GSK Plc: Bepirovirsen PIII data positive, but multiple commercial debates

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GSK Plc: Bepirovirsen PIII data positive, but multiple commercial debates

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GSK Plc

Bepirovirsen PIII data positive, but

multiple commercial debates

Maintain Rating: NEUTRAL | PO: 2,350 GBp | Price: 1,918 GBp

Bepi PIII headline data positive, but devil in details 28 May 2026

Bepirovirsen PIII data in Hep B (B-WELL1/2) was broadly in-line investor expectations at Equity

a high level (functional cure rates of 19%, top-end of the 15-20% range GSK cited as

clinically meaningful prior). That said, we flag multiple debates: 1) Lower efficacy in Sachin Jain, CFA >>

1000-3000 IU/mL subgroup (7%); 2) Potential stringent monitoring needed on AE profile Research Analyst MLI (UK)

(possibly weekly); 3) Commercial implementation debates discussed by the KOL. Most s.jain@bofa.com

importantly, testing is not common and is needed for bepi usage, and only a minority of Charlie Haywood >>

US patients on NA are currently managed by specialists. Overall, the KOL cited usage in ResearchMLI (UK) Analyst

c15% of his patients, if testing implemented. In our view, cons forecasts are unlikely to charlie.haywood@bofa.com

increase meaningfully until commercial execution delivers. We provide a reminder of GSK Keilah Carbonel-Deere >>

bepi commentary on the 1Q26 call overleaf. Maintain Neutral – thesis overleaf. ResearchMLI (UK) Analyst

keilah.carbonel-deere@bofa.com

Bepi headline 19% Fc in ITT, debate on subgroup & safety Alexander Moore >>

Pooled data presented at EASL-26 showed that bepirovirsen met primary endpoint for ResearchMLI (UK) Analyst

the ITT population in both B-WELL1/2 trials. In detail, at week 72 bepi achieved a stat alexander.moore2@bofa.com

sig and clinically meaningful functional cure response rate of 19% in patients with