GSK Q1 Adj. Operating Profit Stable At CER, Affirms 2023 Guidance

(RTTNews) - GSK (GSK.L, GSK) reported first-quarter profit attributable to shareholders from continuing operations of 1.49 billion pounds compared to 1.50 billion pounds, last year. Earnings per share from continuing operations was 36.5 pence compared to 36.9 pence.

Adjusted operating profit was 2.09 billion pounds, an increase of 8% AER. Adjusted operating profit was stable at CER, predominately reflecting a 5% adverse impact following expected lower COVID-19 solutions sales and 4% from legal provisions primarily relating to royalties, the company noted. Adjusted EPS increased 7% CER to 37.0 pence due to lower non-controlling interests, a lower effective tax rate, and strong sales growth excluding lower COVID-19 solutions.

First quarter turnover was 6.95 billion pounds compared to 7.19 billion pounds, previous year. Turnover excluding COVID-19 solutions was 6.82 billion pounds, up 10% CER.

The company affirmed its full-year 2023 guidance at constant exchange rates. Excluding any contributions from COVID-19 solutions, the company expects: turnover to increase between 6 to 8 percent; adjusted operating profit to increase between 10 to 12 percent; and adjusted earnings per share to increase between 12 to 15 percent.

The Board has declared a first interim dividend for the first quarter of 14 pence per share. GSK expects to declare a dividend of 56.5 pence per share for 2023.

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