GSK Q2 Profit Declines, Sales Rise; Lifts FY24 Guidance; Declares Dividend

(RTTNews) - GSK plc (GSK, GSK.L) reported Wednesday that its second-quarter profit attributable to shareholders fell to 1.17 billion pounds from last year's 1.62 billion pounds.

Earnings per share dropped 27 percent to 28.8 pence from 40.1 pence last year.

The decline in profit primarily reflected higher charges for CCL remeasurements driven by improved longer term HIV prospects and foreign currency movements.

Core earnings were 1.77 billion pounds or 43.4 pence per share, compared to 1.57 billion pounds or 38.8 pence per share a year ago.

Total operating profit dropped 22 percent from last year to 2.14 billion pounds, while core operating profit grew 18 percent to 2.17 billion pounds.

Turnover grew 10 percent to 7.88 billion pounds from 7.18 billion pounds last year. The growth was 13 percent at constant currency rates.

Further, the company upgraded its fiscal 2024 outlook at constant exchange rates, now expecting core earnings per share to increase between 10 to 12 percent, higher than previously expected growth of 8 to 10 percent, reflecting continued higher operating profit with lower net finance costs.

Core operating profit is now expected to grow between 11 to 13 percent at CER, up from previously expected 9 to 11 percent increase.

Annual turnover growth would now be 7 percent to 9 percent, higher than previously expected growth of 5 percent to 7 percent.

The guidance excludes COVID-19 solutions.

The Board has declared a second interim dividend for the second quarter of 15 pence per share, up from last year's 14 pence per share. The company also expects to declare a dividend of 60p per share for full year 2024.

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