GSK plc Reports Strong Start to 2024, Raises Full-Year Outlook
Pharmaceutical company GSK plc reported a robust first quarter of 2024, with sales reaching £7.4 billion. The company has raised its full-year financial guidance.
GSK plc has announced a strong start to 2024, with total sales for the first quarter reaching £7.4 billion, a 10% increase year-on-year (13% excluding COVID-19 solutions). The growth was broad-based across its key business areas, reflecting sustained performance.
Vaccine sales saw a significant rise of 16% (22% excluding COVID-19 solutions), with Shingrix contributing £0.9 billion and Arexvy £0.2 billion. Specialty Medicines sales grew by 17% (19% excluding COVID-19 solutions), driven partly by a 14% increase in HIV products. General Medicines sales increased by 1%, with Trelegy sales up by 33%.
The company's core operating profit increased by 27%, and core earnings per share (EPS) rose by 28%. This operational improvement was attributed to strong sales performance and efficient operational spending, partially offset by increased investment in research and development and lower royalty income.
Following this strong performance, GSK has upgraded its full-year 2024 guidance. The company now expects turnover to increase towards the upper end of its previously stated 5% to 7% range. Core operating profit is projected to grow between 9% and 11% (up from 7% to 10%), and core EPS is expected to increase by 8% to 10% (up from 6% to 9%).