2023 guidance
GSK
expects 2023 turnover to increase between 12 to 13 per cent,
Adjusted operating profit to increase between 13 to 15 per cent and
Adjusted earnings per share to increase between 17 to 20 per cent.
This guidance is provided at CER and excludes any contributions
from COVID-19 solutions.
Assumptions related to 2023 guidance
In
outlining the guidance for 2023, the Group has made certain
assumptions about the healthcare sector, the different markets in
which the Group operates and the delivery of revenues and financial
benefits from its current portfolio, pipeline and restructuring
programmes. In the year to date, GSK has exceeded its full-year
guidance expectations due to the continued strong and broad-based
performance of its business, including the successful launch
of Arexvy in Q3 2023, which has
also benefitted from initial channel inventory build. Currently,
GSK assumes sales of Arexvy will track in line with
high-dose flu analogues. For the full year, the company
expects Arexvy sales between £0.9
to £1 billion. For full year sales, Vaccines are expected to
increase by around 20 per cent, Specialty Medicines, including HIV,
are expected to increase by low double-digit per cent and General
Medicines are expected to increase by low to mid-single-digit per
cent.
These
planning assumptions as well as operating profit guidance and
dividend expectations assume no material interruptions to supply of
the Group's products, no material mergers, acquisitions or
disposals, no material litigation or investigation costs for the
company (save for those that are already recognised or for which
provisions have been made) and no change in the Group's
shareholdings in ViiV Healthcare. The assumptions also assume no
material changes in the healthcare environment or unexpected
significant changes in pricing as a result of government or
competitor action. The 2023 guidance factors in all divestments and
product exits announced to date.
The
Group's guidance assumes successful delivery of the Group's
integration and restructuring plans. Material costs for investment
in new product launches and R&D have been factored into the
expectations given. Given the potential development options in the
Group's pipeline, the outlook may be affected by additional
data-driven R&D investment decisions. The guidance is given on
a constant currency basis.
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, 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.
This
document contains statements that are, or may be deemed to be,
"forward-looking statements". Forward-looking statements give the
Group's current expectations or forecasts of future events. An
investor can identify these statements by the fact that they do not
relate strictly to historical or current facts. They use words such
as 'anticipate', 'estimate', 'expect', 'intend', 'will', 'project',
'plan', 'believe', 'target' and other words and terms of similar
meaning in connection with any discussion of future operating or
financial performance. In particular, these include statements
relating to future actions, prospective products or product
approvals, future performance or results of current and anticipated
products, sales efforts, expenses, the outcome of contingencies
such as legal proceedings, dividend payments and financial results.
Other than in accordance with its legal or regulatory obligations
(including under the Market Abuse Regulation, the UK Listing Rules
and the Disclosure and Transparency Rules of the Financial Conduct
Authority), the Group undertakes no obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise. The reader should, however, consult any
additional disclosures that the Group may make in any documents
which it publishes and/or files with the SEC. All readers, wherever
located, should take note of these disclosures. Accordingly, no
assurance can be given that any particular expectation will be met
and investors are cautioned not to place undue reliance on the
forward-looking statements.
All
guidance, outlooks, ambitions and expectations should be read
together with the guidance, assumptions and cautionary statements
in this Q3 2023 earnings release and the 2022 Annual
Report.
Forward-looking
statements are subject to assumptions, inherent risks and
uncertainties, many of which relate to factors that are beyond the
Group's control or precise estimate. The Group cautions investors
that a number of important factors, including those in this
document, could cause actual results to differ materially from
those expressed or implied in any forward-looking statement. Such
factors include, but are not limited to, those discussed under Item
3.D 'Risk Factors' in the Group's Annual Report on Form 20-F for
2022. Any forward looking statements made by or on behalf of the
Group speak only as of the date they are made and are based upon
the knowledge and information available to the Directors on the
date of this report.
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