GSK ups full-year guidance on strong Q3 performance
GSK plc raised its full-year 2023 financial guidance on Wednesday, citing robust performance in the third quarter driven by strong sales in vaccines and specialty medicines.
London, UK – November 1, 2023 – Pharmaceutical giant GSK plc announced on Wednesday it is raising its full-year financial outlook for 2023. The company attributed the upward revision to strong execution and broad-based growth in the third quarter, particularly in its vaccines and specialty medicines segments.
GSK now forecasts turnover growth of 12% to 13% for the full year, an increase from its previous guidance of 8% to 10%. Adjusted operating profit is expected to grow between 13% and 15%, up from the earlier projection of 11% to 13%. These figures are presented at constant exchange rates (CER) and exclude sales from COVID-19 solutions.
In the third quarter, GSK reported a 10% increase in total sales (16% excluding COVID-19 solutions) compared to the same period last year. Vaccine sales saw a significant rise of 33% (34% excluding COVID-19), boosted by a 15% increase in Shingrix sales and the strong launch of Arexvy, which generated £0.7 billion. Specialty Medicines sales experienced a slight decline of 1% (a 17% increase excluding COVID-19), though HIV medicines within the segment grew by 15%.
The company also highlighted progress in its research and development pipeline. Arexvy received approval in Japan as the country's first RSV vaccine for older adults, and new data demonstrated 100% efficacy for Shingrix in China. Development of novel, ultra-long-acting HIV prevention regimens is also advancing, with data anticipated in 2024.