Key Highlights

  • UBS maintains a neutral rating on GSK and lifts the 12‑month target to 1,940 pence per share.
  • The bank projects GSK’s 2026 Q2 sales, operating profit and earnings roughly 1% below market consensus.
  • UBS identifies a £4 billion shortfall between GSK’s ambition of over £40 billion risk‑adjusted sales by 2031 and its own forecasts.

UBS Group AG reaffirmed a neutral outlook on GlaxoSmithKline, assigning a 12‑month target of 1,940 pence per share. The rating reflects the firm’s focus on the strategic plan to be unveiled by newly appointed chief executive Luke Miels. UBS expects GSK’s upcoming second‑quarter results to trail consensus estimates by about 1% across sales, operating profit and earnings.

The forecast for camlipixant stands at £1.1 billion, well under the company’s peak ambition of more than £2.5 billion.

What Changed

GSK’s new CEO, Luke Miels, is set to outline a refreshed strategic roadmap ahead of the capital markets day on 28 July, following a second‑quarter earnings release. Recent disclosures showed weakness in the specialty and respiratory segments for the first quarter and a slowdown in U.S. Prescriptions for Trelegy, Breo and Anoro projected for 2026.

Additionally, a Delaware court trial scheduled for 14‑17 July will examine claims surrounding the AnaptysBio agreement that could affect rights to the cancer therapy Jemperli.

Market Reaction

UBS shares slipped 0.7% to $51.72 in the latest trading session, reflecting investor sensitivity to the nuanced rating stance and the upcoming GSK developments.

This article is for informational purposes only and does not constitute financial advice. Please consult a licensed financial adviser before making investment decisions.