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GSK raised its full-year financial outlook despite mixed results from its vaccines segment and declining sales of Shingrix.

The British pharma giant reported total quarterly sales of £7.9 billion, up 13% year-over-year at constant exchange rates (CER). 

However, the topline growth was largely overshadowed by vaccine sales inching up only 1%, with sales of shingles vaccine Shingrix falling 4% to £800 million. 

When COVID-19 sales were excluded, vaccine sales were up 3%. The company added that it does not anticipate any further COVID-19 pandemic-related sales or operating profit for the rest of 2024.

Both the specialty medicines and general medicines segments helped GSK overcome the lackluster showing from its vaccines division.

Specialty medicines sales were up 22%, boosted by 13% sales growth in HIV medications and oncology sales more than doubling to £400 million.

Meanwhile, general medicines sales were up 12% as Telegy sales skyrocketed 41% to £800 million.

GSK’s total operating profit fell 22% to £1.6 billion, while its total earnings per share dropped 27% to £28.8. Still, its core operating profit rose 18% to £2.5 billion and its core EPS jumped 13% to £43.4.

Looking ahead, raised its full-year guidance at CER. GSK now expects turnover to increase between 7% to 9%, core operating profit to increase between 11% to 13% and core EPS to increase between 10% to 12%.

The drugmaker also said it expects its vaccines turnover to increase by low- to mid-single digits per cent, specialty medicines to increase by mid- to high teens percent and general medicines to increase by low to mid-single digit per cent.

“GSK’s momentum this year continues with excellent second quarter performance, reflecting strong operational execution and the strengthening breadth of our portfolio to both prevent and treat disease,” GSK CEO Dame Emma Walmsley said in a statement. “Q2 sales grew in all areas, with Specialty Medicines in particular benefitting from new product launches in oncology and HIV. In R&D, so far this year, we have secured approvals or filings for 10 major opportunities and reported positive data from 7 phase III trials. We have also strengthened capabilities in key technology platforms and completed investments to develop new mRNA vaccines, ultra-long-acting HIV medicines and a promising new medicine for severe asthma. All this supports our future growth and confidence to bring meaningful innovation to patients.”

One of the most significant regulatory achievements for GSK during the quarter was the Food and Drug Administration’s expanded approval of the company’s RSV vaccine Arexvy for at-risk adults aged 50 to 59.

GSK also asked to appeal a Delaware court ruling allowing Zantac cases to move forward. This came after a federal judge said GSK and other drugmakers like Sanofi must face jury trials in cases determining whether Zantac causes cancer.

In a research note, CFRA equity analyst Wan Nurhayati issued a ‘hold’ opinion on GSK, while Goldman Sachs maintained its ‘neutral’ rating, Deutsche Bank kept its ‘buy’ rating and J.P. Morgan stood by its ‘sell’ rating.

Nurhayati wrote that CFRA adjusted its target price to $44 as GSK raised its financial outlook due to upgrades in its specialty medicines and general medicines segments.  

“However, the overall upgrades were overshadowed by the weaker performance at Vaccines where Shingrix sales were hit by channel inventory reductions and lower demand in the U.S. GSK also cut the sales outlook for the segment to reflect the revised age group recommendation for RSV vaccinations by the U.S. health officials,” she wrote. “Both Shingrix and Arexvy (its RSV vaccine) are among the main growth drivers for GSK, and this latest development could create uncertainty and affect sentiment, in our view. We keep our estimates, which still fall within the updated guidance.”

The drugmaker released its earnings nearly a month after it renegotiated an existing collaboration agreement with CureVac into a new licensing deal.

In accordance with the updated terms of the agreement, which could total $1.5 billion, GSK gains full rights to develop, manufacture and commercialize mRNA influenza vaccines, COVID-19 vaccines and combinations of the two shots. 

On the dealmaking front, GSK recently walked away from an expanded partnership deal with SpringWorks Therapeutics, winding down further research activities that would combine Blenrep and Ogsiveo. The company also signed a license agreement with Touchlight for its enzymatic dbDNA production technology for mRNA manufacturing.