AlphaValue/Baader Europe Notes GSK's Plans to Address Upcoming Patent Cliff; Price Target Down

12:59 AM EDT, 09/16/2026 (MT Newswires) -- AlphaValue/Baader Europe trimmed its price target for GSK (GSK.L) to 23.37 pounds sterling from 23.65 pounds, while highlighting the British drugmaker's post-patent cliff strategy. "While key HIV patent expirations over 2028-30 are a known factor, GSK's answer to that test lies in oncology, respiratory and immunology, and the durable vaccines franchise. Cancer treatments may carry most of the load, a U-turn not many would have imagined after GSK sold its oncology business to Novartis [NOVN.SW] a decade ago. In addition, Luke Miels (taking reins from early-2026), hasn't been sitting on the fence, as GSK announced three major acquisitions this year - Nuvalent, Rapt Therapeutics and 35Pharma - and a plan to save GBP1.9bn a year [in] costs from 2029, earmarked for bolstering the late-stage pipeline," the research firm said Tuesday. Analysts noted that GSK's current setup mirrors AstraZeneca's (AZN.L, AZN.ST) situation in 2012 to 2013, including a discounted valuation reflecting market skepticism, which masked an "exceptional" cancer-led pivot amid patent expirations. "Whether GSK can replicate Astra-level execution in the coming years is a question only time can answer, the latter's phenomenal rise from the ashes over the last 10-15 years serves as a good precedent of value creation for patient investors," the research firm wrote. GSK is rated add at AlphaValue/Baader Europe.