*

GSK says vaccine and general medicines sales may decline

in 2026

*

Company maintains long-term targets

*

GSK shifting focus to pipeline expansion and commercial

execution

*

Q4 and 2025 sales beat analyst expectations

(Adds details, background, analyst consensus and shares)

Feb 4 (Reuters) - In the first outlook presented by new

CEO Luke Miels, ‌GSK on Wednesday said it expected slower

sales growth in 2026 compared with a year earlier, as it ​expands

its pipeline to counter looming patent expiries for its

top-selling HIV drugs.

The outlook ‍laid bare the challenge Miels faces as he

attempts to ⁠deliver commercially from a ⁠research ramp-up. The

British drugmaker said it still believes it can record sales of

more than 40 billion ‌pounds ($55 billion) by 2031.

GSK's shares, which initially ​fell about 1%, reversed course

and were up 1.4% at 0809 GMT.

Investors are closely watching how Miels, who took over from

Emma ⁠Walmsley at the start of the ‍year, will ​steer GSK as it

navigates U.S. tariffs, policy challenges and as top-selling

drugs in its HIV business start to lose their patent protections

in 2028.

The current ‍year "will be a key year of execution and

operational delivery," Miels said in a statement, adding that

the company was well-placed to move forward through its next

phase.

SLOWING SALES GROWTH

The firm expects revenue to grow 3% to 5% this year, at

constant currency rates, after it rose 7% in 2025 to 32.67

billion pounds, which ​surpassed ‍expectations of 32.54 billion

pounds.

New launches are key for GSK to sustain growth. Last month,

GSK made a $2.2 billion offer for RAPT Therapeutics ( RAPT ) for

an ​experimental food allergy drug. The drugmaker also scored

regulatory approvals for five treatments last year.

But uncertainty over GSK's vaccine business, especially

in the U.S., is likely to spill over into 2026.

GSK expects 2026 sales from its vaccines business and

general medicines unit to decline between a low-single-digit

percentage or remain "stable." Its specialty medicines business,

though, is expected to report low-double-digit growth.

The ​company reported core earnings per share of 25.5 pence

for the three months ended December 31, after sales rose 8% to

8.62 billion pounds, beating expectations.

($1 = 0.7292 pounds)