GSK PLC on Wednesday hailed the performance of the world’s first approved respiratory syncytial virus vaccine Arexvy, as it reported a rise in profit and revenue.
The Brentford, West London-based pharmaceutical maker said revenue in the third quarter of 2023 rose 4.1% to £8.15 billion from £7.83 billion a year prior. Operating profit jumped 64% to £1.95 billion from £1.19 billion. Continuing earnings per share surged 92% to 36.1 pence per share from 18.8p. Pretax profit was £1.79 billion, rising sharply from £1.01 billion.
GSK declared a third quarter dividend of 14 pence per share, up 1.8% from 13.75p a year prior. It expects to declare a total dividend of 56.5p for 2023, up 15% from 49p in 2022.
GSK hailed the approval of its respiratory syncytial virus vaccine for older adults in Japan, which occurred in September. In May, Arexvy became the first RSV virus vaccine in the world to be approved when the US Food & Drug Administration gave the green light for inoculating older adults.
‘Competitive performance was broadly based but benefitted particularly from the outstanding US launch of Arexvy, the world’s first RSV vaccine,’ said Chief Executive Officer Emma Walmsley.
The company made £709 million from the sale of the RSV vaccine in the third quarter of 2023.
GSK’s shingles vaccine Shingrix performed well, with sales rising 8.6% to £825 million from £760 million a year ago.
Meanwhile, under specialty medicines, revenue relating to HIV rose 9.2% to £1.62 billion from £1.49 billion. In September, the European Commission approved ViiV Healthcare’s drug Apretude to reduce the risk of sexually acquired HIV-1 infection. GSK is a majority owner of ViiV Healthcare.
Looking ahead, GSK now expects turnover on a constant exchange ratio basis and excluding Covid solutions to grow between 12% and 13%, compared to a prior range of 8% to 10%. Adjusted operating profit is now forecast to rise between 13% and 15%, compared to 11% to 13% before. Adjusted earnings per share are set to climb 17% to 20%, upped from a previous guidance of 14% to 17%.
CEO Walmsley said: ‘We have clear momentum as we look ahead to deliver our 2026 outlooks. GSK’s longer-term outlook also continues to strengthen, with progress in our vaccines pipeline, the development of our ultra long-acting HIV portfolio and significant new prospects in respiratory.’
GSK shares were 1.3% higher at 1,476.19p each on Wednesday morning in London.
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