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* Sotrovimab sales top estimates, but margins set to drop
* Consumer healthcare spin off on track
* Quarterly results beat forecasts, 2022 sales to grow
(Adds detail from statement, background)
Feb 9 (Reuters) - GSK racked up 1.4 billion pounds
($1.9 billion) in COVID-related sales in 2021, largely for
antibody drug sotrovimab, as it beat quarterly forecasts in its
first earnings report since rejecting a bid from Unilever for
its consumer arm.
The British drugmaker said it expected pandemic-related
sales in 2022 to be at similar levels to 2021 but said these
would contribute less to profit due to lower margins on its
antibody treatment.
The performance is a boost for Chief Executive Emma Walmsley
as GSK's COVID-19 vaccines projects have fallen behind and the
impending spin off of the consumer venture with Pfizer
has put the future of the pharmaceuticals business in focus.
Adjusted earnings for the group stood at 25.6 pence per
share for the three months to Dec. 31, while turnover rose 13%
to 9.53 billion pounds at constant currency rates, topping a
consensus https://www.gsk.com/en-gb/investors/analyst-consensus/analyst-consensus
of 23.8 pence apiece on sales of 9.49 billion pounds.
"We have ended the year strongly, with another quarter of
excellent performance ... and we enter 2022 with good momentum,"
Walmsley said. "This is going to be a landmark year for GSK".
The company is pressing on with the spin off of the consumer
arm, home to brands such as Sensodyne toothpaste and Advil
painkiller, after rejecting a 50 billion pound buyout offer for
the unit from Unilever in December.
PANDEMIC SALES
GSK's Sotrovimab, developed with Vir Biotechnology,
is one of the few COVID-19 treatments shown to have worked
against the fast-spreading Omicron variant, spurring huge
demand. It was amongst GSK's top selling offerings in 2021.
Countries across the world have ordered 1.7 million doses of
Sotrovimab, with the United States striking a second deal for
the treatment last month. Canada and the European Union have
also secured supplies.
Sales of sotrovimab, branded Xevudy, stood at 828 million
pounds in the fourth quarter, up from 114 million in the third
quarter and well above market expectations of 774 million
pounds.
Revenue from shingles vaccine Shingrix, a key earnings
driver over past quarters, slipped 7% to 597 million pounds, as
pandemic restrictions kept the elderly target group from seeking
the shot, but sales surpassed consensus of 548 million pounds.
The company said sales in 2022, after the spin-off of its
consumer arm, were expected to grow between 5% to 7% and
adjusted operating profit to grow between 12% to 14%, including
a boost from a settlement with Gilead but not sales of
its COVID products.
Analysts had forecast group earnings of 120.8 pence per
share, or a rise of about 8% from 2021, on sales of 36.28
billion pounds.
($1 = 0.7378 pounds)
(Reporting by Pushkala Aripaka in Bengaluru and Ludwig Burger
in Frankfurt; Editing by Mark Potter and Edmund Blair)
