GSK (GSK) Morgan Stanley 24th Annual Global Healthcare Conference summary

Oncology strategy and portfolio evolution

• Focused on rebuilding capabilities in areas with unmet need, including heme malignancies, gynecological, thoracic, GI, and prostate cancers.

• Expanded portfolio through both organic discovery and significant business development, including recent deals with Nuvalent and a tri-specific immune cell engager for multiple myeloma.

• Five medicines approved in four years, with a sixth expected by year-end and three more by 2029.

• Key assets for 2031 sales targets include B7-H3, B7-H4, velzatinib, neladalkib, and zidesamtinib.

• Strategic discipline in selecting areas of focus and avoiding less aligned opportunities.

Business development and deal philosophy

• Business development guided by unmet need, differentiation, clinical data strength, and alignment with strategic disease areas.

• Nuvalent deal brought two key assets (neladalkib and zidesamtinib) and a discovery pipeline, forming a lung cancer franchise.

• Deal sizes vary based on synergy and portfolio fit, with recent transactions ranging from £1–2 billion.

• Ongoing openness to both large and small deals, depending on strategic value.

Clinical development highlights

• Jideytro (zidesamtinib) showed a 94% objective response rate and strong durability in first-line ROS1-positive lung cancer; regulatory filing planned for Q4.

• Neladalkib designed for broad ALK mutation coverage and brain penetration; phase III ALKAZAR trial progressing well with potential for early interim analysis.

• Tolerability profile for neladalkib shows manageable, reversible liver transaminitis.