GlaxoSmithKline's (LON: GSK) share price gained 1% after reporting better-than-expect first-quarter results on Wednesday.
The healthcare company posted strong sales of £9.8 billion, beating forecasts and gaining 32% year on year. Meanwhile, earnings per share reached 32.8p and beat average analyst estimates of 30p per share. The company said it experienced strong sales growth across its biopharma and consumer healthcare divisions, seeing robust demand for its Covid-19 antibody treatment and a recovery in its shingles vaccine demand.
“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,” stated Emma Walmsley, Chief Executive Officer of GSK.
“Our results reflect further good momentum across specialty medicines and vaccines, including the return to strong sales growth for Shingrix and continuing pipeline progress,” added Walmsley.
GSK also declared a dividend of 14p for the first quarter.
Furthermore, GSK reiterated its 2022 guidance. The company expects to deliver sales growth of between 5% to 7% and operating profit growth of between 12% to 14%.
Guidance excludes any contribution from Covid-19 solutions such as Xevudy, used as an antibody treatment to treat patients infected with Omicron.
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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.