GSK PLC's (LSE:GSK, NYSE:GSK) third-quarter numbers beat City expectations according to broker UBS but was "not quite as good as it looks at face value" as a meaningful part was driven by Covid antibodies.
In its quarterly update the drugmaker upped guidance for the year, as it reported turnover of £7.83bn, which was 7% ahead of consensus, adjusted operating profit of £2.6bn, 13% above expectations, and adjusted EPS of 46.9p, 17% ahead of forecasts.
Vaccines beat forecasts by 3% driven by sales of the Shingrix shingles treatment of £760mln (11% above consensus) while the HIV portfolio with sales of £1,486mln was slightly (1%) ahead, the broker said in a note following the numbers.
Looking at other drugs: Tivicay and Triumeq were c1% behind forecast, while those ahead of expectations included Cabenuva by 9%, Dovato by 5% and Juluca by 1%.
On the other side of the coin, the oncology franchise overall was 5% behind expectations, with Zejula 6% below consensus and Blenrep 3% below, UBS wrote.
With GSK raising full-year guidance, UBS said it expects consensus forecasts to increase slightly. Including forex and pandemic solutions EPS estimates are seen rising by around 3%.
The broker retained its neutral rating and 1,820p 12-month price target.
Shares in GSK rose 1.5% to 1,467p.