GSK "2Q26 Results Preview" (Neutral) Weston

研报英文原文证据摘录

GSK "2Q26 Results Preview" (Neutral) Weston

o. We do not

expect any change to the previous guidance of >£40bn risk adjusted sales by Matthew Weston, PhD

Analyst

2031E, noting that this target was reiterated again with the acquisition of

matthew.weston@ubs.com

Nuvalent, stating that the Nuvalent contribution comes on top of this guidance. +44-20-7567 4055

However as part of the Nuvalent announcement, GSK disclosed that it had re-

prioritised in other areas. We therefore expect an update on this re-prioritisation at Colin White, PhD

2Q. Whilst we do not expect a change to the >£40bn guide (ex-Nuvalent), we do

colin.white@ubs.com

see the potential for changes in the building blocks to get there. There continues +44-20-7567 8657

to be a >£4bn shortfall between GSK's 2031 guidance and UBSe/consensus. We

Xian Deng, PhD, CFA set out our detailed expectations for the CMD in our recent 3Q Catalyst Outlook

(page 20).

xian.deng@ubs.com

Jemperli litigation update. While often overlooked by European investors, we +44-20-7901 6285

note the upcoming Delaware Court of Chancery trial (14–17 July 2026) represents

a notable 3Q26 catalyst for GSK, with proceedings focused on AnaptysBio’s

breach-of-contract claims against Tesaro (acquired by GSK in 2018) under the

2014 Collaboration and Exclusive License Agreement governing Jemperli. Based

on our discussion with an expert (see here), we see a range of potential outcomes,

spanning from no change to existing terms through to more adverse scenarios

involving economic concessions or, in the extreme, loss of rights for GSK. Recent

Highlights (£m) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E

Revenues 30,328 31,376 32,667 33,410 35,065 36,124 36,679 35,357

EBIT (UBS) 8,786 9,148 9,783 10,114 10,850 11,083 11,330 10,714