The British biopharma company reported 10% sales growth in the third quarter, driven mainly by robust sales of its respiratory syncytial virus shot Arexvy and shingles vaccine Shingrix.
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Last year GSK made a strategic move to focus solely on biopharma, and it is already realizing the benefits of a more targeted business.
China’s largest vaccines company Zhifei will pay British drugmaker GSK 2.5 billion pounds ($3.05 billion pound) for the exclusive rights to distribute GSK’s shingles vaccine in the world’s No. 2 pharmaceuticals market.
While GlaxoSmithKline is anticipating a slower uptake of respiratory syncytial virus vaccine Arexvy, CEO Emma Walmsley said Wednesday the company is pinning much of its growth on the vaccine’s performance.
The top industry player to seize this multibillion-dollar opportunity is Pfizer, which will sustain a 9.2% decline in annual sales forecast from 2023 to 2029 but will nevertheless hold the most dominant position in the infectious diseases space.
GSK Chief Executive Emma Walmsley on Wednesday made replenishing the drugmaker’s pipeline of vaccines and therapies her number-one priority. But analysts were disappointed she did not give more details on how she and her management team plan to find the company’s next set of blockbuster drugs.
GSK on Wednesday beat fourth-quarter profit and sales forecasts helped by sales of its blockbuster shingles vaccine Shingrix and unveiled an upbeat forecast for 2023.
Drugmakers including Pfizer Inc., GlaxoSmithKline PLC, Bristol Myers Squibb, AstraZeneca PLC, and Sanofi SA plan to raise prices in the United States on more than 350 unique drugs in early January, according to data analyzed by healthcare research firm 3 Axis Advisors.
GSK beat third-quarter earnings forecasts on Wednesday and raised its 2022 estimate for the second time in four months, continuing its strong start as a standalone prescription medicine business since spinning off its consumer health unit.
Targeted business development acquisitions, improvements in R&D and operating performance, and a strengthened post-demerger balance sheet are creating new capacity and flexibility for GSK to invest in growth and innovation for patients and shareholders.