GSK Delivers Strong Q2 Sales of £8.1 Billion, +6% AER, +15% CER Total EPS 27.9p -39% AER, -28% CER; Adjusted EPS 28.1p +46% AER +71% CER

Sales growth driven by strong commercial execution and favourable prior year comparison

  • Pharmaceuticals £4.2 billion 3% AER, 12% CER with growth in New and Specialty products ( 25% CER) including Respiratory 36% CER, Immuno-Inflammation 46% CER, Oncology 69% CER, total HIV 14% CER
  • Vaccines £1.6 billion 39% AER, 49% CER reflecting strong growth in Meningitis 46% CER, Established Vaccines 28% CER, Shingrix  1% CER with improved performance notably in the US and £258 million pandemic adjuvant sales. Continue to expect strong growth from Shingrix in H2
  • Consumer Healthcare £2.3 billion -4% AER, 3% CER ( 7% CER excluding divestments/brands under review)

Effective cost control supports delivery of adjusted earnings per share growth

  • Total Group operating margin 20.7%. Total EPS 27.9p -39% AER, -28% CER
  • Adjusted Group operating margin 26.7%. Adjusted EPS 28.1p 46% AER, 71% CER (H1 -10% AER, 2% CER). This included a contribution to growth from COVID-19 solutions of approximately 20% AER, 21% CER in Q2 ( 7% AER, 7% CER in H1)
  • Q2 net cash flow from operations £1.3 billion. Free cash flow £316 million

Continued R&D delivery and strengthening of pipeline

  • FDA rolling review of cabotegravir for prevention of HIV (PrEP) completed
  • Positive phase III headline results for daprodustat, potential transformative medicine for anaemia due to chronic kidney disease
  • 3 new strategic collaborations announced, iTeos, Alector* and Halozyme strengthen pipeline in next generation immuno-oncology, immuno-neurology and HIV
  • Emergency use authorisations for sotrovimab; Phase III started for Sanofi-GSK adjuvanted COVID-19 vaccine and EMA rolling review initiated

Investor Update in June outlined new outlooks for growth and plans to maximise shareholder value

  • GSK expects to deliver step-change in sales, operating profit growth and performance from 2022, driven by high quality Vaccines and Specialty Medicines portfolio and late-stage pipeline
  • Proposed demerger to create new world-leading Consumer Healthcare company confirmed for mid-2022

Confident in delivering 2021 EPS guidance and reconfirm 2022 outlook

  • 2021 Adjusted EPS to decline by mid-to-high single-digit percentage at CER
  • 2022 meaningful improvements expected in revenues and margins
  • 2021 guidance and 2022 outlook exclude any contribution from COVID-19 solutions

Dividend of 19p/share declared for Q2 2021. Continue to expect 80p/share for 2021

Emma Walmsley, Chief Executive Officer, GSK said:

“GSK delivered an excellent performance in Q2. We expect this positive momentum to continue through the second half of the year driving us towards the better end of our earnings guidance range for 2021, and meaningful performance improvement in 2022. We continue to strengthen our pipeline and are advancing well towards separation. Our clear priority is to focus on execution, unlocking the value of Consumer Healthcare and delivering the step-change in growth and performance we now see for GSK.”

About GSK

GSK – one of the world’s leading research-based pharmaceutical and healthcare companies – is committed to improving the quality of human life by enabling people to do more, feel better and live longer. For further information please visit

Assumptions and cautionary statement regarding forward-looking statements

The Group’s management believes that the assumptions outlined above are reasonable, and that the guidance, outlooks, ambitions and expectations described in this report are achievable based on those assumptions. However, given the forward-looking nature of these guidance, outlooks, ambitions and expectations, they are subject to greater uncertainty, including potential material impacts if the above assumptions are not realised, and other material impacts related to foreign exchange fluctuations, macro-economic activity, the impact of outbreaks, epidemics or pandemics, such as the COVID-19 pandemic and ongoing challenges and uncertainties posed by the COVID-19 pandemic for businesses and governments around the world, changes in legislation, regulation, government actions or intellectual property protection, product development and approvals, actions by our competitors, and other risks inherent to the industries in which we operate.