Ongoing Launches And Near-Term Readouts Could Build Confidence In 2031 Target

研报英文原文证据摘录

Ongoing Launches And Near-Term Readouts Could Build Confidence In 2031 Target

in-line with our estimate for overall industry sales CAGR of +4% 2025-32.

Net Debt (MM): $20,588.9 | 1,561,300.0p

Oncology And Targeted BD Could Be Important Contributors To 2031 Target

Cash/Share: $3.88 | 145.16p

Dil. Shares Out (MM): 2,037.0 | 4,074.0 GSK's Oncology business and recent / future targeted BD could be sources of long-term

Enterprise Value upside. In oncology, successful U.S. relaunch of Blenrep could position this asset as a key

$124,915.8 | 9,342,417.0p

(MM): contributor to GSK's £40B 2031 target, although onerous REMS and narrower label (restricted

BV/Share: $11.71 | 444.08p

to 3L+) could cap near-term potential. Indication expansions for Jemperli and pivotal results

Dividend: $1.77 | 67.00p for B7-H3/H4 ADCs offer long-term upside potential. In BD, GSK is focused on financially

Yield: 3.4% | 3.5% disciplined bolt-on deals for mechanistically de-risked assets that target clear unmet needs

in indications with strong synergy with GSK's existing commercial infrastructure. Successful

FY 2025A 2026E 2027E deal for Ojaara (performing well following U.S. approval with line-agnostic label in Sept '23) is

(Dec)

one proof-point which builds confidence in this strategy. Other recent deals for IDRX-42 (KIT

EPS

TKI), efimosfermin (once-monthly FGF21 analog), ozureprubart (long-acting anti-IgE), HS235

Q1 p44.91 p46.50A p51.90

(activin signaling inhibitor) and Neladalkib/Zidesamtinib (ALK/ROS1 TKIs) are all strategically

Q2 p46.50 p46.60 p50.40 sound, although clinical, competitive, and commercial risks remain.

Q3 p55.00 p56.70 p61.60

Pipeline Assets Fortify HIV And Respiratory Franchises

Q4 p25.50 p28.30 p31.10

Year p171.90 p177.50 p195.00 GSK is a market leader in Respiratory and HIV.