Britain's GSK has beaten analyst expectations for its first-quarter results, and stood by its forecasts for 2022, ahead of the planned listing of its large consumer healthcare division in July.
The spin out of the consumer venture with Pfizer, christened Haleon, has put GSK's future in focus, as chief executive Emma Walmsley faces pressure from activist investor Elliot to shore up its pipeline.
GSK's adjusted earnings stood at 32.8 pence per share for the three months to March 31, while turnover rose 32% to £9.78 billion (€11.56 billion). Analysts had expected earnings of 30 pence per share on revenues of £9.15 billion (€10.82 billion), a company-compiled consensus showed.
Sales from its COVID-19 antibody treatment stood at £1.3 billion (€1.54 billion) in the quarter, ahead of analysts' expectations of £1.1 billion (€1.3 billion)
Consumer Healthcare
The London-listed company, which rejected Unilever's £50 billion bid for its consumer unit in December, said the division was expected to post annual organic revenue growth of 4% to 6%.
“We have delivered strong first quarter results in this landmark year for GSK, as we separate Consumer Healthcare and start a new period of sustained growth," Walmsley commented.
"We also continue to see very good momentum in Consumer Healthcare, demonstrating strong potential of this business ahead of its proposed demerger in July, to become Haleon.”
The group said that its 2022 guidance excludes any contribution from COVID-19 solutions. It recently said that it was halting supplement and vitamin sales to Russia, over the invasion of Ukraine.
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