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GlaxoSmithKline Q1 Profit Climbs - Quick Facts

GlaxoSmithKline Plc (GSK.L,GSK) reported that its first quarter profit attributable to shareholders climbed to 1.80 billion pounds or 35.9 pence per share from 1.07 billion pounds or 21.5 pence per share in the same quarter last year. This primarily reflected leverage from significant sales growth during the quarter, with the upfront income of 924 million pounds from the settlement with Gilead partly offset by an increase in finance costs.

Profit before taxation for the quarter rose to 2.60 billion pounds from 1.52 billion pounds in the prior year.

Adjusted earnings per share was 32.8 pence compared with 22.9 pence in the prior year, up 43% at AER, 43% CER, on a 39% CER increase in Adjusted operating profit primarily reflecting sales of Specialty Medicines and Vaccines, including COVID-19 solutions sales, tight cost control and a lower effective tax rate. It was partly offset by higher supply chain costs, increased R&D investment, favourable legal settlements in the first quarter of 2021 and higher interest costs. The contribution to growth from COVID-19 solutions was approximately 15% at AER, 15% at CER.

Total operating profit was 2.80 billion pounds compared to 1.69 billion pounds last year.

Total turnover for the quarter was 9.78 billion pounds up 32% from last year, reflecting a strong performance in Commercial Operations in the three product groups and Consumer Healthcare.

The company reconfirmed its full-year 2022 guidance for new GSK of sales growth between 5% to 7% CER and Adjusted operating profit growth between 12% to 14% CER compared to 2021.

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