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Dow Jones Newswires: GSK second quarter profit dips to $1.3 billion but raises outlook for rest of year

GSK PLC GSK, +0.62% said Wednesday that its second quarter operating profit fell from the previous year though sales grew, and raised its outlook for 2022.

The British pharmaceutical major posted an operating profit of 1.08 billion pounds ($1.30 billion) for the period, down from GBP1.28 billion the year prior, reflecting remeasurement charges for contingent consideration liabilities, it said. Adjusted earnings per share was 34.7 pence compared with 23 pence for the same period a year earlier.

Sales came in at GBP6.93 billion, up from GBP5.84 billion for the second quarter of 2021, reflecting a strong performance across all three of its product groups, the company said. Specialty medicine sales rose 44% on an annual equivalent rate, while general medicines rose 5% and vaccine turnover rose 9% on year, GSK said.

The company raised its outlook for 2022, saying that it now expects sales growth of 6% to 8% and adjusted operating profit growth of between 13% and 15%, both at constant exchange rates. Uncertain economic conditions notwithstanding, GSK said it has seen evidence of healthcare systems recovering from the Covid-19 pandemic.

The board declared a dividend of 16.25 pence a share for the second quarter and said it continues to expect a dividend of 61.25 pence a share for the full-year.

Write to Joe Hoppe at joseph.hoppe@wsj.com

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