05:32 AM EST, 11/03/2026 (MT Newswires) -- Berenberg maintained its investment case for GSK (GSK.L), saying the British drugmaker's robust third-quarter performance was eclipsed by uncertainty regarding its HIV pipeline. "Solid Q3 results were overshadowed by uncertainty regarding GSK's next-generation HIV pipeline, where pharmacokinetic data were said to be not as expected (Apretude Q4M). Management's desire to be candid is admirable, but this was poorly received, introducing uncertainty in a portfolio about which investors are already cautious. We expect an update by end 2026/early 2027. GSK's pipeline restock ultimately delivers HIV dilution and we believe the heavy valuation discount to peers is no longer justified," analysts said Tuesday. For the three months ended Sept. 30, GSK reported turnover of 8.89 billion pounds sterling, up 4% year over year on a reported basis and 5% at constant currency. As such, Berenberg reiterated its buy rating and price target of 22 pounds on the stock. Looking ahead, the research firm believes near-term catalysts include a US Food and Drug Administration approval decision for lung cancer drug neladalkib in November, followed by Apretude Q4M updates after FDA discussions by 2026-end or early 2027.

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