GSK’s new chief executive, Luke Miels, said the drugmaker will prioritise faster drug development as it enters its next phase of growth, with a tighter focus on programmes that can change standards of care and selective bolt-on acquisitions. Miels, who succeeded Emma Walmsley in January, is leading the company through a period marked by rising commercial delivery from its research ramp-up and the need to offset upcoming patent expiries for its leading HIV medicines.
“We need to accelerate what we have and to add to it via smart business development,” he said on a call with journalists.
GSK shares jumped as much as 5.6% to 2,055 pence, the highest level since late 1998, after Miels restated the drugmaker’s goal of having annual sales top £40 billion by 2031. The stock has outperformed some European peers since a tumultuous 2025 marked by tariff threats and pressure on US drug prices, helped by earnings momentum and growth in specialty medicines.
Investors have previously questioned GSK’s long-term sales targets, but analysts said the new outlook offered a credible starting point. Sheena Berry, healthcare analyst at Quilter Cheviot, said the strategy represented a steady reset under Miels’ leadership.
GSK does not plan major changes to its capital allocation strategy. Miels said the company will continue to target business development deals in the £2 billion to £4 billion range, with flexibility for exceptions. He added that the group would look for assets that are “hiding in plain sight” and could strengthen its late-stage pipeline, reinforcing sharper, faster drug development across key therapeutic areas.
“Typically we like a programme where the science is reasonably established,” he said.
Last month, GSK agreed to acquire RAPT Therapeutics for $2.2 billion, adding an experimental food allergy treatment to its portfolio. Looking ahead, the company expects revenue growth of 3% to 5% this year at constant currency, compared with 7% growth in 2025. Barclays analysts said the outlook was slightly below consensus, largely due to foreign exchange pressures.
GSK reported core earnings per share of 25.5 pence for the final quarter of 2025, with sales rising 8% to £8.62 billion. While uncertainty remains around the vaccines business, particularly in the US, the company expects its specialty medicines division to deliver low double-digit growth, supported by recent regulatory approvals including asthma drug Exdensur and blood cancer therapy Blenrep.
