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Key Takeaways
- GSK lifted its sales and earnings projections for the year, after a strong performance by its HIV and cancer drugs drove second-quarter sales higher.
- The British pharmaceutical firm said sales rose 13% year-over-year to 7.88 billion pounds ($10.12 billion), beating analysts’ estimates.
- GSK said it expects sales growth between 7% and 9% this year, up from its prior forecast, but cut its vaccine sales outlook.
GSK ( GSK ) lifted its sales and earnings projections for the year, after a strong performance by its HIV and cancer drugs drove second-quarter sales higher.
The company said sales rose 13% year-over-year to 7.88 billion British pounds ($10.12 billion), beating analysts’ estimates.
“Q2 sales grew in all areas, with Specialty Medicines in particular benefitting from new product launches in oncology and HIV,” Chief Executive Officer (CEO ) Emma Walmsley said, noting that the pharmaceutical firm had “secured approvals or filings for 10 major opportunities and reported positive data from seven Phase III trials.”
GSK Sees Full-Year Sales Rising But Cuts Vaccines Outlook
The British pharmaceutical giant said it expects sales growth between 7% and 9% this year, up from its previous forecast of 5% to 7%.
Core operating profit is expected to rise between 11% and 13%, up from 9% to 11%, while core earnings per share (EPS ) growth is now seen at 10% to 12%, up from 8% to 10%.
But the company said it now expects a low- to mid-single-digit percentage rise in vaccine sales, after previously saying that it expected a high-single-digit to low-double-digit percentage increase.
Guidance Lift Follows Pfizer’s, AstraZeneca’s
On Tuesday, Pfizer ( PFE ) also beat second-quarter revenue expectations and raised its full-year guidance . Last week, AstraZeneca ( AZN ) posted better-than-expected Q2 results and lifted its full-year guidance on rising revenue.
GSK’s American depositary receipts (ADRs) are falling 2% about 45 minutes before the opening bell Wednesday.