line multiple myeloma. Management maintains guidance despite US tariffs impact.

Morningstar maintains a fair value estimate of GBX 2,200/$58 for GSK, considering shares undervalued. Newer product launches and pipeline developments are expected to improve the company’s innovative capability. Blenrep’s approval is viewed positively, opening opportunities with community oncologists. US tariffs impact on gross margins expected to be manageable.

Read more at Morningstar: GSK Earnings: Strong Performance Across Specialty Medicines Boosts Full-Year Outlook