GSK Beats Q4 Numbers, Raises Questions with Modest 2026 Guidance

GlaxoSmithKline (GSK) has reported a strong fourth-quarter performance, beating expectations and delivering on its growth targets a year early. The company's specialty medicines and vaccines businesses drove growth, while cost control helped boost earnings. However, management has set a deliberately modest bar for 2026, guiding to 4-6% sales growth at constant exchange rates. This has left investors to decide whether this is prudence or an opportunity to beat expectations.