London, July 6, 2026, 14:01 BST
- GSK traded 0.5% higher at 2,025p in a delayed 13:47 BST quote. Volume was running at 11% of the 65-day average.
- HSBC upgraded GSK to “hold” from “reduce,” keeping its price target at 1,860p. That target is still about 8% under Monday’s close. Streetinsider
- GSK’s broker consensus keeps 2031 sales at £34.9 billion, which is £5.1 billion below the drugmaker’s >£40 billion target.
GSK plc (LON:GSK) traded higher in London on Monday after HSBC Holdings plc (LON:HSBA) boosted its rating. The bank’s upgrade gave the shares a lift, but analysts’ sales estimates are still well short of the company’s 2031 goal.
GSK traded at 2,025p, up 10p or 0.5% from the last close, according to MarketWatch at 13:47 BST. Shares are still down about 11% from the 52-week high of 2,282p hit in February, but have gained 45.1% in a year.
| GSK stock tape | Latest comparison |
|---|---|
| Monday delayed price | 2,025p |
| Last close | 2,015p |
| Change today | +0.5% |
| Monday trading volume | 875,650 shares |
| 65-day typical volume | 7.94 million shares |
| Volume to average | 11% |
| Year range | 1,288.61p–2,282p |
| 12-month move | +45.1% |
HSBC analyst Rajesh Kumar moved GSK up to “hold” from “reduce” and kept the target at 1,860p, according to StreetInsider. The target stayed under the current market, so this was more a shift away from a sell stance than a bullish move. Investing.com said HSBC pointed to management changes and pipeline spending, but still flagged the patent cliff as an issue. Streetinsider
The tougher question is GSK’s 2031 sales outlook. Company consensus from May 26, pulled from broker numbers, has 2031 revenue at £34.879 billion. GSK says it’s aiming for more than £40 billion in 2031. That leaves a £5.121 billion shortfall before adjustments for Nuvalent.
| GSK line, broker consensus | 2026 sales | 2031 sales | Change |
|---|---|---|---|
| GSK total revenue | £33.67 bln | £34.88 bln | +3.6% |
| HIV | £8.15 bln | £4.55 bln | -44.2% |
| Oncology | £2.47 bln | £5.06 bln | +104.4% |
| Respiratory, immunology, inflammation | £4.31 bln | £7.27 bln | +68.5% |
| Vaccines | £9.15 bln | £10.40 bln | +13.6% |
| General medicines | £9.58 bln | £7.61 bln | -20.6% |
That mix is the reason shares moved. Broker models still expect oncology and respiratory growth to make up for weak HIV and general medicines, not to push GSK much beyond £40 billion.
Nuvalent Inc NASDAQ:NUVL jumped after GSK agreed to acquire the U.S. cancer drug maker for $10.6 billion, or $124 a share, on June 9. That’s a 40% premium over Nuvalent’s last close. GSK expects the deal to start adding revenue from 2027, boost core operating profit the same year, and add to core EPS in 2029. The company guided for low single-digit core EPS dilution between 2026 and 2028.
GSK launched the tender offer June 24, with an expiration set for one minute after 11:59 p.m. ET on July 14, unless it’s extended or ends sooner. The company said there’s no financing condition tied to the offer.
GSK CEO Luke Miels told reporters the Nuvalent buy is larger than the company’s usual deal size, saying, “it’s essentially three products in one.” Analysts at Bank of America Corp (NYSE:BAC) said in a note quoted by Reuters the purchase brings “two imminent growth drivers.” Reuters
Investors have made it clear they are quick to react to shaky growth. GSK posted a first-quarter earnings beat in April, but Verso Investment Management analyst James Eugene told Reuters that some one-off items inflated the result. “Both of these factors mean that the beat is likely more modest than the numbers suggest,” Eugene said. Reuters
GSK will report second-quarter numbers and update on portfolio growth on July 28, holding an analyst and investor event in London at 2 p.m. BST. That timing lands between the Nuvalent tender deadline and the next broker model reset.
