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Tags: Coronavirus | Financial Markets | Health Topics | Infrastructure | Money | Vaccines | GSK

GSK Gives Improved Profit Outlook After Q3 Beats Forecasts

GSK
GSK President Cristina Henriquez de Luna speaks at the second 'Strengthening the Purpose of Change' roundtable of the 'Generating Opportunities' project, on 1 July 2021. (AP)

Wednesday, 27 October 2021 07:44 AM

Britain's GSK delivered better-than-expected third-quarter results on Wednesday and raised its annual profit outlook, boosted by strong sales of key drugs and cost cutting ahead of a planned split next year.

The drugmaker now expects 2021 adjusted earnings per share to decline by between 2% and 4% at constant exchange rates, excluding any boost from its COVID-19 offerings. GSK previously expected profit to fall by mid-to-high single digit percentages.

Turnover at the world's biggest vaccine maker by sales rose 5% to 9.07 billion pounds ($12.5 billion) for the three months to Sept. 30, while adjusted earnings were up 3% to 36.6 pence per share.

Analysts had expected third-quarter earnings of 29.4 pence per share on sales of 8.73 billion pounds, a company-compiled consensus https://www.gsk.com/en-gb/investors/analyst-consensus/analyst-consensus showed.

GSK stuck by its plan to spin off its consumer health business in 2022, after a report the unit could attract bids from private equity firms.

Activist investors Elliott and Bluebell have called for a sale of the unit, among other proposals for "New GSK," including leadership changes.

"We also continue to make excellent progress towards unlocking the value of Consumer Healthcare through a successful demerger in mid-2022," GSK CEO Emma Walmsley said in Wednesday's results statement. ($1 = 0.7272 pounds)

© 2021 Thomson/Reuters. All rights reserved.


StreetTalk
Britain's GSK delivered better-than-expected third-quarter results on Wednesday and raised its annual profit outlook, boosted by strong sales of key drugs and cost cutting ahead of a planned split next year.
GSK, earnings season, Big Pharma, COVID-19 vaccine, post-pandemic economic recovery
206
2021-44-27
Wednesday, 27 October 2021 07:44 AM
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