UBS maintains a neutral rating on GSK ahead of its Q2 results and a strategy update from new CEO Luke Miels, focusing on whether he can deliver GSK's target of over £40 billion in risk-adjusted sales by 2031. UBS forecasts slightly below consensus for sales and profits, highlighting a gap of over £4 billion between GSK's ambitions and market expectations. Key concerns include weakness in specialty and respiratory segments, a slowdown in US prescriptions for key respiratory drugs, and a Delaware court trial over cancer drug rights. The upcoming capital markets day on July 28 will be crucial for insights on GSK's pipeline adjustments post-Nuvalent acquisition and progress on late-stage treatments like camlipixant.
