British pharmaceutical company GSK Plc ( GSK ) on Wednesday reported first-quarter core earnings of $1.25 per share (46.5 pence), beating the consensus estimate of $1.17. Earnings rose 4%, or 9% at constant currency.

Quarterly sales totaled $10.22 billion (7.63 billion pounds), up 2% year over year, or 5% at constant currency, and ahead of analyst estimates of $10.19 billion.

Shingrix Demand Lifts Vaccines

Specialty medicines revenue increased 10%, or 14% at constant currency, to 3.23 billion pounds. HIV franchise sales rose 6% to 1.82 billion pounds, or 10% at constant currency.

Vaccine sales grew 3%, or 4% at constant currency, to 2.15 billion pounds, supported by strong demand in Europe for the shingles vaccine Shingrix, partly offset by declines in other pediatric and adult vaccines.

Shingrix sales climbed 18%, or 20% at constant currency, to 1.03 billion pounds, driven by higher demand in Europe and favorable inventory movements, including the U.S. launch of a prefilled syringe. International sales were lower.

Meningitis vaccine sales fell 4%, or 3% at constant currency, to 335 million pounds.

General medicines revenue declined 9%, or 6% at constant currency, to 2.25 billion pounds.

Profit Rises On Mix, Efficiencies

Core operating profit increased 5%, or 10% at constant currency, to 2.65 billion pounds, reflecting higher sales, a favorable product and regional mix, lower selling, general and administrative costs, and higher royalty income. These gains were partly offset by increased investment in research and development and new product launches.

Outlook Reaffirmed

The company reaffirmed its 2026 guidance, expecting sales to grow 3% to 5%, with specialty medicines projected to increase at a low double-digit rate.

Vaccine and general medicines sales are expected to range from a low single-digit decline to flat.

Core operating profit and earnings per share are projected to rise 7% to 9%.

GSK said it expects margin improvement driven by a stronger specialty medicines mix and continued operational efficiencies.

For 2031, the company continues to target annual sales of more than 40 billion pounds.

In April, GSK, ViiV Healthcare and the U.S. government reached an agreement providing tariff relief under Section 232 through Jan. 20, 2029. The company said its guidance reflects this agreement.

GSK Price Action: GSK shares were down 2.68% at $53.01 during premarket trading on Wednesday, according to Benzinga Pro data.