UK-based GlaxoSmithKline plc (NYSE: GSK) has released its financial report for Q4 and the full-year 2022, revealing strong performance since spinning off its consumer health division last year. The strategic shift in focus to vaccines and specialty medicines produced 13% year-on-year growth in global sales to GBP 29.3 billion (USD 36.32 billion). In Q4, sales were down 3% to GBP 7.38 billion (USD 9.15 billion). GSK issued guidance for 2023 revenue growth to increase by between 6%-8%, excluding COVID-19-related products.
CEO’s Perspective and New Product Growth
CEO Emma Walmsley described the performance as “outstanding,” attributing much of the success to new products. “We’ve had over 20 new approvals in the last 5 years, now representing nearly one-third of our 2022 sales,” she noted. GSK also boasts a robust pipeline with 18 products at the Phase III or registration stages.
Business Unit Performance
Over the past 12 months, Specialty Medicines generated GBP 11.3 billion in sales, up 29%. Within this segment, HIV drugs rose 12%, oncology 17%, immuno-inflammation and other specialty drugs 20%, and GSK’s COVID-19 therapy Xevudy (sotrovimab) generated GBP 2.3 billion (USD 2.85 billion). Vaccines produced GBP 7.9 billion (USD 9.79 billion) in revenues with an 11% YOY growth, driven by the shingles vaccine Shingrix, which contributed GBP 3 billion (USD 3.72 billion) and 60% YOY growth. General Medicines generated GBP 10.1 billion in sales, up 1% YOY.
China Market Highlights
Although market specifics were not broken out, China was cited as making several positive contributions. Shingrix launched in China in June 2020, with strong uptake reported during 2022. Speaking during the earnings conference call, Chief Commercial Officer Luke Miels noted that “as China starts to normalize, the potential for [Shingrix] over the next couple of years remains very, very sizeable.” Additionally, reimbursement coverage under China’s National Reimbursement Drug List (NRDL) was cited as a positive for lupus therapy Benlysta (belimumab) and asthma drug Trelegy (vilanterol, fluticasone furoate, umeclidinium).-Fineline Info & Tech
