GSK PLC Core EBIT margin target implies c. 1% upside to 2030 Consensus, pipeline opportunities highlighted encouraging, though still early with clinical data required to drive upgrades

Research evidence excerpt

GSK PLC Core EBIT margin target implies c. 1% upside to 2030 Consensus, pipeline opportunities highlighted encouraging, though still early with clinical data required to drive upgrades

ment, we

Khushi Bihani

expect further clinical data across GSK’s portfolio and evidence of launch (91-22) 6157-4103

execution will be required for upgrades to longer term forecasts given both khushi.bihani@jpmorgan.com

Consensus and JPMe still remain below GSK’s 2031 Sales target (JPMe 2031: J.P. Morgan India Private Limited

£32bn pre Nuvalent). James D Wantling

(44-20) 3493-0019

• GSK reiterated their confidence in their >£40bn Sales 2031 target. GSK james.wantling@jpmorgan.com

reiterated their confidence in the 2031 >£40bn Sales target, with this target now J.P. Morgan Securities plc

factoring in the contribution from the recent Nuvalent transaction (see our take

Specialist Sales contact details:

here), which we infer at least offsets the loss of camlipixant within the >£40bn

target following the recent failure of the program. The >£40bn target does not Marjan Daeipour - Specialist Sales -

European Healthcare

depend on new business development from today. GSK also outlined their

(44 20) 7134-1329

ambition to accelerate sales growth from 2031+, which we infer is underpinned marjan.daeipour@jpmorgan.com

by a combination of organic contribution from the current pipeline,

supplemented by business development.

• GSK also announced a restructuring program, with a “portion of cost

savings” expected to support the Group margin through the dolutegravir

LoE period. GSK now expects to maintain a flat to improving margin through

the dolutegravir LoE. While this was communicated during the Nuvalent

transaction conference call, this has now been formalised as a target from 2028-