health
February 4, 2026
GSK, take two: the bullish tone at the top is finally more convincing
New boss Luke Miels knows perils of overpromising but there is growing sense pharma firm is closer to filling potential
TL;DR
- GSK's share price has recovered to its level from 25 years ago, a shade over £20.
- The mega-merger of Glaxo Wellcome and SmithKline Beecham aimed to create a 'Microsoft of the pharmaceutical world' but faced challenges including expiring patents and internal issues.
- AstraZeneca has significantly outperformed GSK since 2013, becoming a model for a science-led pharma operation.
- Emma Walmsley's tenure as CEO included demerging the consumer goods division as Haleon and cutting the dividend to increase R&D spending.
- Current CEO Luke Miels expressed full confidence in GSK's strategy and a long-term revenue target of £40bn-plus by 2031, despite some analysts projecting a more conservative £35bn.
- Miels emphasized 'scientific courage,' agility, and market nous, reminiscent of his former mentor Pascal Soriot.
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