BRITISH pharmaceutical group GlaxoSmithKline today announced surging net profits in the first quarter on strong sales.

Its profit after tax jumped 68% to £1.8 billion (RM9.8 billion) compared with the start of 2021, while sales climbed 32% to almost £9.8 billion.

“We delivered strong first-quarter results in this landmark year for GSK, as we separate consumer healthcare and start a new period of sustained growth,” said chief executive Emma Walmsley in the earnings statement.

“Our results reflect further good momentum across specialty medicines and vaccines, including the return to strong sales growth for (shingles vaccine) Shingrix and continuing pipeline progress.”

Walmsley is seeking to reshape the company after facing fierce investor criticism over its delay in producing Covid-19 jabs and treatments.

But in February, Canada approved a Covid-19 vaccine developed jointly by GSK and Canadian group Medicago.

Meanwhile, GSK is awaiting European Union regulatory approval of its coronavirus vaccine produced alongside French peer Sanofi.

Aside from Covid-19 vaccines, GSK earlier this month agreed to buy US group Sierra Oncology for US$1.9 billion (RM8.2 billion).

GSK is also in the process of demerging its consumer healthcare arm Haleon – a joint venture with US peer Pfizer – to concentrate on its main pharmaceutical business.

After rejecting a bid worth £50 billion for the unit from consumer goods titan Unilever, GSK plans to list the newly-named Haleon on the London stock market.

GSK continues “to see very good momentum in consumer healthcare, demonstrating strong potential of this business ahead of its proposed demerger in July, to become Haleon”, said Walmsley today.

The consumer unit’s products include Sensodyne toothpaste, pain relief drug Panadol and cold treatment Theraflu. – AFP, April 27, 2022.