GlaxoSmithKline PLC (GSK) racked up ￡1.4 billion (US$1.9 billion) in COVID-19-related sales last year, largely for antibody drug sotrovimab, as it beat quarterly forecasts in its first earnings report since rejecting a bid from Unilever PLC for its consumer arm.
The British drugmaker said it expected pandemic-related sales this year to be at similar levels to last year, but said these would contribute less to profit due to lower margins on its antibody treatment.
The performance is a boost for chief executive Emma Walmsley as GSK’s COVID-19 vaccines projects have fallen behind and the impending spinoff of the consumer venture with Pfizer Inc has put the future of the pharmaceuticals business in focus.
Photo: AFP
Adjusted earnings for the group stood at ￡0.256 per share for the three months to Dec. 31 last year, while turnover rose 13 percent to ￡9.53 billion at constant currency rates, topping a consensus of ￡0.238 apiece on sales of ￡9.49 billion.
“We have ended the year strongly, with another quarter of excellent performance ... and we enter 2022 with good momentum,” Walmsley said. “This is going to be a landmark year for GSK.”
The company is pressing on with the spinoff of the consumer arm, home to brands such as Sensodyne toothpaste and Advil painkiller, after rejecting a ￡50 billion buyout offer for the unit from Unilever in December.
GSK’s sotrovimab, developed with Vir Biotechnology Inc, is one of the few COVID-19 treatments shown to have worked against the fast-spreading Omicron variant of SARS-CoV-2, spurring huge demand. It was amongst GSK’s top selling offerings last year.
Countries around the world have ordered 1.7 million doses of sotrovimab, with the US striking a second deal for the treatment last month. Canada and the EU have also secured supplies.
Sales of sotrovimab, branded Xevudy, stood at ￡828 million in the fourth quarter, up from ￡114 million in the third quarter and well above market expectations of ￡774 million.
Revenue from shingles vaccine Shingrix, a key earnings driver over past quarters, slipped 7 percent to ￡597 million, as pandemic restrictions kept the elderly target group from seeking the shot, but sales surpassed consensus of ￡548 million.
The company said that sales this year, after the spinoff of its consumer arm, were expected to grow 5 to 7 percent and adjusted operating profit to grow 12 to 14 percent, including a boost from a settlement with Gilead Sciences Inc, but not sales of its COVID-19 products.
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