GSK Q4 Profit Down, Revenues Rise; Lifts Dividend; Sees Growth In FY24

(RTTNews) - British drug major GSK plc (GSK, GSK.L) Wednesday reported sharply lower profit in its fourth quarter, despite higher revenues. The company increased dividend, and said it sees higher results in fiscal 2024.

Emma Walmsley, Chief Executive Officer, GSK, said, "We are now planning for at least 12 major launches from 2025, with new Vaccines and Specialty Medicines for infectious diseases, HIV, respiratory and oncology. As a result of this progress and momentum, we expect to deliver another year of meaningful sales and earnings growth in 2024, and we are upgrading our growth outlooks for 2026 and 2031."

The fourth-quarter profit before tax plunged to 379 million pounds from last year's 1.63 billion pounds. Earnings per share were 8.5 pence, down from last year's 36.5 pence.

Adjusted profit before taxation was 1.56 billion pounds, compared to 1.36 billion pounds a year ago. Adjusted earnings per share were 28.9 pence, compared to 25.8 pence a year ago.

Turnover was 8.05 billion pounds, up from 7.38 billion pounds in the previous year.

Further, GSK now expects to declare an increased dividend of 16p for the fourth quarter and 58p per share for the full year 2023.

Looking ahead for fiscal 2024, adjusted earnings per share is expected to increase between 6 to 9 percent, adjusted operating profit is expected to increase between 7 to 10 percent, and turnover is expected to increase between 5 to 7 percent, all at constant exchange rates.

All expectations exclude any contributions from COVID-19 solutions.

By 2031, GSK now expects to achieve sales of more than 38 billion pounds on a risk-adjusted basis and at CER. This is an increase of 5 billion pounds compared to the estimate given in 2021.

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