GSK's New CEO Signals Slower 2026 Sales Growth Amid Strategic Pipeline Build-Up

GSK (LSE: GSK) is shifting gears under its new CEO Luke Miels, eyeing slower sales growth in 2026 as it prepares for a strategic overhaul to address upcoming patent expirations on its top HIV treatments.

The British pharma giant, which saw 7% revenue growth in 2025 hitting £32.67 billion ($55 billion) and surpassing forecasts, now expects a more moderate 3% to 5% increase this year. This cooling reflects the company's pivot towards expanding its drug pipeline rather than immediate top-line acceleration.

Miels, stepping in at the start of 2026, acknowledged that while this year is critical for execution, GSK remains confident in achieving over £40 billion in sales by 2031, despite the challenges ahead.

Patents for key HIV drugs are set to run out by 2028, sparking a push for innovation to fill the gap. GSK recently offered $2.2 billion for RAPT Therapeutics, betting on an experimental food allergy drug to widen its portfolio. The company also secured approvals for five new treatments last year, underscoring a productive R&D phase.

However, uncertainty looms over GSK's vaccine business, particularly in the U.S. market, where sales are projected to either decline slightly or remain flat in 2026. This stands in contrast to the specialty medicines segment, which is expected to register low double-digit growth.

GSK's shares reacted to the updated guidance with a dip that flipped to a 1.4% gain by mid-morning trading, indicating investor recognition of the mixed but long-term optimistic outlook.

Core earnings per share also came in stronger than expected at 25.5 pence in Q4 2025, accompanied by an 8% rise in sales to £8.62 billion, suggesting solid operational execution even as the company navigates a transitional period.

The path forward will hinge on GSK's ability to innovate rapidly and manage regulatory and tariff headwinds, especially in the U.S., to compensate for patent cliffs looming in the near term.