GSK Plc Q3 Adj. Operating Profit Rises, Turnover Ex COVID Up 16% At CER; Upgrades FY Guidance

GSK Plc (GSK.L, GSK) reported that its third quarter profit attributable to shareholders from continuing operations was 1.46 billion pounds compared to 759 million pounds, last year. Earnings per share from continuing operations was 35.6 pence compared to 18.6 pence. Third quarter adjusted operating profit was 2.77 billion pounds, up 6% AER, or an increase of 15% at CER. Adjusted earnings per share from continuing operations was 50.4 pence compared to 46.9 pence.

The Group said the increase in adjusted operating profit reflects strong execution, resilient growth and higher royalty income in part offset by increased investment in R&D, new product launches and a seven percentage point operating profit reduction from lower COVID-19 solutions sales.

Third quarter turnover was 8.15 billion pounds compared to 7.83 billion pounds, last year. Turnover ex COVID was 8.15 billion pounds, up 10% at AER, or an increase of 16% at CER.

Emma Walmsley, CEO,GSK, said: “Competitive performance was broadly based but benefitted particularly from the outstanding US launch of Arexvy, the world’s first RSV vaccine.”

GSK has upgraded its full-year guidance at constant exchange rates. Adjusted operating profit is expected to increase between 13 to 15 percent, revised from prior guidance of 11 to 13 percent. Adjusted earnings per share is expected to increase between 17 to 20 percent, revised from previous guidance of 14 to 17 percent. Turnover is expected to increase between 12 to 13 percent, updated from previous guidance of 8 to 10 percent. For the full year, the company expects Arexvy sales between 0.9 billion pounds to 1 billion pounds.

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