Jefferies has reiterated its Buy rating on GSK, with a target price of 2,500p, around 35% above Monday's close of 1,851p.
The broker hosted a fireside chat with chief scientific officer Tony Wood and came away most excited about the drugmaker's B7H3 programme.
B7H3 is a protein found on many tumour cells, and Jefferies described GSK's treatment targeting it as one of the most underappreciated assets in the pipeline.
Lung cancer opening
GSK was encouraged by recent data in small cell lung cancer, including in patients who had already been treated with the rival drug tarlatamab.
Data from China suggest survival well ahead of historical chemotherapy benchmarks.
The opportunity has widened after Merck withdrew its application for a competing drug.
Results from a trial outside China will be presented at the European Society for Medical Oncology congress, with several mid-stage readouts across different cancers due in 2027.
Breathing easier
Respiratory disease remains a core growth pillar.
GSK sees AstraZeneca's recent tozorakimab data as validation for drugs targeting IL-33, an immune signalling protein, and is pursuing its own candidate in certain forms of chronic obstructive pulmonary disease and bronchiectasis.
Management believes twice-yearly dosing gives its asthma drug Exdensur a convenience edge over existing biologic treatments.
Liver and AI
Wood was notably upbeat on bepirovirsen, GSK's hepatitis B treatment, in both the US and China.
He also reiterated confidence in efimosfermin for MASH, a severe form of fatty liver disease, citing monthly dosing and manufacturing advantages.
GSK says the past four years have focused on the quality of its pipeline rather than its size, and that work should now translate into faster growth.
Artificial intelligence is increasingly used in drug design and target selection, but management stressed that biology remains the main driver of success.
Longer term, it expects AI's biggest impact to be on clinical trial design rather than drug discovery.
