GSK 1Q Profit, Sales Beat Expectations But Fell On-Year; Backs 2023 Guidance

By Cecilia Butini

GSK PLC on Wednesday reported net profit and sales that beat expectations but declined on-year, and backed its guidance for the full year 2023.

The British pharma giant said that first-quarter sales were hit by lower Covid-19 solutions sales compared with the same quarter of 2022. Operating profit and earnings per share were lower due to the previous year's income benefit of the Gilead settlement and higher sales of Covid-19 treatment Xevudy.

GSK's first-quarter sales were 6.95 billion pounds ($8.62 billion), down from GBP7.19 billion the year prior, but beating analysts' expectations that saw them at GBP6.55 billion. Net profit declined slightly to GBP1.49 billion from GBP1.50 billion the year prior, but also beat analysts' expectations of GBP1.18 billion.

First-quarter operating profit was GBP2.08 billion, compared with GBP2.29 billion the year prior, the company said.

For the year ahead, GSK said it continues to expect turnover to increase between 6% and 8%, and adjusted operating profit to increase between 10% and 12%. Adjusted earnings per share are forecast increasing between 12% and 15%, according to the company. GSK also declared a dividend of 14 pence for the first quarter, saying that it expects a dividend of 56.5 pence for the full year.

Write to Cecilia Butini at [e-mail]

(END) Dow Jones Newswires

April 26, 2023 02:50 ET (06:50 GMT)

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