GlaxoSmithKline lifted its full-year outlook on Wednesday as it posted a jump in second-quarter sales.
In its second-quarter results, the pharmaceuticals group said total sales grew 13% at constant exchange rates to £6.9bn, excluding Covid-19 solutions, with a strong performance in all three product groups.
Specialty medicines sales rose 35% to £2.7bn and vaccine sales were up 3% at £1.7bn, with sales of shingles vaccine Shingrix more than doubling to £731m. Glaxo said this was mainly due to a recovery in demand, strong commercial execution aimed at shifting the shingles vaccination season forward, and earlier-than-expected channel inventory build in the US.
The pharmaceuticals group now expects 2022 sales growth of between 6% and 8%, up from previous guidance of 5% to 7%, while adjusted operating growth is seen at between 13% and 15%, up from previous guidance of 12% to 14%. The guidance excludes any contribution from Covid-19 solutions.
Chief executive Emma Walmsley said: “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.”
