As CEO, Luke Miels wants GSK to be more ‘product-centric’

In his first investor update as GSK’s CEO, Luke Miels defined a core of his vision for the company’s next chapter: “We need to be more product-centric as a company.” Being product-centric means everyone at GSK, from R&D and manufacturing to commercialization and administrative functions, should be clear about how their role drives the company’s goal of making drugs that improve clinical outcomes for patients, Miels said during a press call Wednesday. “When you look at the level of communication, discussions, focus time that a company spends, I want to really see that to be massively dominated by products,” he said. In addition to product-centricity, Miels also wants GSK to have more “scientific courage” to accelerate its pipeline and be “more agile to capitalize on opportunities.” Miels succeeded Emma Walmsley to become GSK’s new CEO at the beginning of 2026, inheriting the role as GSK posted what he called strong performance last year. Full-year revenue grew 7% at constant exchange rates to 32.7 billion pounds sterling ($44.9 billion), and a fourth-quarter haul of 8.6 billion pounds came 2% ahead of analysts’ consensus. Even though GSK expects milder sales growth—between 3% and 5%—this year, Miels stood by the company’s ambitious target of generating more than 40 billion pounds by 2031, which was set when he was chief commercial officer. GSK will test its new CEO’s product-centric approach this year with two key launches: long-acting respiratory disease biologic Exdensur and multiple myeloma antibody-drug conjugate Blenrep, both approved by the FDA in the fourth quarter of 2025. With Exdensur, GSK has transferred its Nucala sales force to detail the new half-yearly regimen, leaving Nucala’s chronic obstructive pulmonary disease (COPD) launch to the Trelegy team, Miels said on an investor call Wednesday. “We need to place our bets on the future, and the ultimate future with IL-5 and higher [eosinophils] is gonna be long-acting Exdensur for COPD,” he said. Exdensur’s current FDA approval covers its use as an add-on therapy for severe eosinophilic asthma. In COPD, GSK has two phase 3 trials, Endura-1 and -2, for testing the anti-IL-5 antibody as an add-on therapy to treat moderate to severe COPD with type 2 inflammation. In the fourth quarter, GSK launched a third phase 3 trial, dubbed Vigilant, to assess early use of Exdensur in COPD patients who have had one exacerbation and are at a high risk for future exacerbations. Despite the many biologics available for respiratory diseases, GSK still sees “a significant opportunity in the bio-naïve population, as only 27% of U.S. eligible patients are on a biologic, and market research shows that 97% of patients would prefer or like to switch to a biologic with six-monthly dosing,” Nina Mojas, GSK’s president of global product strategy, said on the investor call. As for Blenrep, the BCMA agent remains a show-me story after making a comeback from a previous market withdrawal. Despite lofty peak sales figures, Mojas acknowledged that the product’s launch will be a slow ramp as GSK supports prescribers and patients to ensure a positive first experience. Despite its being an off-the-shelf option compared with BCMA CAR-T therapies, Blenrep comes with notable eye toxicity and is therefore only available through an FDA-mandated REMS safety program. To mitigate that side effect, GSK has educated about 18,000 eye care professionals in the U.S., enabling their collaboration with oncologists, Mojas said. GSK launched Blenrep in the U.K. before securing an FDA go-ahead in late October, and the company expects to see similar interest in the drug, albeit slow uptake because of the need for coordination with eye care professionals. Still, Miels highlighted a roughly 50-50 split between academic and community practices during early adoption of Blenrep. “Our strategy is to focus on the community,” he said. “With a product that is being relaunched and not a lot of experience in the community, I think this is an encouraging trajectory.” Meanwhile, the vaccines business at GSK is undergoing significant uncertainty due to disruptive U.S. policy changes. In the fourth quarter, GSK’s sales from vaccines grew 4% year over year to 2.3 billion pounds, bringing the full-year total to nearly 9.2 billion pounds ($12.6 billion). The company’s flagship shingles vaccine Shingrix delivered a 20% sales increase during the fourth quarter thanks to Europe and international markets, while the U.S. logged a 17% decrease as the remaining unvaccinated market proves difficult to penetrate. The U.S. Department of Health and Human Services, under the leadership of Secretary Robert F. Kennedy Jr., has challenged many longtime vaccine practices, including recently walking back recommendations for six immunizations for children. The moves have dealt a number on overall vaccines sales at several companies, although GSK expects the impact to be “manageable.” “We continue to monitor the evolving pediatric vaccine landscape in the U.S.,” Mojas said. “At this time, insurance coverage remains as before, and we expect the recent HHS changes to be manageable.” For 2026, GSK expects sales from vaccines to decline in the low-single-digit percentage or remain stable.