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GSK’s COVID-related sales close to $2 billion, profit boost to wane in 2022 -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: The GSK Research Centre in Stevenage (Britain) November 26, 2019 shows a logo for GlaxoSmithKline. REUTERS/Peter Nicholls

(Reuters) – GSK racked-up 1.4 billion pounds ($1.9billion) COVID-related revenue in 2021. This was primarily for the antibody drug sotrovimab. GSK beat quarterly estimates in its first earnings reports since it rejected a Unilever (NYSE) bid for its consumer unit.

The drugmaker said that pandemic sales for 2022 would be similar to those in 2021. However, these sales will not contribute to the company’s profit because of lower margins from its antibody treatment.

GSK’s Omicron-resistant sotrovimab developed by Vir Biotechnology, NASDAQ: is one of only a few COVID-19 treatments that have been proven to be effective against it. This has prompted huge interest. This was GSK’s number one selling product in 2021.

Sotrovimab sales, also known as Xevudy were 828 millions in the fourth quarter. That’s an increase from 114million in the third quarter. It was well in excess of the market expectation of 774 million.

The adjusted earnings of this British drugmaker reached 25.6 pence per each share in the three months ended Dec. 31. However, the turnover rose by 13% to 9.53 trillion pounds using constant currency rates.

According to company consensus, analysts expected fourth quarter earnings per share of 23.8 pence on 9.49 billion pounds.

($1 = 0.7378 pounds)

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