GSK PLC Raises Guidance After RSV Vaccine Lifts Earnings -- Update

By Ian Walker

GSK PLC raised its guidance after third-quarter net profit rose mainly due to the U.S. launch of its Arexvy vaccine, although it missed analysts' forecasts.

The British pharmaceutical giant said Wednesday that net profit from continuing operations for the third quarter was 1.46 billion pounds ($1.77 billion), boosted by the vaccine for respiratory syncytial virus, or RSV, compared with GBP759 million a year earlier and a company-compiled consensus of GBP1.87 billion.

Turnover for the period rose to GBP8.15 billion from GBP7.83 billion, beating analysts' expectations of GBP7.77 billion.

Third-quarter adjusted operating profit--one of the company's preferred metrics which strips out exceptional and other one-off items--rose 15% to GBP2.77 billion, while adjusted earnings per share from continuing operations rose 17% to 50.4 pence.

For the year, GSK expects turnover to increase between 12% and 13% compared with previous guidance of 8% to 10% and adjusted operating profit to increase between 13% and 15%, up from 11% to 13%. Adjusted earnings per share are forecast to rise between 17% and 20% compared with 14% to 17%.

GSK has declared a dividend for the quarter of 14 pence a share and reiterated that it expects to pay dividends of 56.5 pence a share for the full year.

Write to Ian Walker at [e-mail]

(END) Dow Jones Newswires

November 01, 2023 04:05 ET (08:05 GMT)

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