GSK PLC on Wednesday posted rising earnings and sales for the fourth quarter, which the company said were boosted by its specialty medicines and vaccines businesses.
The British pharma major
reported net profit of 1.50 billion pounds ($1.85 billion) in the fourth quarter, up from GBP749 million for the same quarter of 2021, on sales that grew to GBP7.33 billion from GBP7.08 billion.
Operating profit increased to GBP1.87 billion from GBP492 million in the fourth quarter of 2021, reflecting fair-value gains on investments, milestone income from disposals and lower remeasurement charges for contingent consideration liabilities, GSK said.
After-tax profit also increased, rising to GBP1.62 billion from GBP930 million the previous year.
Total earnings per share rose to 36.5 pence from 18.5 pence in 2021, and adjusted earnings per share increased to 25.8 pence from 23.6 pence, GSK said.
The company reported a gain from the demerger of its consumer healthcare business–now named Haleon PLC–of GBP10.1 billion for the full year.
GSK’s vaccines business was driven both in 2022 and in the fourth quarter by sales of its shingles shot Shingrix, which generated GBP3 billion in the full year and GBP769 million in the final quarter. GSK’s specialty medicines division was driven by growth in all therapeutic areas and totaled sales of GBP2.68 billion in the fourth quarter, the company said.
For 2023, the company said it expects turnover to increase between 6% and 8%, while adjusted operating profit is seen increasing between 10% and 12%. Earnings per share are expected to rise between 12% and 15%, GSK said. The guidance excludes any contribution from Covid-19 solutions, which aren’t expected to generate any significant sales or operating profit in the current year, GSK said. Sales of Covid-19 solutions were GBP2.4 billion in 2022. For 2023, the company expects a reduction in turnover growth by about 9% and a reduction in adjusted operating profit growth by 6% to 7%, it said.
“Despite the recovery of healthcare systems, uncertain economic conditions prevail across many markets in which GSK operates and we continue to expect to see variability in performance between quarters,” the company said.
Write to Cecilia Butini at [email protected]