By Bhanvi Satija
LONDON, April 29 (Reuters) – British drugmaker GSK reported first-quarter profit and sales above analysts’ expectations on Wednesday, helped by strong demand for its respiratory medicines and vaccines, giving a boost for new CEO Luke Miels who took over this year.
The company also backed its full-year forecast of 3% to 5% sales growth and core operating profit growth of 7% to 9%.
The quarterly results mark the first full-quarter under Miels who is tasked with navigating the 2028 patent expiration for GSK’s key HIV medicine, dolutegravir, by bolstering its pipeline of newer drugs.
Miels, who previously served as the company’s Chief Commercial Officer, is under pressure to prove that GSK’s research and development engine can deliver on its long-term revenue targets of over 40 billion pounds by 2031.
Analysts expect about 35 billion pounds in sales that year.
“Alongside operational delivery, we are focused on execution and accelerating R&D”, Miels said.
GSK posted first-quarter revenue of 7.63 billion pounds ($10.30 billion), compared with expectations of 7.58 billion pounds.
Sales of its shingles vaccine, Shingrix, came in at 1.03 billion pounds, above expectations of 851 million pounds, marking a record quarter.
GSK said sales were helped by increased demand in Europe and launch of a pre-filled syringe in the United States.
The drugmaker posted core earnings per share of 46.5 pence for the three months ended March 31, compared with analyst expectations of 43.3 pence, according to company-provided consensus estimates.
($1 = 0.7405 pounds)
(Reporting by Bhanvi Satija in London; Editing by Andrew Heavens and Louise Heavens)
