London, March 26, 2026, 13:29 GMT
GSK shares were quoted at about 2,057 pence in midday trade on Thursday, up 0.15%, after climbing 3.89% on Wednesday and 2.07% on Tuesday. That left the stock back near the 2,055p area it reached after Luke Miels set out his first growth plan as chief executive in February, even as London’s main indexes were down more than 1% on renewed Middle East uncertainty. 1
The move matters now because fresh broker notes have stayed cautious. Deutsche Bank analyst Emmanuel Papadakis kept a Neutral rating and a 1,900p target on Tuesday, while Berenberg reiterated Hold on Thursday, both stopping short of a buy call. Investors are left to judge whether progress in GSK’s drug pipeline, the medicines it has in development, and capital returns can carry the stock much further. 1
Investors had two chances this week to hear management’s case. Finance chief Julie Brown attended BNP Paribas’ healthcare conference in London on Tuesday, and Kaivan Khavandi, GSK’s R&D head for respiratory, immunology and inflammation, spoke at Goldman Sachs’ biopharma summit in London on Thursday. The backdrop is simple: GSK needs newer launches to start filling the gap before older HIV products lose patent protection. 2
GSK’s steadiness also stood out against the tape. London’s FTSE 100 rose 0.7% on Tuesday and 1.4% on Wednesday, then fell 1.1% by 1013 GMT on Thursday as uncertainty over the Middle East conflict weighed on sentiment. 3
Company buying has been part of the backdrop. A filing showed GSK bought 345,000 of its own shares on March 25 at an average price across the day’s purchases of 2,033.20p, taking purchases under the current programme to 14.86 million shares since Feb. 17. The stock will be kept as treasury shares, meaning GSK holds it on its own books. 4
Miels said in February GSK needed “to accelerate what we have” and add “smart business development”. Sheena Berry, a healthcare analyst at Quilter Cheviot, called that a “steady and credible start” for the new chief executive. 5
Recent pipeline news has helped sentiment. The U.S. Food and Drug Administration last week approved Lynavoy for severe itching, or pruritus, in primary biliary cholangitis, a chronic liver disease. Current products from Gilead and Ipsen treat the disease itself but do not directly target the symptom, while Mirum is developing a rival therapy. Khavandi said the approval gives patients a “much needed treatment option”. 6
Miels has kept dealmaking on the table as well. GSK agreed in February to buy Canada’s 35Pharma for $950 million, after a $2.2 billion January deal for RAPT Therapeutics, as it tries to broaden its late-stage pipeline, or drugs closer to market, before patent expiries bite into key HIV products. 7
Still, the picture is not clean. GSK has already signalled that 2026 revenue growth will slow from 2025, vaccine demand in the United States remains uncertain, and the company still has to prove that new launches can offset future erosion in HIV. That helps explain why the stock is still drawing Hold and Neutral calls even after the latest bounce. 5
The next scheduled catalyst is April 29, when GSK is due to report first-quarter results. Until then, the shares are holding their latest gains, but the broker notes remain restrained. 8
