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GSK's Q4 2024 Earnings Call: Unpacking Contradictions in Vaccine Dynamics, Market Share, and HIV Growth

Earnings DecryptWednesday, Feb 5, 2025 11:59 am ET
4min read
These are the key contradictions discussed in GSK's latest 2024Q4 earnings call, specifically including: Vaccine Dynamics, Market Share and Competitive Dynamics, and HIV Growth Channel Mix Dynamics:

GSK Gross Profit Margin, Operating Profit Margin...


Revenue and Profit Growth:
- GSK reported sales growth of 8% to over £31 billion, with core operating profit up 13% and core EPS up 12% for 2024.
- Growth was driven by strong contributions from specialty medicines, particularly in oncology and respiratory immunology, as well as continued strong performance in HIV.

Specialty Medicines Momentum:
- Specialty medicines showed 19% growth, with oncology sales nearly doubling to more than £1.4 billion for the year.
- The growth was driven by the high performance of products like Jemperli, Zeluja, and Ojepaara, as well as new indications like the approval of Nucala for COPD.

HIV Portfolio Performance:
- HIV sales continued to grow, up 13% for the full year, driven by strong patient demand for oral two-drug regimens like Dovato and long-acting injectables.
- This growth was supported by significant market share gains, with Cabenuva and Apretude benefiting over 70,000 people living with HIV globally.

Vaccine Sales Challenges:
- Total vaccine sales were down 3%, primarily due to lower sales of Arexvy in the U.S. and reduced Shingrix sales in the U.S.
- The decline was attributed to external pressures like new ACIP recommendations and a slower U.S. immunization rate.

2031 Outlook and Pipeline Development:
- GSK increased its outlook, expecting risk-adjusted sales to exceed £40 billion by 2031.
- This was influenced by significant progress in Phase 3 studies, potential approvals like Blenrep, and the inclusion of new assets from business development activities.

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Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.
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