GSK’s fourth-quarter results beat market estimate, sees 2024 growth

(Reuters) – GSK beat market estimates for fourth-quarter profit and sales on Wednesday, underpinned by a strong launch of its respiratory syncytial virus (RSV) vaccine Arexvy and steady demand for its shingles shot and HIV medicines.

The British drugmaker reported a profit of 28.9 pence per share on sales of 8.05 billion pounds ($10.20 billion), compared with analysts’ average expectations of 28.63 pence profit on sales of 7.29 billion pounds, according to LSEG data.

The results mark the first annual year without GSK’s consumer healthcare business, which was spun off in July 2022.

CEO Emma Walmsley’s strategy is centred around sharpening the company’s focus on vaccines and infectious diseases and with $7 billion generated by the spin-off, GSK looks to fund deals to bolster a lacklustre drug pipeline.

The London-listed company expects its adjusted profit per share to increase between 6% and 9% in 2024, on sales growth of 5%-7%.

Analysts on average expect the company to post a profit of 154.5 pence apiece on sales of 31 billion pounds for 2024, according to a company-compiled consensus.

($1 = 0.7892 pounds)