Meeting Highlighted Many Promising Products And News Events To Provide Clarity

Research evidence excerpt

Meeting Highlighted Many Promising Products And News Events To Provide Clarity

TD Cowen GSK plc

Global Research June 26, 2026

underappreciated by investors. The company assigned a high probability of success to the

ongoing Phase III program, with pharmacokinetic equivalence likely to be demonstrated.

Persistent Dolutegravir International Sales Could Push Revenue Toward High End Of

Guidance

Management emphasized that long-acting HIV therapies now account for over 40% of

franchise sales and are expected to exceed £2B in revenue during 2026, surpassing previous

company targets. The company also reviewed the expected patent and generic-entry

landscape for dolutegravir-containing regimens, noting that U.S. settlement agreements have

largely clarified the timing of generic competition. In Europe, later-dated IP might be litigated

so generic entry timing is less certain. Despite recent exclusivity losses in several international

markets such as Brazil and China, management noted that GSK has continued to win tenders

and therefore remains positioned to achieve performance toward the upper end of this year's

guidance.

Weekly HIV Orals May Need To Show Zero Breakthrough Resistance To Be Compelling

GSK emphasized that Dovato and its long-acting injectable regimens showed no breakthrough

resistance in patients that remained on treatment and believe that QW orals must meet the

same bar. Management believes an integrase inhibitor is important to achieve this level of

efficacy.

Q2 Portfolio Update To Provide Perspective On R&D Productivity Gains, Updates On Pipeline

Programs

GSK's Q2 portfolio update will be framed around Luke Miels’ priorities of growth, accelerating

R&D and simplification. GSK emphasized that this is not a fundamental change in direction but