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JP Morgan has retained its underweight rating on GSK PLC (LSE:GSK, NYSE:GSK) and set a June 2027 price target of £17, citing limited near-term earnings upgrade potential and noting that the company’s longer-term outlook remains dependent on pipeline success and the execution of new product launches.
Analyst Zain Ebrahim made modest forecast adjustments following GSK’s first-quarter 2026 results. The changes included foreign exchange-related adjustments of 0% to 1% to sales forecasts for 2026 to 2031, alongside upgrades of 1% to 2% to core operating profit estimates.
JP Morgan left GSK’s local currency full-year guidance unchanged at 4% sales growth and 8% core operating profit growth.
JP Morgan’s 2031 sales forecast is £32 billion, which the broker said is approximately 8% below market consensus. It also indicated that its forecasts are running behind peers by 7% for Specialty Medicines, 8% for General Medicines, and 11% for Vaccines.
The broker attributed this gap to scepticism about the contribution from new launches, including Exdensur and Blenrep.
JP Morgan highlighted several near-term catalysts for investors to monitor:
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