2023 Guidance and Q3 Earnings
Delivered a very strong Q3 2023 financial performance
Key commentary
Q3'22
Q3'23
AER
CER
Adjusted results
£m
£m
%
%
Sales
7,829
8,147
4
10
Cost of sales
(2,214)
(2,073)
(6)
(4)
Sales grew +16% excluding COVID-19 solutions
Benefit from lower sales of lower margin Xevudy and
favourable mix
Gross profit
5,615
6,074
15
Gross profit margin
71.7%
74.6%
+280 bps
+360 bps
+80 bps excluding COVID-19 solutions
Selling, general and administrative
(1,968)
(2,185)
11
17
SG&A growth +14% excluding COVID-19 solutions
Research and development
(1,297)
(1,429)
10
14
Primarily late-stage Vaccines, ID and HIV therapy areas
Royalties
255
312
22
23
Benefit from Gardasil, Kesimpta and Biktarvy
Operating profit
2,605
2,772
15
OP grew +22% excluding COVID-19 solutions
Operating profit margin
33.3%
34.0%
+80 bps
+170 bps
Q3'22
Q2'23
AER
CER
Total results
Total operating profit
£m
£m
%
%
1,191
1,949
64
83
Total operating profit margin
15.2%
23.9%
870 bps
1,010 bps
GSK
Adjusted results for continuing operations unless stated otherwise; some figures may not sum due to rounding. See page 19 of GSK's third quarter 2023 earnings release for a full reconciliation of Total to Adjusted results
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