GSK

Executive Summary

GSK is a global biopharmaceutical leader with a diversified portfolio spanning respiratory, immunology, oncology, HIV, and vaccines. The company's strong commercial execution, driven by blockbusters like Shingrix and Trelegy, has underpinned consistent revenue growth. GSK's R&D pipeline is advancing in key areas, including next-generation vaccines and oncology therapies, with several late-stage programs targeting high unmet needs. The recent separation of Haleon allows GSK to sharpen its focus on innovative medicines and vaccines, improving margin profiles and cash generation. Despite patent expirations on some legacy products, new launches and label expansions—such as the RSV vaccine Arexvy and potential approvals in respiratory and immuno-oncology—provide near-term momentum. The company's balance sheet remains robust, supporting further business development and share buybacks. Long-term, GSK aims to impact 2.5 billion people by 2030 through its vaccines and essential medicines, but faces competitive pressures in HIV and respiratory. Overall, GSK presents a balanced risk-reward profile with moderate growth visibility, a healthy dividend, and a pipeline that could unlock further value.

Upcoming Catalysts (preview)

• Q3 2026FDA decision on GSK's new RSV vaccine for older adults (Arexvy expanded indication)85% success
• Q4 2026Phase 3 data readout for GSK'609 in relapsed/refractory multiple myeloma60% success
• TBDRegulatory filing for depemokimab (GSK'351) in severe asthma70% success