US Biotechnology and Pharmaceuticals: GSK 2Q26 EPS call readthrough: HIV category remains durable as pipeline competition broadens

Research evidence excerpt

US Biotechnology and Pharmaceuticals: GSK 2Q26 EPS call readthrough: HIV category remains durable as pipeline competition broadens

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28 Jul 2026 14:43:07 ET │ 9 pages

US Biotechnology and Pharmaceuticals

GSK 2Q26 EPS call readthrough: HIV category remains durable as

pipeline competition broadens

CITI'S TAKE

GSK (covered by Graham Parry) reported 2Q26 revenue of £8.4B (+2% vs.

cons; +5% y/y CER) and core EPS of 50.5p (+7% vs. cons; +9% y/y CER),

while maintaining FY26 guidance and directing investors toward the Geoff Meacham, Ph.D.AC

upper half of its sales and core operating profit ranges but the lower half of +1-404-443-4701

its core EPS range. For Gilead, GSK’s broad HIV sales beat supports geoffrey.meacham@citi.com

continued category durability, while phase 3 initiation for an every-four- Nishant Gandhi, Ph.D.

month Cabenuva regimen and a late-2030 approval ambition for twice- +1-212-816-2513

yearly treatment reinforce longer-term competition around convenience. nishant.gandhi@citi.com

Outside HIV, Arexvy’s strong performance provides limited evidence of

improving underlying respiratory syncytial virus demand, while GSK’s Jarwei Fang

mRNA influenza program adds future competition following the regulatory +1-212-816-5127

jarwei.fang@citi.com de-risking of Moderna’s mFlusiva. GSK’s B7-H3 antibody-drug conjugate

expansion also adds a direct competitor to Merck’s ifinatamab Mary Kate Davis

deruxtecan. +1-212-816-9602

mary.kate.davis@citi.com

HIV strength supports category durability as GSK maps its long-acting transition

- GSK’s broad HIV beat supports continued category durability, consistent with HIV

remaining Gilead’s core growth engine. GSK began the Phase 3 CUATRO trial of

every-four-month Cabenuva in 2Q26 and targets approval in 2028, followed by