GSK Upholds £40B Sales Target for 2031 as Leadership Transition Approaches
Walmsley's Final Report Showcases Strong Quarter, Sets Stage for Miels
GSK, the British pharmaceutical giant, has reaffirmed its ambitious £40 billion sales target for 2031, despite skepticism from some analysts. This announcement came during Emma Walmsley's final quarterly report as CEO, setting a positive tone for the upcoming leadership transition to Luke Miels on January 1, 2026.
The company's third-quarter results exceeded expectations, with total revenue reaching £8.55 billion, 4% above analysts' projections. This strong performance led GSK to increase its full-year guidance, now expecting 2025 turnover growth between 6% to 7%, up from the previous 3% to 5% forecast.
Key Products Drive Growth Amid Market Challenges
Blenrep's Return and Oncology Outlook
GSK's multiple myeloma drug, Blenrep, recently received FDA approval for third-line treatment, albeit with a narrower label than anticipated. Despite this, the company maintains optimism about its commercial prospects. Emma Walmsley highlighted the "material opportunity" in the third-line setting and outlined plans for potential expansion to second-line treatment.
Luke Miels, the incoming CEO, emphasized the importance of Blenrep's availability in community settings, where 70% of patients are treated. The drug's administration as a 30-minute in-office infusion five to eight times a year is seen as a significant advantage.
Vaccine Performance: Shingrix and Arexvy
GSK's vaccine division delivered surprising results, with Shingrix and the RSV vaccine Arexvy both exceeding consensus estimates. Shingrix sales reached £830 million, representing 13% year-over-year growth at constant currencies. However, the U.S. market proved challenging, with a 15% decrease in sales due to slower penetration among unvaccinated consumers.
Arexvy, despite showing 36% sales growth year-over-year at constant currencies, faced headwinds in the U.S. market. The company noted "lower pre-season channel inventory build together with slower market uptake" leading to a decline in U.S. sales.
Future Outlook and Strategic Focus
As GSK prepares for the leadership transition, both Walmsley and Miels expressed confidence in the company's short-, medium-, and long-term prospects. Julie Brown, GSK's Chief Financial Officer, emphasized that "Data readouts and commercial execution will make the difference" in achieving the 2031 sales target.
The company is placing significant emphasis on its long-acting biologic depemokimab, which is awaiting FDA decisions for asthma with type 2 inflammation and chronic rhinosinusitis with nasal polyps. Miels highlighted the product's potential to become a new standard of care, citing positive market research among pulmonologists.
As GSK navigates the evolving pharmaceutical landscape, the company's ability to execute its strategic plans and capitalize on its diverse product portfolio will be crucial in realizing its ambitious growth targets.
References
- Emma Walmsley upholds £40B sales target in her final GSK CEO report
Emma Walmsley and her GSK CEO successor, Luke Miels, are safeguarding the British pharma’s 40 billion-pound-sterling sales projection for 2031 on the back of a strong quarter.
Explore Further
What are the clinical data supporting Blenrep's approval for third-line treatment, and how do they compare to competing multiple myeloma therapies?
How does GSK plan to expand Blenrep's label to second-line treatment, and what challenges could arise in this process?
What is the competitive landscape for Shingrix and Arexvy in the vaccine market, particularly in addressing the challenges in U.S. sales?
What are the expected commercial and clinical advantages of depemokimab in treating asthma with type 2 inflammation and chronic rhinosinusitis with nasal polyps compared to existing therapies?
How does GSK plan to address the slower uptake of Arexvy and Shingrix in the U.S. to boost their market penetration?