GlaxoSmithKline (GSK) has hiked its operating profit and sales forecasts for this year, in its first results as a newly focused biopharma firm.
Bosses at GSK now expect adjusting operating profit growth of between 13 and 15 per cent, and sales growth of around six and eight per cent, with guidance lifted by one per cent each.
The company, earlier this month split from its consumer healthcare division as it formed a separate entity known as Haleon, has seen sales rise 19 per cent to £6.9bn in its second quarter.
Analysts said the demerger would allows GSK to channel funds into its vaccines division, despite failing to bring a Covid-19 jab to the market.
While it remains GSK’s smallest segment, sales in GSK’s vaccines business grew nearly 10 per cent in the period, raking in £1.7bn.
Meanwhile, speciality medicines pulled in £2.7bn – an increase of 44 per cent – and general medicines recorded £2.5bn in sales.
“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,” CEO Emma Walmsley said in a statement.
“We continue to strengthen our pipeline, notably with very positive high-level results from our late-stage RSV vaccine candidate, together with targeted business development acquisitions of Sierra Oncology and Affinivax.
“These improvements in R&D and operating performance, together with a strengthened post-demerger balance sheet, create new capacity and flexibility for GSK to invest in growth and innovation for patients and shareholders.”