GSK’s two-speed strategy—broad early-stage sourcing paired with selective late-stage bets—reflects a calculated attempt to balance innovation with risk mitigation. The strongest version of this narrative credits GSK for leveraging external partnerships to expand its pipeline while avoiding heavy upfront investments in unproven science. By focusing on validated targets and mechanisms (e.g., activin signaling in pulmonary hypertension, TSLP in asthma), the company reduces uncertainty, though it al...