Pharmaceutical giant GSK is driven by its vaccines in the third quarter, but its net profit melts

The British pharmaceutical giant GSK saw its turnover increase by 4% in the third quarter, to 8.1 billion pounds, driven by its vaccines, but its net profit fell to 1.5 billion pounds (1.7 billion euros) due to a negative comparison effect. The group “particularly benefited from the exceptional launch in the United States of Arexvy”, a vaccine against bronchiolitis, said Managing Director Emma Walmsley in a press release on Wednesday. The vaccines division saw its turnover increase by 30% over the quarter.

The group's net profit stood at 10.8 billion pounds a year earlier - a figure revised slightly upwards on Wednesday - boosted in particular by a massive dividend as part of the spin-off of its consumer care business. The laboratory specifies that excluding products against Covid-19, whose sales have collapsed, its turnover shows an increase of 10% in the third quarter.

Arexvy, authorized in particular in the United States and the European Union for those over 60, posted sales of 700 million pounds for what is the first quarter since its launch. The laboratory indicated last week that the serum had demonstrated positive preliminary results for the 50 to 59 year old category. Shingrix, its shingles vaccine, saw sales rise 9% to £825 million. However, the group recorded a decline in its sales of medicines. GSK further improved its forecasts for the whole year on Wednesday: turnover should increase by 12 to 13% (at constant exchange rates and excluding the contribution of solutions against Covid-19), compared to a previous growth forecast of 8 to 10%.

GSK spun off its consumer care business in July 2022, which debuted on the London Stock Exchange under the name Haleon. This operation represented “a total gain of 10.1 billion pounds” in the third quarter of 2022, a figure 500 million pounds higher than initially announced, the laboratory indicated on Wednesday. It was a strategic change to rely on specialized drugs, with high added value, and new vaccines, Emma Walmsley's flagship project, under pressure from activist investors in the face of then lackluster performance. .