Competitive ThreatGilead's 6-monthly sub-cutaneous lenacapavir, expected to launch soon, has already led to a reduction in sales projections for GSK's Apretude.
Research And DevelopmentStarting three major, expensive COPD PIII programs is likely to put material upward pressure on R&D spend and margin compression just as revenues decline on HIV loss of exclusivity.
Vaccines BusinessThe outlook for GSK's vaccine division is concerning, with expectations of a decline, especially with challenges in the Chinese market.