GSK's Pharma Business to Drive Future Returns Amid Oncology Boost, Berenberg Says

06:45 AM EDT, 10/14/2026 (MT Newswires) -- Berenberg expects GSK's (GSK.L) pharma division to drive future returns, thanks to its oncology pipeline, with analysts noting the UK drugmaker's commitment to funding success in the therapy area as indicated by the expanded R&D team. "After many years of disappointing performance, we conclude that predicted R&D returns from the pharma division are much improved, and more than offset a near-term gap in the ViiV late-stage pipeline. GSK oncology is a key driver of this, representing one-third of our forecast late-stage pipeline cash flow," the research firm said Wednesday following a meeting with the UK drugmaker's Global Head of Oncology R&D Hesham Abdullah. With the London-listed company set to report multiple late-stage oncology readouts in the next two to three years, analysts said the "most influential" include Jemperli in colon and rectal cancers, and Blenrep in first-line multiple myeloma, among others. Meanwhile, near-term catalysts are the potential US approvals for hepatitis B drug bepirovirsen and neladalkib in lung cancer, alongside the phase 3 data for ris-rez in second-line lung cancer and Q4M HIV prevention/treatment. "[The] pipeline restock now provides sufficient R&D "shots on goal" to 1) drive improved R&D returns (RORI 2026) and 2) enable an easier transition through the HIV patent expiry period," analysts wrote. Against this backdrop, the stock's buy rating and price target of 22 pounds sterling were retained.