GSK PLC (LSE:GSK, NYSE:GSK) reported earnings ahead of expectations and kept full-year guidance intact, even though sales of vaccines softened.
Shares in the FTSE 10-listed drugmaker rose 1.5% on Wednesday morning after the results.
Vaccine sales fell 6.1% to £2.10 billion in the quarter, which was almost in line with the $2.11 billion average City forecast. Sales of blockbuster shingles vaccine Shingrix declined 7%, while RSV jab Arexvy tanked 57%, though there was a boost from 20% growth in meningitis vaccines.
But overall group revenues were up 2% at £7.52 billion, just beating the consensus estimate of £7.46 billion, while at the bottom line adjusted earnings per share rose 4% to 44.9p, well ahead of the 40.6p expected.
For the full year it still expects sales of between 3% and 8% on a constant currency basis, with adjusted EPS up between 6% and 8%.
Regarding Donald Trump's potential tariff on imports of pharmaceutical products, GSK said it is "well positioned to respond" should the levies be implemented, "with mitigation options identified in the supply chain and productivity initiatives".
CEO Emma Walmsley said the group made "strong progress" and hailed R&D progress too, with two of the five FDA product approvals expected this year now secured, as well as the acquisition of a promising new oncology asset.
"We are very focused on preparing for launches of Blenrep, Nucala and depemokimab, and pivotal trials for potential new medicines in respiratory, oncology, HIV and hepatitis.
"This momentum, together with the strength of our portfolio and proven ability to drive operating leverage, underpin our confidence in guidance for the year and our longer-term outlooks."
** Update: Adds share price **