London, United Kingdom – UK drug maker GlaxoSmithKline said Wednesday that 2023 net profit tumbled after the prior year was skewed by the spin-off of consumer healthcare unit Haleon, but stressed that underlying earnings jumped.
Profit after tax slid sharply to £4.9 billion ($6.2 billion) last year from £14.9 billion in 2022, when it received a massive gain from the Haleon demerger, GSK said in a results statement.
However, underlying adjusted operating profit, excluding exceptional items, jumped 12 percent to £8.8 billion last year to beat company guidance. Revenues swelled three percent to £30.3 billion.
“GSK delivered excellent performance in 2023,” said chief executive Emma Walmsley in the earnings release.
The group’s “clear highlights” were the launch of its Arexvy vaccine that protect infants from respiratory syncytial virus (RSV), and “continued progress” in its pipeline of drugs, she added.
“We are now planning for at least 12 major launches from 2025, with new vaccines and specialty medicines for infectious diseases, HIV, respiratory and oncology.
“As a result of this progress and momentum, we expect to deliver another year of meaningful sales and earnings growth in 2024, and we are upgrading our growth outlooks for 2026 and 2031.
“We remain focused on delivering this potential — and more — to prevent and change the course of disease for millions of people.”