GSK 2Q Operating Profit Slipped Despite Higher Sales; Raises 2022 Outlook
27 July 2022 - 4:53PM
Dow Jones News
By Joe Hoppe
GSK PLC said Wednesday that its second quarter operating profit
fell from the previous year though sales grew, and raised its
outlook for 2022.
The British pharmaceutical major posted an operating profit of
1.08 billion pounds ($1.30 billion) for the period, down from
GBP1.28 billion the year prior, reflecting remeasurement charges
for contingent consideration liabilities, it said. Adjusted
earnings per share was 34.7 pence compared with 23 pence for the
same period a year earlier.
Sales came in at GBP6.93 billion, up from GBP5.84 billion for
the second quarter of 2021, reflecting a strong performance across
all three of its product groups, the company said. Specialty
medicine sales rose 44% on an annual equivalent rate, while general
medicines rose 5% and vaccine turnover rose 9% on year, GSK
said.
The company raised its outlook for 2022, saying that it now
expects sales growth of 6% to 8% and adjusted operating profit
growth of between 13% and 15%, both at constant exchange rates.
Uncertain economic conditions notwithstanding, GSK said it has seen
evidence of healthcare systems recovering from the Covid-19
pandemic.
The board declared a dividend of 16.25 pence a share for the
second quarter and said it continues to expect a dividend of 61.25
pence a share for the full-year.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
July 27, 2022 02:38 ET (06:38 GMT)
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