#GSK #Stock #Drops #Firm #Posts #Underwhelming #Results
Key takeaways
- GSK shares fell 4% in pre-market trading on Wednesday after the British pharmaceutical giant reported lower-than-expected quarterly sales and lowered its vaccine sales forecast.
- The company reported third-quarter sales of 8.01 billion pounds ($9.59 billion), down 2% year-on-year due to lower vaccine sales and below the consensus estimate of analysts polled by Visible Alpha of 8.09 billion pounds.
- The British company, whose vaccines include Arexvy and Shingrix, now expects 2024 vaccine sales to fall by a low-single-digit percentage.
Shares of GSK (GSK) fell 4% in pre-market trading on Wednesday after the British pharmaceutical giant reported lower-than-expected quarterly sales and lowered its vaccine sales forecast.
The company reported third-quarter sales of 8.01 billion pounds ($9.59 billion), down 2% year-on-year due to lower vaccine sales and below the consensus estimate of analysts polled by Visible Alpha of 8.09 billion pounds.
Chief Executive Officer (CEO) Emma Walmsley said: “Strong growth in specialty medicines has helped offset lower vaccine sales and reflected successful new product launches in oncology and HIV, as well as the resilience we have now built into GSK’s portfolio and performance.”
However, core earnings per share of 49.7 pence for the quarter beat estimates of 30.97 pence.
GSK drops vaccine sales forecast for 2024
The British company now expects vaccine sales for 2024 to decline by a low-single-digit percentage versus previous low-to-mid-single-digit growth. GlaxoSmithKline’s vaccines include Arexvy, a drug that treats respiratory syncytial virus, and the shingles drug Shingrix.
GlaxoSmithKline confirmed that it expects full-year sales to grow by 7% to 9%.
GSK shares are up 3% this year.
#GSK #Stock #Drops #Firm #Posts #Underwhelming #Results
