GSK is launching a three-year cost-saving program targeting annual savings of 1.9 billion pounds ($2.52 billion) by 2029, as Chief Executive Luke Miels outlined his roadmap to hit the company's 2031 sales target. The U.K. drugmaker said Tuesday that savings will be primarily reinvested in research and development, though some will be used to improve profitability during the patent expiry period of its HIV drug dolutegravir from 2028 to 2030. The program will come at a cost of 2.4 billion pounds, the company added.

The initiative aims to protect profitability as GSK faces the patent expiration of dolutegravir, a key HIV treatment that has been a significant revenue driver. By cutting costs across operations, the company seeks to free up capital for pipeline advancement while managing the revenue cliff expected when generic competition enters the market.

Miels, who took the helm recently, is positioning the savings plan as a strategic bridge to 2031 revenue goals. The reinvestment in R&D signals confidence in GSK's early-stage assets, even as the company navigates a challenging transition period for its infectious disease portfolio.