GSK: Keep CALM: they’ll still need more to bridge them north of £40bn

Research evidence excerpt

GSK: Keep CALM: they’ll still need more to bridge them north of £40bn

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Hold GSK 9 July 2026

Company Update

Europe

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 7 Jul 2026 (GBP) 2,003.00

GSK.L GSK LN LSE GSK

Price Target (GBP) 1,950.00

Pharmaceuticals

2,268.00 -

Pharmaceuticals 52-week range (GBP) 1,344.00

Keep CALM: they’ll still need more to

Valuation & Risks bridge them north of £40bn

Emmanuel Papadakis, Ph.D., CFA

Summary takes Research Analyst

Following the bepirovirsen results in HepB (GSK:Bepi takes in HepB: clear pipeline +44-20-754-18522

win, but blockbuster basis tbc (01/06/26)) the second of GSK’s pair of important

Niall Alexander

FY26 pivotal trial readouts is due imminently, namely the headline for refractory Research Analyst

chronic cough asset camlipixant, after the $2bn 2023 Bellus acquisition (GSK: Takes +44-20-754-12185

on Bellus: curious shade of blu? (20/04/23)). Like the former, it has blockbuster

Henrietta Boeg

potential but a positive result is also unlikely to be enough to fully address the

Research Associate

persisting gap between DB/consensus and the >£40bn 2031 group sales guidance.

+44-20-754-10119

We remain at Hold but nudge our PT up 2% to 1950p, reflecting the long-term

estimate revisions we make with this update. Kate Farrelly

Specialist summary takes

We remind readers that GSK has confirmed its intent to release pooled results of Shashindra Seresinhe

the replicate CALM1/2 trials testing potentially first-in-class asset camlipixant in

the novel space of refractory chronic cough and confirmed with Q1’26 that CALM-

1 was in-house with -2 due mid-'26. The company also pointed to a 15-20% Supun Ukwatta

threshold for pbo-adj.