GSK (GSK) Barclays 28th Annual Global Healthcare Conference summary

Strategic direction and leadership

• No major strategic shifts expected under new CEO; focus remains on respiratory, inflammation, immunology, oncology, infectious diseases, vaccines, and HIV.

• Emphasis on capital allocation, dividend clarity, and continued investment in business development.

• Leadership is doubling down on execution, growth, business simplification, and R&D pipeline acceleration, especially for phase II assets.

• Focus on faster decision-making in dose escalation and optimization, patient recruitment, and protocol setup to accelerate mid-to-late stage pipeline assets for 2030s growth.

Business development and M&A

• Recent acquisitions include RAPT (food allergy therapy with longer half-life and simplified dosing) and 35Pharma (early-stage pulmonary hypertension drug).

• Deals target scientifically de-risked assets with potential for best-in-class differentiation in core or adjacent therapy areas.

• Strategy favors a series of moderate-sized deals to build a broad portfolio and drive growth through the 2030s, but larger deals are not ruled out.

• Willing to consider late-stage or recently launched assets if value aligns, but sees current approach as effective.

Product launches and pipeline updates

• Exdensur, a six-monthly IL-5 for severe asthma, aims to increase biologic penetration and target bio-naive patients; launch progressing as planned.

• Nucala, the only IL-5 approved for COPD, shows strong uptake and significant reduction in hospitalizations; further trials underway for broader COPD segmentation.

• Blenrep launch is on track, with strong efficacy data and simplified administration; focus on positive early patient and physician experience.

• Camlipixant phase III trials for refractory chronic cough are progressing, with pooled analysis expected mid-year; phase II showed promising efficacy.