Key facts
- GSK shares fell 5.5% on Wednesday.
- Third-quarter pre-tax profit fell 19% to £1.9bn.
- Restructuring charges amounted to £318m.
- Vaccine sales declined 2% to £2.6bn.
- Shingles shot Shingrix sales fell 5%, RSV vaccine Arexvy down 24%.
Shares in GSK fell 5.5% on Wednesday, marking the biggest drop on the FTSE 100 index, despite the company reporting better-than-expected financial results. Investors were unsettled by a 19% decline in pre-tax profit to £1.9bn in the July to September quarter, £318m in restructuring charges, and weaker sales for its vaccines, particularly Shingrix and Arexvy. Turnover rose 5% at constant currency rates to £8.9bn, driven by strong sales of HIV, cancer, and lupus medications. The company is undertaking a cost-saving program to invest more in research and development, which involves restructuring and about 1,200 job losses in its vaccine business in Belgium.