GSK Clocks 10% Growth In Q1 Sales Excluding COVID-19 Products, Reaffirms Guidance

GSK plc GSK reported Q1 FY23 sales of £6.95 billion, down 3% Y/Y on the actual exchange rate and 8% on the constant exchange rate.
Turnover excluding COVID-19 solutions reached £6.82 billion, up 16% Y/Y (10% at CER), with solid performance across Vaccines, Specialty, and General Medicines.
Key growth drivers included the Shingrix vaccine, meningitis vaccines, HIV medicines, Benlysta in immunology, Nucala, and Trelegy in respiratory, contributing more than 40% of sales.
Related: GSK To Strengthen Specialty Medicines and Respiratory Pipeline With $2B BELLUS Health Acquisition.
Adjusted profit increased 11% (3% at CER) to £1.62 billion.
Adjusted operating profit at £2.09 billion was stable at CER, predominately reflecting a 5% adverse impact following expected lower COVID-19 solutions sales and 4% from legal provisions primarily relating to royalties.
CEO Emma Walmsley said, "We have made a strong start to 2023, with excellent performance across Vaccines, Specialty, and General Medicines. We are very focused on our upcoming launches, including our potential RSV older adult vaccine, and on strengthening our pipeline – both organically with several positive late-stage read-outs already this year."
Guidance: GSK reaffirmed its guidance for 2023, saying it expected adjusted operating profit growth to be higher in the second half but lower in the year's first half, reflecting targeted support for launches and potential launches, including the RSV older adult candidate vaccine.
The company expects sales to increase between 6%-8%, with adjusted operating profit between 10%-12% and adjusted EPS to increase between 12%-15%.
Price Action: GSK shares are up 0.68% at $37.16 during the premarket session on the last check Wednesday.

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