Sales and earnings growth delivered by key growth drivers
• Q2 2023 sales +4% and +11% ex COVID
• Vaccines sales +18%, +15% ex COVID with Shingrix +20%
• Specialty Medicines sales -7%, +12% ex COVID with HIV +12%
• General Medicines sales +8% with Trelegy +30%
• Strong sales growth of products launched since 2017 including in Vaccines and HIV contributing to step change
in performance
• Total operating profit and Total continuing EPS >100% driven by strong operating performance and favourable
movements in contingent consideration liabilities
• Adjusted operating profit +11% and Adjusted EPS +16% reflects strong sales ex COVID and higher royalty
income offset by increased investment in R&D and new product launches
(Financial Performance – Q2 2023 results unless otherwise stated, growth % and commentary at CER, ex COVID is excluding COVID-19 solutions as defined on page 54).
Q2 2023 Year to Date
£m % AER % CER £m % AER % CER
Turnover 7,178 4 4 14,129 - (2)
Turnover ex COVID-19 solutions 7,137 10 11 13,956 13 11
Total operating profit 2,141 98 >100 4,223 25 23
Total continuing EPS 40.1p >100 >100 76.9p 40 39
Adjusted operating profit 2,170 8 11 4,262 8 6
Adjusted operating margin % 30.2% 1.3ppts 2.0ppts 30.2% 2.2ppts 2.3ppts
Adjusted EPS 38.8p 12 16 75.8p 13 12
Cash generated from operations 1,620 3 1,907 (52)
R&D innovation continued delivery of organic portfolio and targeted business development
• Arexvy, world’s first RSV vaccine in older adults, approved in US and EU
• Shingrix approved, for shingles in at-risk adults aged 18 and over in Japan
• Positive phase III data for MenABCWY vaccine candidate presented at ESPID and supports filing in 2024
• US FDA Fast Track designation granted to gonorrhoea vaccine candidate
• CHMP positive opinion for long-acting treatment cabotegravir in HIV prevention
• Paediatric exclusivity granted for dolutegravir extends US LOE to April 2028
• Completion of Bellus Health acquisition adds camlipixant, a phase III asset for refractory chronic cough
• Next US FDA approval decisions include momelotinib (myelofibrosis) and Jemperli (1L endometrial cancer)
• Development decisions on key phase I/II assets before year end include: bepirovirsen (Hep B), mRNA influenza,
CCL17 (pain), IL18 (atopic dermatitis) and therapeutic HSV
2023 guidance upgraded, Q2 2023 dividend of 14p declared, 56.5p expected for full year
• Turnover to increase 8-10% (from 6-8%)
• Adjusted operating profit growth 11-13% (from 10-12%)
• Adjusted EPS growth 14-17% (from 12-15%)
Guidance all at CER and excluding COVID-19 solutions.
Emma Walmsley, Chief Executive Officer, GSK:
“We have delivered another excellent quarter of performance, with strong sales and earnings growth, notably in HIV
and Vaccines, and continued strengthening of the R&D pipeline and product portfolio. The approval of Arexvy, the
world’s first RSV vaccine, was an important milestone for us and is at the forefront of a next wave in vaccine
innovation for GSK. Completion of the Bellus Health acquisition also strengthened our late-stage respiratory
pipeline. Our momentum supports the upgrade we have made to our financial guidance for 2023 and further
increases our confidence in delivering longer-term profitable growth for shareholders.”

see & read more on
https://www.gsk.com/media/10423/q2-2023-results-announcement.pdf