The Strategist

GSK pharmaceutical company cuts quarterly net profit almost tenfold

11/02/2023 - 06:47

Despite its revenue rising by 4% and exceeding market expectations, the British pharmaceutical giant GSK Plc (previously GlaxoSmithKline) reduced its net profit almost tenfold in the third quarter of 2023.

GSK's turnover from July to September increased from 7.83 billion pounds ($9.9 billion) to 8.15 billion pounds. The figure increased by 10% excluding COVID medications.

Net profit was 1.46 billion pounds in comparison to 10.82 billion pounds in the same quarter a year earlier. Profit after adjustments increased 9% to 2.21 billion pounds.

The corporation itself cites the average projections of analysts, who forecasted 7.77 billion pounds in revenue and 1.87 billion pounds in net profits, respectively.

In the third quarter, operating profit increased by 64% to 1.95 billion pounds. The adjusted amount showed 6% increase to 2.77 billion pounds.