GlaxoSmithKline enjoyed a robust Q1 thanks to the performance of its COVID-19 and shingles treatments, according to the company’s earnings report released Wednesday morning.
GSK reported $12.3 billion in total sales for the quarter, with COVID-19 treatment Xevudy generating $1.6 billion while Shingrix delivered $877 million. The company’s biopharma division reported sales of $8.9 billion.
The R&D pipeline continued to deliver for GSK, as the company received FDA approval for two HIV treatments. Additionally, two of the company’s COVID-19 vaccines received approval from EU and Canadian regulators.
GSK also detailed plans to spin off Haleon, its consumer healthcare arm, in July. Consumer healthcare was responsible for $3.2 billion in sales during Q1 and the company projects that it will generate annual organic revenue growth of 4 to 6%.
The British pharma giant released its earnings two weeks after announcing a deal to acquire Sierra Oncology for $1.9 billion. In its report, GSK highlighted the potential for Sierra’s Momelotinib to address the “significant unmet medical need of myelofibrosis patients with anemia.”
“We have delivered strong first quarter results in this landmark year for GSK, as we separate Consumer Healthcare and start a new period of sustained growth,” said GSK CEO Emma Walmsley in a statement. “Our results reflect further good momentum across specialty medicines and vaccines, including the return to strong sales growth for Shingrix and continuing pipeline progress. We also continue to see very good momentum in Consumer Healthcare, demonstrating strong potential of this business ahead of its proposed demerger in July, to become Haleon.”
GSK confirmed its full-year guidance as well, projecting sales growth between 5 and 7% at CER and an adjusted operating profit between 12 and 14% at CER.
