GSK-LON: Model Update; We Like NUVL As a Standalone Deal for GSK While £40B in 2031, Though Ambitious, Is NOT in the Stock

Research evidence excerpt

GSK-LON: Model Update; We Like NUVL As a Standalone Deal for GSK While £40B in 2031, Though Ambitious, Is NOT in the Stock

June 9, 2026

Seamus Fernandez seamus.fernandez@guggenheimpartners.com GSK-LON: Model Update; We Like NUVL As a

617 859 4637 Standalone Deal for GSK While £40B in 2031,

Brad Canino

brad.canino@guggenheimpartners.com Though Ambitious, Is NOT in the Stock

212 823 6558

Zach Dunn, Ph.D. Key Message: We are encouraged by GSK's agreement to acquire NUVL as a zach.dunn@guggenheimpartners.com standalone deal, which validates the company's approach to invest behind a core asset 617 859 4603

rather than exclusively to pursue therapeutic area (GSK has oncology, but little in lung

Evan Wang cancer) or marketing synergy that we have seen from other pharma competitors. We

evan.wang@guggenheimpartners.com updated our model for the NUVL deal — as noted by Brad Canino (link to NUVL - GSK To

212 651 9756 Acquire NUVL For $10.6B), NUVL brings two potential best-in-class TKIs for NSCLC w/

Josh Boen regulatory decisions by YE26 into GSK's pipeline while the major value-driver, 1L ALK, is

Joshua.Boen@guggenheimpartners.com in an ongoing Phase 3 with readout in 2028+. We also updated our PoS for bepirovirosen

212 518 5345 in HBV to 100% from 95% following positive B-WELL-1/-2 results and we updated our

Alana Lelo, Ph.D. model for currency. Our fair value estimate is now £21.07/share (from £20.10/share) and

alana.lelo@guggenheimpartners.com our 2031 revenue estimate is £37.6B vs. mgmt's outlook of £40B.

212 518 9955

Colleen Garvey, Ph.D. Model Updates: We have updated our model for the NUVL deal, bepirovirosen, and

colleen.garvey@guggenheimpartners.com currency. Our fair value estimate is now £21.07/share (from £20.10/share) as a result of

617 859 4664 our updates.