GSK Outlines £40B Revenue, 31% Margin Targets Amid Oncology Focus

GlaxoSmithKline (GSK) highlighted its ambitious growth strategy at the Bank of America Global Healthcare Conference, outlining a £40 billion-plus revenue target by 2026 and a 31% EBIT margin by the same year—up from a prior 30% target. The company expects over 7% annual sales growth and more than 11% profit growth in the 2021–2026 period, with specialty pharmaceuticals now accounting for just over 40% of its business, up from one-third in early 2023 and projected to exceed 50% by 2031. Financial discipline remains central, with the Accelerate Growth program targeting £1.9 billion in cost savings, with further reductions expected to ramp in 2028 and 2029. Cash flow remains robust, with over £10 billion generated from operations in the current year and leveraged free cash flow of more than $9 billion over the past 12 months, yielding a 9% yield on that basis. Net debt to EBITDA post-acquisition of Nuvalent stands at just under 2.0 times.