GSK Lifts Annual Outlook After Robust Vaccines, Specialty Medicine Sales In Q3
GSK Plc's (NYSE: GSK) Q3 turnover reached £7.83 billion, up 18% Y/Y on the actual exchange rate (AER) and 9% on a constant exchange rate (CER) basis.
Specialty Medicines turnover was £2.7 billion, up 36% AER, and 24% CER, driven by consistent growth in all therapy areas.
Excluding sales of Xevudy were £2.34 billion, up 22% at AER, and 11% at CER in the quarter. Sales of Xevudy (sotrovimab) for COVID-19 treatment stood at £411 million.
Recently, GSK decided not to progress with regulatory submissions for otilimab, an investigational monoclonal antibody for moderate to severe rheumatoid arthritis, after mixed data from three trials.
Also, the FDA's Cardiovascular and Renal Drugs Advisory Committee voted 13 to 3 in favor of GSK's daprodustat for adult dialysis patients with anemia of chronic kidney disease.
Vaccines sales reached £2.48 billion, excluding pandemic adjuvant sales, grew 19% at AER and 9% at CER in the third quarter.
The performance benefited from the post-pandemic rebound and strong commercial execution of Shingrix in Europe and internationally. MMR/V vaccines supply constraints partially offset vaccine growth, and CDC stockpile borrows.
The adjusted operating margin of 33.3% was 1.6% percentage points lower at CER than in Q3 2021.
Adjusted EPS was 46.9p compared to 37.4p a year ago.
Outlook: GSK raised FY22 sales growth to 8%-10% CER, compared to the previous guidance of 6%-8%.
The company forecasts adjusted operating profit to increase by 15%-17% (prior range of 13% - 15%).
Price Action: GSK shares are up 2.33% at $34.24 during the premarket session on the last check Wednesday.
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