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* Vaccine sales fall short of consensus
* Reveals it is making adjuvant with no govt. funding
* Shares down 2%
(Writes through, adds CEO comments from media call, shares)
By Pushkala Aripaka and Ludwig Burger
July 29 (Reuters) - Britain's GSK on Wednesday
missed second-quarter profit estimates following reduced sales
of its existing vaccines and as patients used up treatments
stockpiled during coronavirus lockdowns that have eased.
The world's largest vaccine maker also surprised the market
with the announcement it did not receive any government funding
to produce its efficacy booster technology, which is being used
in many potential coronavirus vaccine collaborations, including
one with France's Sanofi.
GSK shares traded down, falling 2% at 1,1575 pence as
vaccine sales of 1.1 billion pounds ($1.43 billion) fell short
of the 1.26 billion pounds consensus https://www.gsk.com/en-gb/investors/analyst-consensus/analyst-consensus.
It had rallied earlier on Wednesday following the
announcement of a deal to supply Britain with the potential
coronavirus vaccine it is working on with Sanofi.
Rather than developing its own vaccine in the global race to
combat the pandemic, GSK has focused on contributing its
adjuvant technology to at least seven other global firms.
Lockdowns slowed the take-up of other kinds of immunisation.
GSK said inoculation of children was back to pre-COVID-19
levels, but adolescent and adult vaccination was not.
"In the second quarter, with lockdown measures, we have seen
an impact on people's willingness, or being able to access
vaccines," Chief Executive Emma Walmsley said on a media call,
adding there were early signs the attitude was changing.
Asked about the price agreed in the deal with Britain,
Walmsley only said GSK does not expect to profit from the
product during the pandemic.
She said any short-term earnings would be partly be
reinvested into pandemic preparedness and donated to developing
countries.
Revenue from GSK's shingles vaccine, Shingrix, a
blockbuster, also fell, but was above analyst expectations,
while group turnover and adjusted earnings per share in the
three months ended June 30 missed analyst consensus.
For the full year, the company expects annual earnings to
decline in the range of 1% to 4%, unchanged from previous
forecasts.
Sanofi raised its 2020 earnings forecast on Wednesday after
strong second-quarter results.
($1 = 0.7718 pounds)
(Reporting by Pushkala Aripaka, Ankur Banerjee in Bengaluru;
and Ludwig Burger in Frankfurt; Editing by Bernard Orr and
Barbara Lewis)
