GSK Plc (GSK.L) 3Q26 preview: New launch momentum remains modest; expect guidance to be reiterated

Goldman Sachs' 3Q26 preview on GSK Plc (GSK.L). GSK is due to report 3Q26 results on Oct 28, following a period of strong earnings execution over the mid term. We expect increased focus on the trajectory of GSK's new launch portfolio, notably Exdensur and Blenrep, with downside risk to consensus Exdensur estimates based on prescription trends, and softer Vaccines and HIV performance. We expect management to reiterate its FY26 guidance. We maintain a Neutral rating and slightly lower our 12m price target to 1,860p/$49 ADR (from 1,900p/$50 ADR), implying c.5% upside. We sit ~2% below Visible Alpha Consensus for 3Q26 on both turnover and core EPS, and broadly in line with company-compiled consensus for FY26, while the pipeline catalyst path for the remainder of the year appears light.