GSK Beats First-Quarter Profit, Revenue Estimates

Reuters2023-04-26

(Reuters) - GSK on Wednesday beat expectations for its first-quarter revenue and profit, helped by sales of its blockbuster shingles vaccine Shingrix.

The London-listed drugmaker reported adjusted profit of 37 pence per share on revenue of about 7 billion pounds ($8.70 billion).

Analysts were expecting 33.2 pence per share on revenue of about 6.5 billion pounds, according to company-compiled consensus estimates.

The company's blockbuster shingles vaccine, Shingrix, generated 833 million pounds, ahead of than the GSK-compiled consensus of 829 million pounds.

GSK reaffirmed its guidance for 2023.

In February, GSK predicted sales growth would increase by 6% to 8% and adjusted operating profit to increase by 10% to 12%, at constant exchange rates in 2023, versus 2022.

On Wednesday, the company said it expected adjusted operating profit growth to be lower in the first half of the year - as costs increase to fuel expected drug launches, including its keenly-watched RSV vaccine - and higher in the second half.

($1 = 0.8049 pounds)

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