Analysts at Berenberg slightly raised their target price on drugmaker GSK from £16 to £16.60 per share on Tuesday after it hosted chief financial officer Julie Brown for the eighth session of its annual pharma CFO series.
Source: Sharecast
Berenberg satated as CFO in 2026, Brown will be focusing on delivering the financial ambition for the business, with its Blenrep and depemokimab assets being "key commercial drivers" that it believes to be "underappreciated by the market".
The German bank stated the launch of both drugs will be "a key focus for investors into 2026", and said it forecasts 5% total revenue growth, an operating margin of 31% and 8% earnings per share growth in FY26.
"We retain our 'hold' recommendation and raise our price target to GBP16.60, reflecting recent financial performance," said Berenberg.
"GSK trades on 10.3x 2026 adjusted earnings versus European peers on 13.7x. On EV/NPV, GSK trades c12% below European peers (0.80x versus 0.91x) and c21% below the value of marketed assets alone."
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