GSK delivers strong Q2 2022 sales of £6.9 billion +19% at AER, +13% at CER and
Total EPS1
from continuing operations2 17.5p -42% AER, -58% CER; Adjusted EPS
of 34.7p +23% AER, +6% CER
Highlights
Strong commercial execution across Specialty Medicines, Vaccines and General Medicines drives doubledigit sales growth
• Total sales: £6.9 billion +19% AER, +13% CER, excluding COVID-19 solutions +16% AER, +10% CER
- Specialty Medicines £2.7 billion +44% AER, +35% CER; HIV +14% AER, +7% CER; Oncology +29% AER,
+23% CER; Immuno-inflammation and other specialty +32% AER +24% CER; COVID-19 solutions (Xevudy)
sales £0.5 billion
- Vaccines £1.7 billion +9% AER, +3% CER; Shingrix £731 million >100% AER, >100% CER
- General Medicines £2.5 billion +5% AER, +2% CER
Continued cost discipline supports delivery of improved adjusted operating margin
• Total continuing operating margin 16%. Total EPS 20.8p -40% AER, -53% CER; Total continuing EPS 17.5p
-42% AER, -58% CER; primarily reflecting increased contingent consideration charges driven by exchange rates
and adverse comparison due to a credit for the revaluation of deferred tax in Q2 2021
• Adjusted operating margin 29%. Adjusted operating profit growth +22% AER, +7% CER. The impact on growth
from lower margin COVID-19 solutions was approximately -16% AER, -14% CER
• Adjusted EPS 34.7p +23% AER, +6% CER. The impact on growth from lower margin COVID-19 solutions was
approximately -20% AER, -18% CER
• Q2 2022 continuing cash generated from operations £1.6 billion. Free cash flow £0.3 billion
Strengthening late-stage R&D pipeline with positive data read-outs and strategic business development
• US FDA approval for Priorix (MMR vaccine); Vocabria plus rilpivirine approval in Japan for HIV; Cervarix approval
in China for cancer-causing human papillomavirus
• Positive phase III high-level results for respiratory syncytial virus vaccine candidate in older adults. Full results to
be presented at an upcoming scientific meeting with regulatory submissions anticipated in H2 2022
• Proposed acquisition of Affinivax provides access to next-generation phase II 24-valent pneumococcal vaccine
candidate and innovative MAPSTM technology
• Promising phase IIb interim data presented for bepirovirsen, a potential new treatment for chronic hepatitis B.
Phase III monotherapy trial is anticipated to start in H1 2023
• Completed acquisition of Sierra Oncology on 1 July 2022. Data from momelotinib’s MOMENTUM phase III trial
presented at 2022 ASCO Annual Meeting; results showed a statistically significant and clinically meaningful
benefit on symptoms, splenic response, and anaemia. NDA submitted to the US FDA
• Phase III data readouts expected in H2 2022: pentavalent (MenABCWY) meningitis vaccine candidate, otilimab
in rheumatoid arthritis, Jemperli in 1L endometrial cancer, and Blenrep in 3L multiple myeloma
Improving revenues and margin support confidence in full-year outlooks
• Expect 2022 sales growth of between 6% to 8% (previously 5% to 7%) and Adjusted operating profit growth of
between 13% to 15% (previously 12% to 14%); both at CER. Adjusted EPS expected to grow by around 1%
lower than operating profit. 2022 guidance excludes any contribution from COVID-19 solutions
• Dividend of 16.25p/share (13p before Share Consolidation) declared for Q2 2022. No change to expected
dividend of 61.25p/share (49p before Share Consolidation) for FY 2022
Successful demerger and listing of Haleon on 18 July, creating a new global leader in consumer health
• Balance sheet strengthened for GSK, through dividend of more than £7 billion from Haleon
Emma Walmsley, Chief Executive Officer, GSK:
“This is GSK’s first set of results as a newly focused biopharma company, and we have delivered an excellent
second quarter performance, with strong growth in Specialty Medicines, including HIV, and a record quarter for our
shingles vaccine Shingrix. With this momentum in sales and operating profit growth, we have raised our full-year
guidance and are confident in delivering the long-term growth outlooks we set out for shareholders last year. We
continue to strengthen our pipeline, notably with very positive high-level results from our late-stage RSV vaccine
candidate, together with targeted business development acquisitions of Sierra Oncology and Affinivax. These
improvements in R&D and operating performance, together with a strengthened post-demerger balance sheet,
create new capacity and flexibility for GSK to invest in growth and innovation for patients and shareholders.”
The Total results are presented in summary on page 2 and under ‘Financial performance’ on pages 9 and 21 and Adjusted results reconciliations are presented on pages 17, 18, 29 and 30. Adjusted results are a non-IFRS
measure excluding discontinued operations that may be considered in addition to, but not as a substitute for, or superior to, information presented in accordance with IFRS. Adjusted results are defined on page 37 and £% or
AER% growth, CER% growth, free cash flow and other non-IFRS measures are defined on page 68, COVID-19 solutions are also defined on page 68. GSK provides guidance on an Adjusted results basis only, for the reasons
set out on page 37. All expectations, guidance and targets regarding future performance and dividend payments should be read together with ‘Guidance, assumptions and cautionary statements’ on pages 69 and 70.
(1) Earnings per share have been retrospectively adjusted to reflect the GSK Share Consolidation on 18 July 2022, see details on page 53.
(2) Consumer Healthcare is now accounted for as a discontinued operation, see details on page 20.

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https://www.gsk.com/media/9386/q2-2022-results-announcement.pdf