GSK hikes guidance on performance of vaccines, new myelofibrosis drug

01 May 2024
firstwordpharma.com
Drug ApprovalVaccine
GSK’s vaccine portfolio and the launch of a new myelofibrosis drug drove the company’s growth in the first-quarter, prompting an upgrade to full-year guidance. CEO Emma Walmsley said “we have made a strong start to 2024, with another quarter of excellent performance,” which she noted is expected to continue.
Sales of vaccines grew 12% to £2.3 billion ($2.9 billion), with revenue from shingles jab Shingrix up 13% to £945 million. Meanwhile, the respiratory syncytial virus shot Arexvy brought in sales of £182 million, with GSK noting that the product maintained around two-thirds of the vaccination share in the US.
Sales of Arexvy were lower than forecast, which Shore Capital analyst Sean Conroy said “reflects the seasonality that was expected to start playing out for this vaccine.”
The drugmaker added that myelofibrosis treatment Ojjaara – approved by the FDA last September with a broader label than expected – posted sales of £52 million ($65 million) in the quarter, above consensus estimates of about $31 million. GSK’s overall revenue rose 6% to £7.4 billion, with profit in the three-month period falling 34% to £1.1 billion.
The company said that sales growth this year is now expected to be “towards the upper part” of its earlier 5% to 7% range on a constant exchange rate basis. Meanwhile, operating profit growth is now seen between 9% and 11%, up from a prior range of 7% to 10%.
Bloomberg Intelligence analyst John Murphy noted that the “minor guidance increase looks conservative and gives it the ability to raise later in the year.”
More to come.
($1 = £0.800425)
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