Q2/Portfolio Update - Innovation focus increasing, but benefits unlikely before 2030s, hence remain UW, £19 PT

研报英文原文证据摘录

Q2/Portfolio Update - Innovation focus increasing, but benefits unlikely before 2030s, hence remain UW, £19 PT

Equity Research

European Pharmaceuticals, Biotechnology & Life Sciences

29 July 2026

GSK plc

Q2/Portfolio Update - Innovation

focus increasing, but benefits

GSK.L/GSK LN UNDERWEIGHTunlikely before 2030s, hence

Unchanged

European Pharmaceuticals,remain UW, £19 PT Biotechnology & Life NEUTRAL

Sciences

Post Q2/mid-term update, LSD EPS delta, Revs trimmed/ Unchanged

SG&A savings, only 3% '27-31E EPS CAGR. Long-term +ves: Price Target GBPUnchanged19.00

innovation focus, asset prioritisation and HQ move, but little Price (28-Jul-26) GBP 20.29

to drive shareprice outperf in next 12m, pipeline only just Potential Upside/Downside -6.4% Source: Bloomberg, Barclays Research

starting P3s, HIV LOE '28, hence remain relative UW, £19 PT.

Market Cap (GBP mn) 82081

We update our model post today's Q2'26 earnings (see: Q2 First Take here). Yesterday GSK Shares Outstanding (mn) 4045.39

reported Q2 results, with a 2%/7% beat on Revenues/EPS, partly on Vaccine positive one-offs, Free Float (%) 99.99

with Pharma inline. 160bps better GM, magnified the beat on EBIT and lower financial expense 52 Wk Avg Daily Volume (mn) 5.8

helped EPS. GSK reiterated the FY26 guide, but directed Revenues and Core EBIT to the upper Dividend Yield (%) 3.35

half of the range, and Core EPS to the lower half, as a result of Nuvalent acquisition driven Return on Equity TTM (%) 36.42

higher financial expense. Current BVPS (GBP) 4.44

Source: Bloomberg

GSK also updated the mid-term guide, with the >£40bn 2031 Revenue target now updated

to include the benefits of the Nuvalent acquisition, announced in June, as well as recent Price Performance Exchange-LSE

failure of the camlipixant chronic cough program.