Following the appointment of an insider as the company’s next CEO, GSK’s stock rose on Monday.
Emma Walmsley, the company’s nine-year leader, will hand up the reins on January 1st to Luke Miels, chief commercial officer. AstraZeneca, Roche, and Sanofi were among the numerous European pharmaceutical companies where Miels held top positions.
In London trading, GSK shares (UK:GSK) (GSK) increased by 4%.
Walmsley was in charge of the litigation risk associated with Zantac and the separation of the consumer health company Haleon (HLN).
“As the CEO, you want to ensure a smooth transition and leave the firm you love stronger than when you started. In addition to creating Haleon, a new global leader in consumer health, I’m happy to have accomplished both,” Walmsley said in a statement.
According to JPMorgan analysts, Miels was thought to be the most likely successor.
“Overall, we see Luke Miels’s appointment as allowing him time ahead of the dolutegravir patent expiry in April 2028 to focus on the next phase of GSK’s growth, where GSK have reiterated their 2031 sales target of >GBP40bn (Consensus: GBP33.9 billion),” they stated in reference to the HIV antiviral.
