GSK Ups Annual Forecasts on Strong Q2 Performance Driven by Cancer and HIV Drugs

British drugmaker GSK has raised its annual financial forecasts following a strong second quarter, driven by its cancer and HIV drug portfolio. The company reported core earnings that surpassed market expectations and has increased its growth expectations for 2024 earnings per share and annual sales.

British drugmaker GSK elevated its annual financial forecasts on Wednesday, driven by a robust second-quarter performance bolstered by its cancer and HIV treatments.

The company reported second-quarter core earnings of 43.4 pence per share on sales totaling 7.88 billion pounds ($10.12 billion), surpassing analysts' predictions of 38.9 pence earnings per share and 7.51 billion pounds in sales, according to a company-compiled consensus. GSK now anticipates 2024 core earnings per share to grow between 10% and 12%, up from its previous forecast of 8% to 10% growth. This marks the second occasion this year that the company has raised its 2024 profit forecast.

Full-year sales are now projected to rise between 7% and 9%, compared to an earlier forecast of 5% to 7% growth. ($1 = 0.7790 pounds)

(With inputs from agencies.)