London, June 12, 2026, 13:01 BST
- GSK shares moved up Friday after momelotinib got orphan-drug status in the US and EU for VEXAS syndrome.
- Investors are still watching GSK’s pipeline, just days after the company’s $10.6 billion deal for Nuvalent.
- ATLAS trial data at EHA, the Nuvalent deal closing, likely in Q3, and two FDA target dates later this year are the next key events.
GSK plc shares traded up in London on Friday after another pipeline update from the UK drugmaker. At 12:24 London time, Sharecast quoted the stock 1.32% higher, or up 26p, while Hargreaves Lansdown’s delayed retail quotes pegged GSK at about 1,988p/1,989p. The move extends a rally that began after Thursday’s 2.13% gain, which beat a smaller FTSE 100 rise.
GSK said momelotinib, marketed as Ojjaara/Omjjara for myelofibrosis, just got Orphan Drug Designation from the US FDA and the European Medicines Agency for VEXAS syndrome—a rare, life-threatening inflammatory and blood disorder with no drugs cleared for use. Orphan Drug Designation gives some incentives for making rare disease drugs, but it is not a green light to start selling for that use.
GSK’s stock could move on this news as the company looks to show its pipeline has legs beyond its core HIV, vaccine and respiratory businesses. GSK said VEXAS comes with a tough outlook and a five-year mortality of 30% to 40%. The company plans to test momelotinib in VEXAS in a phase II/III ATLAS study. Details of the study design are set for release at the European Hematology Association Congress, June 11-14.
GSK said Friday it will buy Nuvalent, based in Boston, for $10.6 billion. That’s a bigger deal than the usual bolt-on buys investors have seen from the company. The deal brings late-stage lung cancer drugs zidesamtinib and neladalkib, both being reviewed by the US FDA. The agency’s target decision dates are September 18 and November 27, 2026. CEO Luke Miels called it “a multi-product deal” and said both drugs “could launch this year if approved by the FDA.” GSK
Bulls see GSK stacking up new products while the core business keeps moving. In first-quarter 2026, GSK’s total sales hit £7.6 billion, up 5% at CER. Specialty Medicines climbed 14%. Oncology up 28%. Core operating profit added 10%. Core EPS rose 9%. Guidance for 2026 stays: turnover growth of 3%-5%, core operating profit up 7%-9%, core EPS up 7%-9%, full-year dividend targeted at 70p, and sales seen topping £40 billion in 2031.
GSK’s stock now leans on execution, bears say. The Nuvalent buy will be paid for mostly with debt and cash, GSK said, and will bring low-single-digit dilution to core EPS in 2026, 2027, and 2028, turning accretive in 2029. Reuters pointed out GSK is also dealing with the 2028 patent cliff for dolutegravir, its HIV drug, while Nuvalent’s lung cancer candidates still need regulatory approvals and face launch and competitive hurdles.
GSK is trading closer to fair value now after bouncing back. Google Finance put its market cap at about £80.4 billion, with a P/E ratio of roughly 14. The dividend yield sits around 3.4%. Shares have swung from 1,288.6p to 2,282p in the past year. Analyst data averaged a 12-month target of 2,109.64p, just 6% above where shares were, with 4 buys, 8 holds, and 2 sells.
Orphan-drug headlines are in focus, but the real test for GSK is whether it can convert pipeline hope into sales. The next readout comes at the ATLAS talk at EHA, where investors look for more on VEXAS and what’s ahead. Nuvalent is expected to close in the third quarter. Two FDA decisions for zidesamtinib and neladalkib are due in September and November, with the timing and label details likely to decide if the latest pipeline rally has more legs.
