GSK shares kept at neutral by Citi as unproven phase III pipeline curbs long-term growth
GSK PLC (LSE:GSK, NYSE:GSK) got a grudging nod from Citi on Thursday, as the investment bank lifted its earnings forecasts for the drugmaker but stopped...

GSK plc, a global pharmaceutical entity founded in 1715 and headquartered in Brentford, United Kingdom, dedicates its efforts to the research, development, ...
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Est. EPS $1.03 · Revenue $8.89B · 3 analysts
$0.68 per share
Est. EPS $0.57 · Revenue $8.97B · 3 analysts
Est. EPS $3.59 · Revenue $34.04B · 6 analysts
$0.68 per share
EPS £0.22 · Revenue £8.41B
EPS £0.86 · Revenue £7.63B
EPS £2.78 · Revenue £32.67B
EPS £0.98 · Revenue £8.55B
EPS £0.70 · Revenue £7.99B
| Metric | Latest | YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength. | QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes. |
|---|---|---|---|
| RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three). | $32.7B | +4.1% | +10.2% |
| Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day. | $5.7B | +122.0% | -75.0% |
| Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials. | +72.4% | +1.7% | -3.1% |
| Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on). | +25.5% | +99.2% | -81.0% |
| Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales. | +17.5% | +113.2% | -77.3% |
| Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock. | $5.8B | +63.1% | +216.1% |
| FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine. | +17.8% | +56.6% | +186.8% |
| Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe. | 108.2% | -12.9% | -3.2% |
| Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking. | 0.82x | +4.5% | +3.0% |
| Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground. | $61.0B | +2.6% | -26.0% |
| Metric | Annual (A vs E) | Annual Surprise | Quarter (A vs E) | Quarter Surprise |
|---|---|---|---|---|
| EPS Surprise | 2.78 vs 3.37 | -17.4% | 0.22 vs 0.93 | -76.3% |
| Revenue Surprise | $32.7B vs $32.4B | +0.9% | $8.4B vs $8.3B | +1.9% |
Operator: Good morning, everyone. Welcome to the Gibson Energy second quarter 2026 conference call. Please be advised that this call is being recorded. I would now like to turn the meeting over to Beth Pollock, Vice President, Capital Markets and Corporate Development. Ms. Pollock, please go ahead. Beth Pollock: Thank you, and good morning, everyone. We appreciate you joining us today to discuss Gibson's second quarter 2026 results. Joining me are Curtis Philippon, our President and Chief Executive Officer, and Riley Hicks, our Senior Vice President and Chief Financial Officer. Other members of our senior leadership team are also with us and will be available during the Q&A should any additional questions come up. Before we begin, I'd like to remind listeners that today's call will include references to non-GAAP financial measures and forward-looking information, which are subject to certain assumptions and risks. Additional information, including reconciliations of these measures and related disclosures, are available in our investor presentation and our continuous disclosure documents on SEDAR+, as well as on our website. With that, Curtis, over to you. Curtis Philippon: Thank you, Beth, and good morning, everyone. We appreciate you joining us today as we review Gibson's second quarter 2026 results. This was a significant quarter for Gibson, and I would like to begin by recognizing our team. Their hard work, disciplined execution, and commitment made these results possible. Most importantly, we achieved a notable safety milestone in the quarter, surpassing one full year without a recordable injury, inclusive of both employees and contractors. This milestone reflects the strength of our safety culture, the experience and commitment of our teams, the quality of our program, and the relentless focus on continuous improvement across the organization. Turning to the quarter, I'd like to start with the macro backdrop because it has changed meaningfully over the past several months. Looking at the environment today, I see a more constructive backdrop for North American energy infrastructure than even a quarter ago. While this created opportunities which benefited our second quarter results, what gives me the greatest confidence is the long-term opportunity it creates for Gibson. The strategic importance of secure, reliable North American energy has never been more clear. Gibson is well-positioned to support our customers with our infrastructure strategically located at critical hubs across the global energy supply chain. In Canada, recent market and access announcements and pipeline developments have created positive momentum for the energy infrastructure sector. This reinforces our long-term growth strategy and has already accelerated commercial discussions with our customers. Historically, every new barrel of pipeline egress has required approximately four barrels of storage capacity. Over the past decade, Gibson has developed a significant share …
| Name | Title | Compensation | Gender | Year Born | Status |
|---|---|---|---|---|---|
Emma Natasha Walmsley | Executive Officer | GBP 7,616,716 | Female | 1969 | Active |
Luke V. Miels | Chief Executive Officer & Director | GBP 6,073,646 | Male | 1974 | Active |
Julie Brown | Chief Financial Officer & Executive Director | GBP 6,072,020 | Female | 1962 | Active |
Jesse L. Goodman | Scientific & Medical Expert | GBP 83,000 | — | 1951 | Active |
Constantin Fest | Senior Vice President & Head of Investor Relations | — | Male | 1977 | Active |
Shobie Ramakrishnan | Chief Digital & Technology Officer | — | Female | 1971 | Active |
David Simon Redfern | President of Corporate Development | — | Male | 1966 | Active |
James Ford | Senior Vice President & Group General Counsel of Legal & Compliance | — | Male | — | Active |
Tony Wood | Chief Scientific Officer and Head of R&D | — | Male | — | Active |
Roanne Parry | Chief People Officer | — | Female | 1974 | Active |
GSK PLC (LSE:GSK, NYSE:GSK) got a grudging nod from Citi on Thursday, as the investment bank lifted its earnings forecasts for the drugmaker but stopped...

GSK PLC (LSE:GSK, NYSE:GSK) got a grudging nod from Citi on Thursday, as the investment bank lifted its earnings forecasts for the drugmaker but stopped well short of a buy call. The shares edged up 0.31% to 1,922p as Citi kept its 'neutral' rating, tweaking its model after GSK's Accelerate Growth event and second-quarter results.

On August 19, 2026, GSK PLC (GSK) shares rose 3.4% to a current price of $52.88. The stock has experienced notable price fluctuations over the past year, tradin

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