Research · Sep 3, 2026
[GSK] GSK Thesis 2026: Specialty and Oncology Drive Growth, US Commitment Expands
GSK FY25 (Dec 31, 2025) at $31.95B sales (+7%). Specialty Medicines +16%: Oncology +43% (Jemperli +89%, Ojjaara +60%, BLENREP 15-market approval), RI&I +18% (Benlysta +22%, Nucala +15% 10th consecutive year double-digit), HIV +11% (Cabenuva +42%, Aplitude +62%). Vaccines £9.2B (+2%); General Medicines (+4%). Operating income $7.01B; Net income $5.59B (+117%); Diluted EPS $2.72; Core EPS +12%. OCF $7.14B; FCF $5.82B (+63%). $0 buybacks. Div $2.51B. Total debt $17.69B. 5 FDA approvals; 7 new pivotal trials. 15 scale opportunities >£2B peak by 2031. $30B US R&D + mfg investment over 5 years. Acquired Rapp Therapeutics (Ozekibart food allergy IgE). FY26 guide: 6-7% sales / 9-11% op profit / 10-12% EPS.
Research · Jun 10, 2026
GSK Stock: How the $9B Nuvalent Deal Reshapes Pipeline
The $9B Nuvalent deal lifts GSK net leverage to roughly 2.7x EBITDA but fills two oncology pipeline gaps. Risk-adjusted NPV at $10-12B supports the price.
Research · Jun 9, 2026
NUVL Stock: Why GSK's $9B Takeover Talks Matter
NUVL at $88.49 implies 25-35% probability the rumored $130-135 GSK deal closes. ROS1 and ALK CNS programs fit GSK pipeline gaps.
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