GSK PLC (GSK.L): Key Takeaways from our 2026 CEO Call

On Thursday, September 24, 2026, J.P. Morgan hosted a conference call with GSK CEO Luke Miels as part of its 2026 CEO Call series. LM reiterated confidence in delivering GSK's 2031 sales target of >£40bn, pointing to the breadth of the portfolio, particularly in oncology, which he sees as underappreciated by consensus — highlighting ris-rez 2L extensive SCLC data from the Phase III ARTEMIS-008 trial presented at World Lung, velzatinib in 2L GIST following ASCO 2026 data, and mo-rez, with further updates expected at ESMO 2026. On business development, GSK expects to remain focused on $2-4bn deals for clinically de-risked assets in oncology, hepatology and respiratory, while staying disciplined on its A2 rating and progressive dividend. Neladalkib accounts for two-thirds of Nuvalent's valuation, with Phase III ALKAZAR enrolment now in the high 40s% and regulatory submission in 1L ALK+ lung cancer guided for 2029+. Jideytro's launch and World Lung data reception have been positive, and LM