GSK Stock Price Slips as Buyback Continues and Linerixibat Decision Looms
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