GSK Plc: 2Q26 preview: EPS & sales c1-2% beat, focus on 2Q strategy update

Research evidence excerpt

GSK Plc: 2Q26 preview: EPS & sales c1-2% beat, focus on 2Q strategy update

Accessible version

GSK Plc

2Q26 preview: EPS & sales c1-2% beat,

focus on 2Q strategy update

Reiterate Rating: NEUTRAL | PO: 2,350 GBp | Price: 1,983 GBp

2Q26 preview: £8.3bn sales, 47.9p EPS. Both above cons 30 June 2026

We forecast 2Q EPS of 47.9p, +c3% YoY (+c4% CER), sales cGBP8.3bn +c4% YoY (+c4% Equity

CER), both c1% and c3% above VA cons, respectively. Multiple phasing factors called

out; 1) Vaccines growth in Q1 benefitted from the US Shingrix prefilled syringe stocking

Key Changes(cGBP90m), and from Q2 onwards annualise Japan/EU launches; 2) Gen Med growth H2

weighted. Trelegy tough 2Q comp due to prior year GTN and TRx also flattish, we c8% (GBp) Previous Current

below cons; 3) Focus on launches of Blenrep 2Q GBP32m & Exdensur GBP15m (vs VA 2026E EPS 179.70 177.03

cons GBP44m & GBP20m, respectively); 4) RSV IP settlement received in Q2 last year 2027E EPS 190.58 183.51

(c$100m); 5) R&D growth in 2Q similar ballpark to 1Q, with SG&A in-line with FY guide 2028E EPS 193.64 189.34

of low-sd (SG&A 1Q GBP90m legal settlement benefit). Thesis in overleaf.

Sachin Jain, CFA >>

Focus: Launches & readouts, pipeline & litigation ResearchMLI (UK) Analyst

We expect main call topics to be the investor event, where focus will be defining near & +44 20 7995 9676 s.jain@bofa.com

mid-term pipeline opps. including bepi (hep B PDUFA Oct-26), building onco portfolio

Charlie Haywood >>

(KIT inhibition, B7H3 & B7H4), recent Nuvalent deal and HIV update (Q6M combo & shift Research Analyst

to LA inj.). Also expect launch feedback on: (i) Blenrep US ramp-up & REMS trajectory; MLI+44 (UK)20 7996 4165

(ii) Depe/Exdensur granularity on FY26 launch curve. GSK also hopeful for headline data charlie.haywood@bofa.com