GSK Plc has confirmed its sales target of £40 billion for 2031 following a second quarter of higher turnover for its specialty medicines and vaccines. The forecast is based on the sales trajectory of recently launched products as well as new ones poised for market entry. For 2025 the company expects sales to increase towards the top end of a 3% to 5% range.
Chief Executive Emma Walmsley told journalists on 30 July that since the company spun off its consumer products business in 2022, the focus has been on innovation – both internally and in partnership with others. There is now a stronger momentum towards growth. “We have more and better opportunities than ever before with 66 assets in full clinical development, 16 currently in late stage and eight regulatory breakthrough designations already this year,” she commented.
Group turnover in the second quarter was £8 billion, up by 1% in actual exchange rates and by 6% at constant rates. Specialty medicines accounted for 41% of sales at £3.3 billion while vaccines represented 26% at £2.1 billion. The balance was made up of legacy medicines where sales declined.
Within specialty medicines, the strong performers included the asthma medicine Nucala and Benlysta, a medicine for lupus. The specialty medicines group also includes cancer drugs which featured double-digit sales growth for Jemperli, a treatment for endometrial cancer. GSK has received three regulatory approvals from the FDA so far this year. They are for Penmenvy, a meningitis vaccine; Blujepa, an antibiotic, and Nucala for chronic obstructive pulmonary disease. On the downside, Blenrep, the company’s combination drug for multiple myeloma didn’t get support from a FDA advisory committee. It is coming up for another review on 23 October. Blenrep has already been approved in the EU, Japan and the UK.
Operating profit on an IFRS basis was £2 billion, up by 23% at actual exchange rates and by 33% at constant rates. Core operating profit, which excludes the amortisation and impairment of intangible assets, was £2.6 billion up by 5% at actual rates and by 12% at core rates. Spending on R&D was £2 billion, or 25.3% of sales .R&D was impacted by an impairment charge of £471 million following the discontinuation of belrestotug, an experimental drug for non-small cell lung cancer.
On 28 July GSK announced a collaboration with Hengrui Pharma of China to develop up to 12 drugs across the respiratory, immunology, inflammation and oncology sectors. The upfront payment is $500 million. This follows the acquisition in May of a late-stage asset to treat steatotic liver disease for $1.2 billion and the acquisition in January of IDRx Inc and its treatment for gastrointestinal stromal tumours for $1.1 billion.
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