GSK (GSK) Bernstein’s 23rd Annual Pan-European Strategic Decisions Conference summary

Strategic priorities and operational changes

• New CEO prioritized accelerating R&D, fueling product launches, and simplifying operations, including forming a Strategic Portfolio Review Group and a parallel simplification group leveraging technology and AI.

• Nearly GBP 2 billion in targeted savings, with most reinvested into the pipeline, supporting a doubling of phase III trial starts and margin stability during key patent expiries.

• Relocation of U.K. R&D to Cambridge aims to leverage the biotech ecosystem, academic partnerships, and faster translational medicine.

• Expansion of business development capabilities in the U.S., China, and Europe, with significant deals in oncology and respiratory.

Pipeline and product innovation

• HIV franchise is shifting from daily tablets to long-acting injectables, with launches planned for every four and six months dosing, supported by strong patient and physician preference data.

• Patent protection for key HIV assets is being extended through new combinations and next-generation products, with new assets offering fresh patent estates.

• Oncology pipeline strengthened by the Nuvalent acquisition, bringing late-stage assets for non-small cell lung cancer and expanding into multiple tumor types with antibody-drug conjugates.

• Liver disease innovation highlighted by bepirovirsen, offering a functional cure for hepatitis B and fast-track designations in major markets.

Commercial performance and market opportunities

• SHINGRIX vaccine continues strong growth, with high efficacy and expanding penetration in the U.S., Europe, and China, and ongoing studies for label expansion into cardiovascular and dementia benefits.

• Exdensur, a new asthma biologic, offers twice-yearly dosing and significant reduction in hospitalizations, targeting both bio-naive and existing biologic patients.

• Commercial focus on specialty products is expected to support margin stability and improvement, especially through the 2028-2030 HIV patent expiry period.