GSK FY24 Core Operating Profit Rises, Turnover Up 7% At CER; Increases 2031 Sales Outlook

(RTTNews) - GSK (GSK.L, GSK) reported fiscal 2024 profit before tax of 3.5 billion pounds, down 43% at AER, or down 34% at CER from prior year. Earnings per share was 63.2 pence, down 48% at AER, or down 40% at CER. Core operating profit was 9.15 billion pounds, up 4% at AER, or an increase of 11% at CER. Core earnings per share was 159.3 pence, up 3% at AER, or an increase of 10% at CER. Turnover was 31.38 billion pounds, up 3% at AER, or an increase of 7% at CER.

Fourth quarter core operating profit was 1.43 billion pounds, down 18% at AER, or a decline of 10% at CER. Core earnings per share was 23.2 pence, down 20% at AER, or a decline of 10% at CER. Turnover was 8.12 billion pounds, up 1% at AER, or an increase of 4% at CER.

For 2025, GSK expects its turnover to increase between 3 to 5 percent and core operating profit to increase between 6 to 8 percent. Core earnings per share is expected to increase between 6 to 8 percent. The guidance is in CER.

By 2031, GSK now expects to achieve sales of more than 40 billion pounds on a risk-adjusted basis and at CER. Previously, the company anticipated sales above 38 billion pounds.

The company said there is no change to outlooks for 2021-2026. GSK continues to expect sales to grow more than 7% on a CAGR basis and core operating profit to increase more than 11%, on the same basis.

"We are increasing and prioritising R&D investment to promising new long-acting and specialty medicines in Respiratory, Immunology & Inflammation, Oncology and HIV," said Emma Walmsley, CEO, GSK.

GSK now plans to commence a 2 billion pounds share buyback programme, to be implemented over the next 18 months. GSK has declared a dividend for fourth quarter of 16 pence per share and 61 pence per share for full year 2024. The expected dividend for 2025 is 64 pence per share.

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