London, March 12, 2026, 15:48 GMT
GSK shares dropped 0.7% to 2,051 pence by 0946 GMT on Thursday, after the company announced fresh buybacks. London stocks were feeling the heat from resurging oil-fueled inflation jitters. According to a filing, GSK repurchased 513,409 shares on March 11, paying an average of 2,061.69 pence each.
The new filing is a key move for GSK, which is working to prove it can keep delivering cash to shareholders even as CEO Luke Miels revamps the company’s drug pipeline. Shares surged to a multi-decade peak after February’s earnings, when Miels reaffirmed GSK’s long-term sales outlook. He also flagged the need for smaller acquisitions and quicker drug development if the company wants to offset looming patent expiries on its blockbuster HIV treatments later this decade.
GSK on March 9 agreed to hand over rights to linerixibat—its oral candidate for treating severe itch in primary biliary cholangitis—to Alfasigma of Italy, with the deal valued at as much as $690 million. Alfasigma will pay $300 million upfront, with the rest hinging on regulatory milestones and commercial performance. The U.S. FDA decision is expected March 24.
GSK’s chief scientific officer Tony Wood described the deal as a move that “sharpens GSK’s focus” on developing its upcoming liver drug portfolio and called Alfasigma “the right partner” for the therapy. On the other side, Alfasigma CEO Francesco Balestrieri said his firm is “uniquely positioned” to take charge of global commercialization. GSK
Miels’ February strategy is playing out with the linerixibat deal. Back then, he talked about the need to “accelerate what we have” while bolstering the pipeline with “smart business development.” That same month, GSK’s buyout of 35Pharma nudged the company further into pulmonary hypertension—a space where Merck’s got Winrevair on the market. Reuters
GSK hasn’t let dealmaking slow down its cash returns. The company kicked off the fourth round of its buyback on Feb. 17, with a ceiling of 450 million pounds, set to continue until April 24. This is just a slice of a broader 2 billion pound program slated to wrap up by the close of the second quarter of 2026.
Investors remain focused on GSK’s operating prospects, not just the buyback. Back in February, the company projected 2026 revenue growth between 3% and 5%. Specialty medicines are set for a low double-digit increase, while vaccines and general medicines may end up flat or a touch lower. Newer products—think Exdensur and Blenrep—are supposed to pick up the slack.
The immediate risk stands out: Linerixibat hasn’t secured approval in any market yet, and the Alfasigma deal remains subject to standard regulatory sign-off. GSK has flagged the lingering uncertainty in its vaccine division, hinting that turbulence could extend into 2026. If approval hits a snag or the launch stumbles, shares could take a heavier hit—especially with HIV patent cliffs coming up fast.
GSK shares are sticking close to their post-earnings high from February, trading at 2,051 pence—just shy of the 2,055 pence mark set after results. Investors are watching to see if the March 24 FDA decision might finally shake things up for the stock.
