GSK’s two-speed strategy reflects a calculated attempt to balance innovation with risk mitigation, but it also reveals deeper tensions in Big Pharma’s growth playbook. The strongest version of this narrative is that GSK is pragmatically adapting to patent cliffs and pipeline gaps by leveraging external innovation—casting a wide net early to identify promising biology, then doubling down only when the science is de-risked. This aligns with industry trends toward open innovation and modality diver...