Zinger Key Points
- Shingrix sales reached 832 million pounds, down 4% at constant currency, with Arexvy sales of 62 million pounds.
- The company said Specialty Medicines benefitted from new product launches in oncology and HIV.
Wednesday, GSK Plc GSK reported second-quarter sales of $9.95 billion (7.88 billion Sterling Pounds), up 10% year-over-year and 13% on constant currency. The analysts estimated sales of $9.66 billion.
Vaccines’ sales decreased 1% at constant currency to 1.99 billion pounds, reflecting increased demand for Meningitis vaccines and uptake of Arexvy in the U.S. in line with expected waning seasonal demand.
Shingrix sales reached 832 million pounds, down 4% at constant currency, with Arexvy sales of 62 million pounds. Reuters noted that the vaccine sales came in below expectations.
Specialty Medicine sales increased 20% to 3.02 billion pounds, reflecting continued growth across disease areas, with strong performances in HIV, Respiratory/Immunology, and Oncology.
HIV drug revenues increased by 11% to 1.76 billion pounds. General Medicines sales rose marginally by 9% to 2.86 billion pounds. Trelegy (asthma drug) sales reached 842 million pounds, up 38%, and the company said the drug performed better than expected.
The company reported core EPS of $1.10 (43.4 pence), up 13% on a constant currency and 12% on a reported basis, beating the consensus of $0.99.
Emma Walmsley, CEO said, “Q2 sales grew in all areas, with Specialty Medicines in particular benefitting from new product launches in oncology and HIV.”
Guidance: GSK expects 2024 adjusted EPS growth of 10%-12%, up from the previous growth forecast of 8%-10%.
The company expects 2024 revenues to grow between 7%-9% compared to the prior forecasts of the upper end of its 5% to 7% range.
The company forecasts a 2024 core operating profit increase of 11%-13% versus prior guidance of 9%-11% growth.
Vaccine sales are expected to increase at low to mid-single digit percent in 2024, compared to the growth of high single-digit to low double-digit percent expected earlier.
Specialty Medicine revenue is expected to grow at mid-to-high teens percent, compared to a prior growth range of low double-digit percent.
General Medicines 2024 sales are forecasted to increase at low to mid-single digit percent compared to the previous mid-single-digit percent range.
Price Action: GSK stock is down 2.44% at $38.80 at the last check on Wednesday.
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