GSK (GSK) 44th Annual J.P. Morgan Healthcare Conference summary

R&D achievements and pipeline momentum

• Achieved 13 positive phase 3 readouts in 2024 and five out of five approvals in 2025, supporting growth objectives through 2031.

• 15 scale launches with potential for over $2 billion peak sales and a next wave pipeline of about 25 assets.

• Key approvals include Xtensia for respiratory disease, Nucala for COPD, and Blenrep in third-line myeloma.

• Bepi for hepatitis B aims for a 15–20% functional cure, a major advance after 30 years, with significant reductions in cancer and mortality risk.

• 15 late-stage assets and up to 10 new pivotal studies expected in 2025, with a focus on R&D acceleration and technology.

R&D productivity and technology integration

• End-to-end success rates from preclinical to approval have more than doubled since 2018.

• Cycle times from last patient visit to first file in a major market have more than halved from 2021 to 2024.

• AI and machine learning are used to reduce attrition at phase two, improve target selection, and connect targets to patient populations.

• Predictive design of molecules and partnerships, such as with Flagship, enhance R&D capabilities.

• Multimodal approaches link genetics, phenotype, and clinical outcomes, especially in steatotic liver disease and oncology.

Business development and portfolio strategy

• Recent deals (IDRx, Boston Pharma, Summit, Empirico, LTZ) focus on assets with near-term sales potential and alignment with research and commercial strategies.

• Emphasis on long-acting agents, ADCs, and oligonucleotides to reprogram disease pathways.

• Empirico deal brings a long-acting siRNA for COPD; Hansoh deal provides access to 11 mechanisms split between oncology and R&I.