London, June 16, 2026, 13:08 BST.
- GSK hovered near 1,960p, trailing the FTSE 100’s gains.
- Investors look at the $10.6 billion Nuvalent deal against GSK’s buyback, dividend, and other oncology assets.
- GSK reports second-quarter earnings and gives a portfolio update on July 28. That’s the next big event.
GSK plc closed flat in London on Tuesday. AJ Bell showed the stock at 1,959.50p to sell and 1,960.00p to buy, a slim gain of 1.50p, or 0.08%. The FTSE 100 outpaced it, climbing around 0.6% to 10,490.35 as banks and industrials moved higher and weaker oil prices lifted sentiment. GSK didn’t move with the index’s rally—it wasn’t market selling, just the shares missing out.
GSK said in a filing it repurchased 1,112,424 ordinary shares between June 8 and June 12. That brings the total since May 11 to 7,346,236 shares, with all shares set to be held in treasury. The company reported it has 4,047,527,077 ordinary shares outstanding, excluding shares in treasury. Buybacks usually lift earnings per share by cutting the share count, though this latest round is small compared to GSK’s £78.5 billion market cap.
GSK’s $10.6 billion Nuvalent deal is still a drag on the shares. GSK is paying $124 a share in cash for Nuvalent, going after two lung-cancer drugs, zidesamtinib and neladalkib. Both are now with the FDA, which is set to decide on September 18 and November 27, 2026. CEO Luke Miels called the drugs “potential best-in-class assets” and said they could be approved and on the market this year. Bulls are calling for a quick takeoff in lung cancer, seeing sales growth starting 2027. Bears point to the extra debt and GSK’s own guidance for low single-digit core EPS dilution from 2026 through 2028. GSK does not expect core EPS accretion before 2029. Core EPS strips out certain items. GSK
GSK is holding steady on its growth plan. Quarterly sales reached £7.6 billion, up 5% in constant exchange. Specialty Medicines posted a 14% gain, Oncology rose 28%, HIV sales added 10%. Core operating profit increased 10% and core EPS was up 9%. After the Nuvalent deal, GSK kept its 2026 outlook unchanged, still targeting 7%-9% annual growth in both core profit and EPS. The company said it still plans for a 70p dividend in 2026.
GSK is at 13.78 times earnings with a 3.42% yield, according to AJ Bell. That’s in fair value territory, not especially cheap. The median price target from 18 analysts tracked by Investors Chronicle is 1,980p, just 1.1% above the current 1,958p. Targets run from 1,455p to 2,750p. Bulls like specialty medicines, share buybacks and the cancer drug lineup. Bears point to execution risks, pressure on HIV patents, and doubts that Nuvalent revenues will match recent spending.
GSK will release second-quarter results on July 28 and plans to update analysts in London about how its portfolio is growing. Investors are focused on whether GSK kept the same pace as Q1, if 2026 guidance remains intact, and if there’s more detail on the pipeline or the Nuvalent integration. Shares likely to move on Q2 numbers, not sentiment, until the event.
