The Point for Europe

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The Point for Europe

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Wednesday, 29 July 2026

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Rentokil (RTO.L) - Narrowing the gap: could this be the beginning? Global Economic Outlook & Strategy -

Rollins has significantly outperformed Rentokil in terms of growth, margins and Renewed Uncertainties—But

cash conversion in recent years. Following Rollins’ Q2 warning we wonder if this Continued Resilience

could be the turning point, with Rentokil finally narrowing this performance gap.

Marc Van'T Sant | Arthur Truslove | Saifabbas Sayed

GSK PLC (GSK.L) - Key takes from GSK "Accelerate Growth" event

We provide key takes from GSK's "Accelerate Growth" event, in which it announced

a £1.9bn annual cost savings programme by 2029, to be reinvested into the late-

stage pipeline and a portion supporting margins through the DTG LoE period

2028–30, accelerating 7 assets in 18 indications and 25 PIII studies (20+ PIII starts

in 2026 vs 10 previously). Although there was limited wholly new information, the

event served as a good reminder of the increasing breadth and pace of

development across the pipeline, in our view. GSK reconfirmed its >£40bn 2031

sales target, with future BD additive rather than required, and expects accelerating

growth 2031+. While encouraging, we are less sanguine about 2031 and beyond

and continue to see further execution required to give us confidence GSK can

offset the HIV patent cliffs. Maintain Neutral.

Graham Parry | Amy Y Mao | Leolie Telford-Cooke Ph.D. | Jelena Milovic | Mahesh Mohankumar

United Kingdom Supermarkets - Implications of TSCO’s launch on Uber

Eats/Deliveroo for TSCO/SBRY

Post TSCO’s 21-Jul announcement that it will be launching on Uber Eats and