GSK - GSK plc (GSK) Q2 2024 Earnings Call Transcript
2024-07-31 12:24:08 ET
GSK plc (GSK)
Q2 2024 Earnings Conference Call
July 31, 2024, 07:00 ET
Company Participants
Nick Stone - Head, IR
Emma Walmsley - CEO
Tony Wood - Chief Scientific Officer
Luke Miels - Chief Commercial Officer
Deborah Waterhouse - CEO, ViiV Healthcare
Julie Brown - CFO
Conference Call Participants
Peter Verdult - Citi
Peter Welford - Jefferies
James Gordon - JPMorgan
Richard Parkes - BNP Paribas
Graham Parry - Bank of America Merrill Lynch
Tim Anderson - Wolfe Research
Mark Purcell - Morgan Stanley
Emily Field - Barclays
Simon Baker - Redburn Atlantic
Presentation
Nick Stone
Hello everyone. Welcome to today's call and webcast. The presentation was sent to our distribution list by e-mail today, and you can also find it on gsk.com.
Please turn to Slide 2. This is the usual safe harbor statements will comment on our performance using constant exchange rates, or CR unless stated otherwise.
Please turn to Slide 3. Today's call will last approximately 1 hour with the presentation taking around 35 minutes and the remaining time for your questions. Today, our speakers are Emma Walmsley, Tony Wood, Luke Miels, Deb Waterhouse, and Julie Brown, with David Redfern joining for Q&A. Please ask 1 to 2 questions so that everyone has a chance to participate.
Turning to Slide 4. I will now hand the call over to Emma.
Emma Walmsley
Welcome to everyone joining us today. Please turn to the next slide. I am delighted to report that GSK's momentum this year continues with excellent second quarter performance. Sales grew 13% to £7.9 billion. Core operating profit was up 21% to £2.5 billion and core earnings per share rose 17% to 43.4p, all excluding COVID solutions. This reflects our continued focus on operational execution and the strength of GSK's broad portfolio to prevent and treat disease. Sales growth was reported across all 3 product areas for the first half. For the second quarter, vaccine growth was driven by international expansion. Specialty Medicines, in particular, were up strongly, growing over 20%, reflecting successful new launches of Ojjaara in myelofibrosis, Jemperli in endometrial cancer and long-acting HIV treatments, and we also delivered a record quarter for strategy in General Medicines. All of this demonstrates the strength and breadth of our portfolio to deliver competitive and profitable long-term growth. This strong sales performance has been underpinned by effective cost control, driving operating leverage and further margin improvements this year. And these benefits are also delivering improved operational cash flow providing funds for pipeline investments as well as returns to shareholders. Our dividend for the quarter was 15p. And on the basis of our current performance and prospects, we are again upgrading our full year guidance....
GSK plc (GSK) Q2 2024 Earnings Call Transcript