GSK Raises Annual Outlook After Shingles Vaccine Helps Boost Q3 Results

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GSK Raises Annual Outlook After Shingles Vaccine Helps Boost Q3 Results
Credit: © Reuters.

By Scott Kanowsky -- Shares in GlaxoSmithKline (LON: GSK ) moved higher on Wednesday after the drugmaker lifted its full-year earnings and sales outlook following better-than-expected third-quarter results.

The U.K.-based group now expects adjusted operating profit to increase between 15%-17% in 2022, while revenue, excluding pandemic-related sales, is seen rising by 8%-10%.

It had previously guided for an income leap of 13%-15% on revenue growth of 6%-8%.

The move comes after GSK posted turnover of £7.83 billion in the third quarter - an expansion of 9% compared to the corresponding period last year - driven in part by record demand for its Shingrix shingles vaccine.

GSK's specialty medicines division also reported quarterly sales of £2.75 billion, a 24% year-on-year jump, thanks to strong performance of its COVID-19 medicine Xevudy.

Adjusted operating profit during the three months to September 30 climbed by 4% to £2.6 billion.

"We are again raising our full-year guidance and expect good momentum in 2023, further strengthening our confidence in our performance outlooks," said chief executive officer Emma Walmsley in a statement.

She added that the firm is making "good progress" in strengthening its drug pipeline and will continue to "invest in targeted business development."


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