GSK GSK plc

By Ian Walker

GSK PLC on Wednesday raised its full-year guidance after reporting a more than doubled second-quarter net profit which beat market forecasts.

The British pharmaceutical giant attributed its performance to strong sales in HIV and vaccines together with continued strengthening of its R&D pipeline and product portfolio.

GSK made a net profit from continuing operations for the second quarter of 1.62 billion pounds ($2.09 billion) compared with GBP706 million a year earlier and a company-compiled consensus of GBP1.41 billion.

Turnover for the period rose to GBP7.18 billion compared with GBP6.93 billion, beating analysts' expectations of GBP6.77 billion.

Second-quarter adjusted operating profit--one of the company's preferred metrics which strips out exceptional and other one-off items--was GBP2.17 billion, compared with GBP2.01 billion the year prior, while adjusted earnings per share from continuing operations were 40.1 pence compared with 34.7 pence.

For the year ahead, GSK expects turnover to increase between 8% and 10%, compared with previous guidance of 6%-8%, and adjusted operating profit to increase between 11% and 13%, up from 10% and 12%. Adjusted earnings per share are forecast to rise between 14% and 17% compared with previous guidance of 12% and 15%.

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

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

July 26, 2023 02:47 ET (06:47 GMT)

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