Model Updated Post NUVL Acquisition

研报英文原文证据摘录

Model Updated Post NUVL Acquisition

Pharmaceuticals/Major

GSK plc

TD SECURITIES (USA) LLC ESTIMATE CHANGES

June 11, 2026

Price: $51.17 | 1,921.50p (06/10/2026) Model Updated Post NUVL Acquisition

Price Target: $70.00 | 2,555.00p

HOLD (2)

ESG SCORE: 59/100

Steve Scala, R.Ph., CFA THE TD COWEN INSIGHT

617 946 3923

GSK anticipates NUVL deal will be additive to 2031 sales target and bolster margins through

stephen.scala@tdsecurities.com

dolutegravir LOE. It fits GSK's pattern of buying de-risked assets with clear differentiation,

Michael Nedelcovych, Ph.D. and builds GSK's presence in lung cancer ahead of key readouts. But KOLs expect neladalkib

617 946 3744 launch could be slow and payors may restrict access, particularly in 1L. GSK model updated,

michael.nedelcovych@tdsecurities.com

prospects bolstered in 2030+.

Chris LoBianco

617 946 3734 The News:

chris.lobianco@tdsecurities.com

Earlier this week, GSK announced the acquisition of Nuvalent (NUVL; Frahm; Hold; $123.10)

Paul Kuhn, Ph.D. for $124/share or $9.4B (£7.1B) net of cash acquired. The deal will be funded with debt plus

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cash, with no impact to GSK's credit rating. GSK anticipates the deal will be (1) accretive

paul.kuhn@tdsecurities.com

to operating profit in 2027; (2) have a low-single-digit percent dilutive impact to EPS in

Key Data 2026-28; and (3) be accretive to core EPS in 2029 inclusive of synergies and GSK's portfolio

Symbol NYSE: GSK | LSE: GSK.L reprioritization. Deal close is expected in Q3:26 with no change to 2026 guidance. This

Beta: 0.37 | 0.80 acquisition adds two de-risked assets currently under FDA review: (1) neladalkib (a 4th gen ALK

52-Week Range: $61.18-$36.20 | 2,268.00p-1,344.00p inhibitor) filed for 2L+ ALK+ NSCLC (PDUFA 11/27/26); and (2) zidesamtinib (4th gen ROS1 TKI)