First Read GSK 2Q‘26 Results - Initial Diagnosis

研报英文原文证据摘录

First Read GSK 2Q‘26 Results - Initial Diagnosis

Global Research

28 July 2026ab

First Read

EquitiesGSK

2Q'26 Results - Initial Diagnosis United Kingdom

Pharmaceuticals

12-month rating Neutral

2Q'26 Results

2% sales beat vs cons driven largely by Vaccines (8% beat), with 2% beat in specialty 12m price target 1,940p

and 3% miss in GenMed. Arexvy was the key reason for the vaccines beat, benefiting

from Australian tenders and US rebate adjustments. Meningitis was also strong given

Price (27 Jul 2026) 1,961p

outbreak-driven demand. The 2% sales beat largely flows down the P&L resulting in a

5% core EBIT beat (with lower COGS largely offsetting higher R&D). Lower 2Q finance RIC: GSK.L BBG: GSK LN

costs and tax brings the core EPS beat to 7%. Trading data and key metrics

52-wk range 2,268p-1,373

Long term guidance

Market cap. £78.7b/US$105b

Guidance for >£40bn of sales by 2031 now includes the contribution from Nuvalent

Shares o/s 4,013m (ORD)

assets, and also removes any contribution from camlipixant following the negative

Free float 100%

readout. Given we expected the Nuvalent assets to have a greater contribution in 2031

Avg. daily volume ('000) 8,190

than camlipixant, we assume the contribution from other products may now be lower.

We look to the call later to clarify this point. Margin guidance through the dolutegravir Avg. daily value (m) £157.6

LOE has also been slightly raised from 'stable' to 'stable to improving'. This appears to be Common s/h equity (12/26E) £19.3b

partly driven by the Nuvalent acquisition, and partly by the announced productivity P/BV (12/26E) 4.1x

program. Net debt to EBITDA (12/26E) 2.0x

EPS (UBS, diluted) (GBX)

Guidance 2026E UBS Cons.

FY26 guide reaffirmed, however with additional colour within the ranges. Group sales is 12/26E 149.84 179.27