Bosses at pharmaceutical giant GSK think their turnover will grow faster than previously expected as the business was helped by a new vaccine launch.
The company said it is still firmly growing despite the significant reduction in sales of Covid-19 products over recent years.
In new figures released on Wednesday morning it said turnover rose 4% during the third quarter, and was 10 per cent higher when ignoring the drop in Covid-19 sales.
It now expects turnover will grow between 12-13 per cent this year, offsetting for Covid and currency movements, compared with the 8-10 per cent it had previously forecast.
Adjusted operating profit rose six per cent in the quarter to £2.8 billion. The business now expects that measure to grow 13-15 per cent compared with the 11-13 per cent it had previously guided.
“GSK is delivering strong and sustained performance momentum, with another quarter of double-digit sales and earnings growth,” said chief executive Emma Walmsley.
“Competitive performance was broadly based but benefited particularly from the outstanding US launch of Arexvy, the world’s first RSV vaccine.”
Respiratory syncytial virus (RSV) is generally harmless for most people, showing up as mild, cold-like symptoms. But it can send infants and older adults to hospital with severe cases.
GSK said that it expects sales of the new vaccine would be around £900 million to £1 billion this year.
It now thinks turnover at its vaccines division will rise 20% this year, from a previous forecast in the “mid-teens”.
Walmsley said: “Our excellent execution supports an upgrade to our full-year 2023 guidance and we have clear momentum as we look ahead to deliver our 2026 outlooks.
“GSK’s longer-term outlook also continues to strengthen, with progress in our vaccines pipeline, the development of our ultra long-acting HIV portfolio and significant new prospects in respiratory.”