29 April 2026
If you are covering the Q1 updates from AstraZeneca and GSK, please find comments below from Sheena Berry, healthcare analyst at Quilter Cheviot:
AstraZeneca stays on track as sales edge ahead of expectations:
“AstraZeneca has delivered another quarter of solid growth, with product revenues up 8%, underpinned by continued strength in oncology. Imfinzi, Tagrisso and Enhertu remain key drivers. Group sales came in slightly ahead of expectations, helped by resilient performance from the cardiovascular, renal and metabolism portfolio.
“The group continues to invest heavily in its future pipeline, with R&D spending rising 8% as AstraZeneca accelerates recruitment across its clinical trial programme and supports a growing number of product launches. Full‑year guidance has been reiterated, with management expecting mid‑ to high‑single‑digit sales growth in 2026 and low double‑digit growth in core earnings, reinforcing confidence in the outlook.
“More broadly, the focus for investors remains on the pipeline rather than the quarterly financials. Recent Phase III readouts and a steady pace of product approvals highlight the depth of AstraZeneca’s development engine, with upcoming catalysts, including the advisory meeting on SERENA‑6 in breast cancer, likely to shape sentiment. With progress continuing towards the company’s $80bn revenue ambition by 2030, the long‑term growth story remains compelling.”
GSK posts solid first‑quarter growth as vaccines and HIV drive results:
“GSK has delivered a solid first‑quarter performance, with sales up 5% and core operating profit rising 10%, driven by continued strength in Specialty Medicines and Vaccines. Shingrix, the group’s shingles vaccine, remains an important growth driver, with 20% growth reflecting strong demand in Europe and stocking in the US ahead of the pre‑filled syringe launch. Meanwhile, the HIV business continues to benefit from momentum in long‑acting treatments, delivering 10% growth in the quarter.
“The company has reiterated its full‑year guidance, expecting sales growth of 3% to 5% and high single‑digit growth in core operating profit in 2026, and has reaffirmed its ambition to deliver more than £40bn in sales by 2031. While the headline results were helped by a couple of one‑off factors, the underlying performance is encouraging. Under new chief executive Luke Miels, there is growing confidence that operational execution and strategic focus are improving, supporting a more positive outlook for the group over the medium term.”
