GSK plc

Q3 performance & guidance (good, baseline for investors): - Sales up 5% to GBP 8.9bn (CER basis). Specialty is the primary driver (specialty sales +15%, per commercial update). - Core operating profit +5%; core EPS +1%. - Cash generation strong: GBP 7.4bn year-to-date. Dividend declared at 17 pence for Q3. - Reconfirmed 2026 guidance with expectations for sales in the upper half of the range, core operating profit upper half, and core margin >31% at constant rates. FX headwinds now expected around -1% on sales and -3% on operating profit.

Launch momentum / specialty growth (opportunity, likely key to upside): - Blenrep continuing to build with repeat prescribers ~1/3 of U.S. sales so far; U.S. clinicians becoming more comfortable; NCCN guidelines updated with broader population coverage (beyond U.S. label via DREAMM-7/8). - Exdensur: launch ramp accelerating after J-code on July 1 and ASP availability October 1; new prescribers +68% and new patient starts +74% in Q3 including free first-dose (“Fast Start”). Management expects trend inflection going forward; Exdensur sales were GBP 27m in Q3. - First NSCLC launch: Jideytro delivered GBP 3m already; also expanded oncology indications (e.g., Jemperli for locally advanced rectal cancer).

Pipeline acceleration (surprising pace; opportunity + execution risk): - R&D momentum accelerating strongly under “Accelerate Growth”: R&D +22% in Q3. - They have now initiated 12 new phase III study starts in the quarter, taking total to 18 phase III starts for the year (from 10 expected earlier). Further 4 are on track to start before year-end. - This is intended to support longer-term growth via late-stage assets (notably oncology ADCs/TKIs) and broad thematic expansion into 2028+.