GSK Shares: Analyst Stays Bullish After Q2 Beat and New CEO’s “Aggressive Intent”

AlphaValue reiterated its positive recommendation on GSK (LON: GSK) in a note to clients on Tuesday following the company’s Q2 results, pointing to another quarterly beat and what it called the new chief executive’s aggressive push on R&D and dealmaking.

The firm has a six-month target price of 2,394 pence on the stock, implying 22.1% upside from Monday’s close.

Analyst Abhishek Raval said second-quarter sales and core operating profit came in about 2% and 6% ahead of consensus, respectively.

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Sales reached £8.4bn, up around 5% at constant exchange rates, driven mainly by HIV, respiratory, immunology and inflammation, oncology and vaccines. Core earnings per share rose 9% to 50.5 pence, and management reaffirmed full-year guidance for sales, core operating profit and core EPS.

AlphaValue highlighted momentum in specialty medicines, with long-acting injectables Cabenuva and Apretude driving the HIV franchise, and said GSK expects ultra-long-acting treatments to “cushion the blow from the patent expirations of dolutegravir products” over 2028-30.

In respiratory, Nucala gained from its COPD indication, while the firm flagged oncology drugs Jemperli and Ojjaara as expanding “at an exciting pace.”

The firm highlighted CEO Luke Miels’ intent, noting three major acquisitions in 2026 and a new cost savings plan targeting £1.9bn annually from 2029. AlphaValue said his background at Roche and AstraZeneca “should come in more than handy here.”

Still, the firm cautioned that GSK “doesn’t have the pipeline strength of the likes of AstraZeneca” to absorb multiple late-stage setbacks, referencing the recent failure of chronic cough candidate Camlipixant. Shares rose 3.5% on Tuesday, closing at 2,029p.