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(Alliance News) - Pharmaceutical firm GSK PLC on Wednesday reported a fall in quarterly profit and revenue while its consumer health spin-out Haleon PLC touted an interim revenue growth.
In its first earnings report since the listing of Haleon as a separate company earlier this month, GSK said pretax profit fell 16% to GBP896 million in the second quarter from GBP1.07 billion a year before, as revenue dropped 14% to GBP6.93 billion from GBP8.09 billion.
GSK declared a 16.25 pence dividend for the quarter, down 14% from 19p a year ago.
Looking ahead, GSK said it expects sales to rise by 6% to 8% in 2022.
"Vaccines sales are now expected to grow at a low to mid-teens percentage at constant exchange rates for the year. Specifically for [shingles vaccine] Shingrix, we continue to expect strong double-digit growth and record annual sales in 2022, based on strong demand in existing markets and continued geographical expansion, however we do expect sales in the second half to be slightly lower than in the first half-year of 2022 due to some channel stocking in the first half in the US," west London-based GSK said.
Meanwhile, Haleon reported GBP5.19 billion in revenue in the first half of 2022, up from GBP4.58 billion a year before. All product categories grew in revenue, with Respiratory Health rising the most to GBP683 million from GBP455 million a year ago, up 50%.
Haleon expects 6% to 8% in organic growth in 2022, saying price increases will offset cost inflation.
"With two strong quarters delivered and continued momentum into the second half, we now expect to deliver full year organic revenue growth ahead of our medium term guidance range. We continue to invest to drive sustainable growth and remain confident in delivering on our medium term guidance," Haleon Chief Executive Officer Brian McNamara said.
Regarding its outlook for 2022, Haleon said: "Strong growth, Pfizer Inc synergies, pricing and ongoing supply efficiencies, will largely offset standalone costs, continued investment, inflationary cost pressure and the impact of Russia and Ukraine."
Haleon completed its demerger from GSK on July 18. The consumer business previously had been 68% owned by GSK and 32% by US peer Pfizer.
The gain on demerger distribution will be recognised in the third quarter of 2022, GSK explained.
GSK shares were 0.8% higher at 1,768.20 pence each in London on Wednesday morning, while Haleon shares rose 3.0% to 318.04p.
By Tom Budszus; tombudszus@alliancenews.com
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