GSK Says No to GLP-1s, Prioritizes ‘Downstream Effects’ of Obesity

 

Instead of joining the increasingly crowded GLP-1 arena, GSK will focus its efforts downstream of obesity—a push currently anchored by its Phase III-ready FGF21 analog efimosfermin alfa for liver fibrosis.

GSK has no interest in a late entrance to the GLP-1 rush, positioning its obesity efforts on the complications of the disease rather than addressing excessive weight-gain itself.

“I think it’s going to be very crowded,” new CEO Luke Miels told reporters during a call early Wednesday morning to present the pharma’s full-year 2025 earnings. Miels conceded that the mechanism is “fascinating,” however noting that it doesn’t fit into the company’s overall pipeline strategy.

“Our focus is more on the downstream effects of obesity rather than addressing the actual obesity itself,” Miels said. “People, when they’ve been obese for a very long time, they get fatty liver and then ultimately, if things remain that way, they can get fibrosis of the liver.”

In line with this more downstream approach to the obesity market, GSK in May 2025 bought Boston Pharmaceuticals’ efimosfermin alfa, a Phase III-ready FGF21 analog being proposed for the treatment of steatotic liver conditions such as metabolic dysfunction-associated steatohepatitis. GSK fronted $1.2 billion for this asset and promised up to $800 billion in milestones.

Miels on the call also addressed the recent layoffs at the pharma, which could affect up to 350 people across its U.K. and U.S. operations.

“It’s a high-risk business. We’re going to have programs work, we’re going to have programs fail. If something fails, it’s an opportunity cost if we leave resources there,” Miels told reporters during the call. “We need to be dynamic and we need to move resources and people to map where the opportunities are.” He didn’t specify what exactly these areas of opportunity are.

Last year, GSK made £32.667 billion, or approximately $44.85 billion, representing a 7% year-on-year increase at constant exchange rates. HIV and respiratory disease emerged as the pharma’s top-performing areas, bringing in £7.687 billion ($10.55 billion) and £7.068 billion ($9.70 billion), respectively.

Conversely, the pharma’s influenza sales tanked 24% to £303 million ($415.96 million).

Standout products include the dolutegravir franchise—spanning HIV antivirals such as Tivicay, Juluca and Dovato—which cumulatively made £5.648 billion ($7.75 billion) in 2025. The shingles shot Shingrix delivered a slight 8% uptick to bring in £3.558 ($4.88 billion), a trend that was largely driven by the 42% uptake growth in Europe. In the U.S., Shingrix suffered a 17% sales hit.

Looking ahead to the rest of the year, GSK projected a 3% to 5% increase in overall turnover, with core profit jumping 7% to 9%. The pharma also reaffirmed its goal to hit more than £40 billion ($54.84 billion) in revenue by 2031.

https://www.biospace.com/business/gsk-says-no-to-glp-1s-prioritizes-downstream-effects-of-obesity