1st Feb 2023 09:09
(Alliance News) - GSK PLC on Wednesday reported a growth in profit and revenue for 2022 as it looks towards a possible spate of drug approvals for 2023.
The Brentford, London-based pharmaceutical company said revenue in 2022 was GBP29.32 billion, up 19% from GBP24.70 billion a year earlier. At constant currency, revenue was 13% higher.
Pretax profit climbed 56% in the year to GBP5.63 billion from GBP3.60 billion in 2021.
Earnings numbers for 2021 were restated to adjust for the demerger of consumer healthcare business Haleon PLC, now a London Stock Exchange constituent.
GSK declared a 13.75 pence dividend for the fourth quarter of 2022, bringing the annual dividend to 61.25p. In 2021, before the spin-off of consumer arm Haleon, GSK declared a 100p full-year dividend, when adjusted for a share consolidation.
GSK in July 2022 said that shareholders received four new shares for every five existing GSK shares owned.
On a pre-share consolidation basis, the annual payout would have amounted to 49p, down from 80p a year earlier.
The expected dividend for 2023 is 56.5p per new ordinary share, down 7.8% from 2022.
Looking ahead, GSK said it expects 2023 revenue to increase by between 6% and 8% at constant currency. It also expects constant currency growth in adjusted operating profit, by between 10% and 12%, and earnings per share, by between 12% and 15%.
Adjusted operating profit in 2022 rose 14% at constant currency to GBP8.15 billion. Adjusted earnings per share rose 15% to 139.7p.
The company noted ongoing progress in the development of long-acting HIV treatments, including positive phase II data on its previously reported N6LS broadly-neutralising antibody.
GSK anticipates four approvals in 2023, including for the first ever respiratory syncytial virus vaccine, which it expects to receive in the US, the EU and Japan. However, biotechnology company Moderna Inc two weeks ago reported positive interim trial results on its potential RSV virus vaccine, receiving US Food & Drug Administration breakthrough therapy designation on Tuesday. GSK's RSV vaccine in November received priority review from the FDA, but is short of a breakthrough therapy designation.
The other three approvals GSK expects are Jemperli for endometrial cancer in the US, momelotinib as oral treatment for bone marrow cancer myelofibrosis in the US, and daprodustat for chronic kidney disease in the US and the EU.
Meanwhile on Wednesday, GSK said the FDA granted orphan drug designation to Benlysta, or belimumab, a B-cell inhibiting monoclonal antibody, for the potential treatment of systemic sclerosis. The orphan drug designation is granted to support the development of potential medicines for the treatment or prevention of rare diseases that affected fewer than 200,000 people in the US.
GSK shares were 0.3% higher at 1,427.00 pence each on Wednesday morning in London.
By Tom Budszus, Alliance News reporter
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