Patent CliffThe company's 2031 royalty-related patent cliff is anticipated to start weighing on stock performance, reflecting historical trends in the pharma sector.
Performance ExpectationsThe bar for performance needed from the IST platform is now raised, indicating higher expectations for future growth.
Royalty PressuresThe underlying products for the GSK royalties face LOE and IRA pressures, shifting the focus to the IST business to drive growth in a challenging commercial environment.