Proactive Investors - GSK PLC (LON:GSK) on Wednesday increased its outlook for sales out to 2031 driven by a raft of major product launches from 2025.
Chief Executive Emma Walmsley said: “We are now planning for at least 12 major launches from 2025, with new Vaccines and Specialty Medicines for infectious diseases, HIV, respiratory and oncology.”
“As a result of this progress and momentum, we expect to deliver another year of meaningful sales and earnings growth in 2024, and we are upgrading our growth outlooks for 2026 and 2031.”
The FTSE 100-listed pharmaceutical company raised its 2021-2026 outlook for the compound annual growth rate (CAGR) of sales to more than 7% and for adjusted operating profit to more than 11% CAGR.
The 2031 sales outlook is increased to more than £38 billion with adjusted operating margin seen broadly stable through dolutegravir patent loss of exclusivity.
GSK’s improved outlook came as it unveiled 2023 sales of £30.3 billion, up 5% on 2022, and up 14% ex COVID.
Vaccines sales rose 25%, Shingrix sales reached £3.4 billion, up 17%, and Arexvy sales totalled £1.2 billion.
Specialty Medicines sales fell 8% and General Medicines sales were up 5%.
GSK expects 2024 turnover growth of 5-7% and adjusted operating profit growth of 7-10%.
The firm declared a dividend of 58p in 2023 and expects this to rise to 60p in 2024.