Third quarter results 2022.
Highlights
Strong commercial execution drives continued sales growth across Specialty Medicines, Vaccines and
General Medicines
• Specialty Medicines £2.7 billion +36% AER, +24% CER; HIV +19% AER, +7% CER; Oncology +28% AER,
+19% CER; Immuno-inflammation and other specialty +29% AER +17% CER; COVID-19 solutions
(Xevudy) sales £0.4 billion
• Vaccines £2.5 billion +14% AER, +5% CER; Shingrix £760 million +51% AER, +36% CER
• General Medicines £2.6 billion +7% AER, +1% CER
Prioritised investment in growth with cost discipline
• Total continuing operating margin 15.2%. Total EPS 255.9p >100% AER, >100% CER primarily reflecting
the gain from discontinued operations arising on the demerger of the Consumer Healthcare business. Total
continuing EPS 18.8p -14% AER, -35% CER
• Adjusted operating margin 33.3%. Adjusted operating profit growth +18% AER, +4% CER. This included a
contribution to growth from COVID-19 solutions of approximately +1% AER, +2% CER
• Adjusted EPS 46.9p +25% AER, +11% CER. This included a contribution to growth from COVID-19
solutions of approximately +1% AER, +3% CER
• Q3 2022 continuing cash generated from operations £1.9 billion. Free cash flow £0.7 billion
Continued strengthening of late-stage R&D pipeline with regulatory approvals, positive data read-outs
and further complementary business development
• US FDA approval for Boostrix maternal and Menveo single-vial presentation. Momelotinib for treatment of
myelofibrosis submitted to US FDA
• Positive phase III data for RSV older adults candidate vaccine presented at ID Week 2022. Priority Review
granted in the US and regulatory submission acceptance in EU and Japan
• Completed Affinivax acquisition on 15 August 2022. Announced exclusive licence agreement with Spero
Therapeutics for late-stage antibiotic tebipenem
• Phase III data readouts expected in Q4 2022: Jemperli in 1L endometrial cancer, Blenrep in 3L multiple
myeloma and gepotidacin for treatment of uncomplicated urinary tract infection
Growing revenues and improving margin support confidence in outlooks
• 2022 Guidance raised: expect to deliver growth in sales of between 8% to 10% CER and growth in 2022
adjusted operating profit of between 15% to 17% CER
• 2022 guidance excludes any contribution from COVID-19 solutions
• Dividend of 13.75p/share declared for Q3 2022. No change to expected dividend from GSK of 61.25p/share
for FY 2022
Emma Walmsley, Chief Executive Officer, GSK:
“GSK has delivered another quarter of excellent performance, with strong growth in Specialty Medicines,
record sales for our shingles vaccine, Shingrix, and further improvements in adjusted operating profit. We
are again raising our full-year guidance and expect good momentum in 2023, further strengthening our
confidence in our performance outlooks, driven by Shingrix global expansion and expected new launches
including our new RSV vaccine. We are also making good progress to strengthen our early-stage pipeline and
will continue to invest in targeted business development to build optionality and support growth in the second
half of the decade.”
And later;
Quarterly dividends
The Board has declared a third dividend for 2022 of 13.75p per share retrospectively adjusted for the Share
Consolidation (Q3 2021: 23.75p restated pence per share).
On 23 June 2021, at the new GSK Investor Update, GSK set out that from 2022 a progressive dividend policy
will be implemented guided by a 40 to 60 percent pay-out ratio through the investment cycle. The dividend
policy, the total expected cash distribution, and the respective dividend pay-out ratios for GSK remain
unchanged.
GSK has previously stated that it expected to declare a 27p per share dividend for the first half of 2022, a
22p per share dividend for the second half of 2022 and a 45p per share dividend for 2023 (before the share
consolidation) but that these targeted dividends per share would increase in step with the Share Consolidation
to maintain the same aggregate dividend pay-out in absolute Pound Sterling terms. Accordingly, using the
consolidation ratio, GSK’s expected dividend for the third quarter of 2022 converts to 13.75p per new ordinary
share. The expected dividend for the last quarter of 2022 is expected to be 13.75p resulting in an expected
total dividend for the second half of 2022 of 27.5p per new ordinary share and the expected dividend for 2023
converts to 56.5p per new ordinary share rounded up.
Payment of dividends
The equivalent interim dividend receivable by ADR holders will be calculated based on the exchange rate on
10 January 2023. An annual fee of $0.03 per ADS (or $0.0075 per ADS per quarter) is charged by the
Depositary. The ex-dividend date will be 17 November 2022, with a record date of 18 November 2022 and a
payment date of 12 January 2023.
https://www.gsk.com/media/9632/q3-2022- ... cement.pdfRNS here;
https://www.investegate.co.uk/gsk-plc-- ... 01019931E/Ian.
