GSK (GSK) Jefferies London Healthcare Conference 2025 summary

R&D strategy and capital allocation

• Central focus remains on immune system science and technology application, integrating both internal and external opportunities for portfolio decisions.

• Capital allocation compares internal and external assets at the peri phase three launch stage, emphasizing bolt-on deals and acquisitions like IDRx and GIST.

• Portfolio culling prioritized assets with blockbuster potential, aligning with medical need, commercial opportunity, and scientific confidence.

• All new assets, internal or external, must compete for capital allocation and demonstrate value over existing portfolio components.

• Ongoing efforts to enhance R&D effectiveness and leverage technology for greater productivity.

Oncology and technology integration

• Oncology strategy pivots to assets with clear monotherapy efficacy in phase one, avoiding complex combination studies.

• Technology and data capabilities, including collaborations and acquisitions, support better external asset selection and placement.

• Partnerships like Hengrui and Hansoh provide advanced ADC portfolios and scale in targeted areas.

• B7-H3 ADC is a major focus, with expedited development and pivotal studies underway in multiple cancer types.

• Prostate and non-small cell lung cancer are additional oncology targets, leveraging partnerships and aiming for competitive positioning.

Progress in respiratory, HIV, infectious diseases, and fibrosis

• Respiratory pipeline advances with long-acting monoclonals, phase III objectives for Depemokimab, and new studies for COPD and asthma.

• Fibrosis strategy targets liver, kidney, and lung, with a focus on severe disease and leveraging FGF21 class assets.

• HIV program emphasizes long-acting injectables, with Q4M PrEP expected in 2028 and Q6M regimens under evaluation.

• Infectious disease efforts include bepirovirsen for hepatitis B, with pivotal data expected early next year.

• Vaccine innovation centers on lifecycle management and technical platform readiness for mRNA and MAPS.