C A Z E N O V E Europe Equity Research 28 July 2026 GSK PLC 2Q'26 First Take: 7% beat on Core EPS largely tender driven; FY'26 guide implies 1% cut to Cons, 2031 Sales target reiterated and restructuring announced Our Take : This morning GSK reported 2Q'26 results that were 2% ahead of Consensus on Sales, 5% ahead on Core Operating Profit and 7% ahead on Core EPS. The Sales beat was driven by a Vaccines beat of 8%, primarily driven by a 163%/£119m Arexvy beat. HIV also beat Consensus by 3% and Respiratory a ...