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GSK PLC (LSE:GSK, NYSE:GSK) shares jumped to a three-month high after the drugmaker beat second-quarter expectations across its main measures and accelerated investment in its pipeline.

Revenue rose 5% to £8.41 billion, ahead of the £8.25 billion City consensus. Adjusted earnings per share increased 9% to 50.5p, beating the 46.8p forecast by almost 8%.

Vaccines sales grew 8% to £2.28 billion, compared with expectations of £2.1 billion. Shingrix revenue reached £888 million, topping the £867.8 million consensus, while sales of respiratory syncytial virus vaccine Arexvy more than doubled.

Specialty Medicines also performed strongly, with sales up 14%. Respiratory, Immunology & Inflammation advanced 19%, Oncology rose 17% and HIV increased 10%. General Medicines declined 9%, however.

GSK reaffirmed its full-year guidance, expecting sales growth in the upper half of its 3%-5% range and core operating profit growth in the upper half of its 7%-9% range. Core earnings growth is forecast in the lower half of the 7%-9% range.

The company plans to more than double its phase III trial starts this year to over 20, accelerating seven late-stage assets across 18 indications. It also said it remains "on track" to generate more than £40 billion of annual sales by 2031.

A three-year restructuring programme was announced, targeting £1.9 billion of annual savings by 2029, with most reinvested in research and development.

Statutory operating profit fell 75% after a £1.3 billion impairment linked mainly to cough drug camlipixant. GSK declared a 17p quarterly dividend.

The shares surged 6% to 2,080p, their highest since mid-April.

Analysts at Jefferies hailed a second quarter "of good quality", with vaccines and specials more than offsetting softer general medicines.

"Better product mix more than offsets higher opex leaving core operating income 5% ahead and core EPS 7% beat."

The cost-cutting plan was seen as "surprisingly strong", about double what was expected.

"The aim of the program is to protect the margin through the patent cliff but also to restructure the business and move R&D from Stevenage to Cambridge. With over double the number of Phase III trial initiations expected in 2026 to 20+, reinvestment will be part of it but this is a strong and unexpected move."

  ** UPDATE: Adds broker comment **