GSK delivers sales of £9.4 billion +16% AER, +11% CER (Pro-forma +6% CER*)

Issued: London, UK

Total EPS 31.4p +9% AER, -1% CER; Adjusted EPS 38.6p +9% AER, +1% CER

Q3 2019 results infographic

Full results announcement (PDF)

Download the Q3 2019 results announcement

Q3 2019 results announcement (PDF, 938.9KB)

Financial highlights

  • Reported Group sales £9.4 billion +16% AER, +11% CER (Pro-forma growth +6% CER*); Pharmaceuticals £4.5 billion +7% AER, +3% CER; Vaccines £2.3 billion +20% AER, +15% CER; Consumer Healthcare
    £2.5 billion +30% AER, +25% CER (Pro-forma growth +3% CER*)
  • Total Group operating margin 22.9%; Adjusted Group operating margin 29.7% reflecting increased spending on R&D and priority assets, and the impact of generic Advair in the US, partly offset by Vaccines performance (Pharmaceuticals 24.1%; Vaccines 50.3%; Consumer Healthcare 24.3%)
  • Total EPS 31.4p +9% AER, -1% CER, Adjusted EPS 38.6p +9% AER, +1% CER reflecting operating performance and lower effective tax rate offset by increased profit allocation to non-controlling interests
  • 9 months net cash flow from operations £4.6 billion. Free cash flow £2.5 billion
  • 19p dividend declared for the quarter, continue to expect 80p for FY19
  • Consumer Healthcare JV with Pfizer completed 31 July creating new world leader in Consumer Healthcare
  • 2019 Adjusted EPS guidance improved to expectation of around flat at CER from a decline of -3% to -5%

Product and pipeline highlights

  • Shingrix sales £535 million +87% AER, +76% CER driven by continuing strong execution in the US
  • Total Respiratory sales £806 million +25% AER, +19% CER. Nucala £203 million +40% AER, +33% CER
    Trelegy £139 million +>100% AER, +>100% CER
  • Total HIV sales £1.3 billion, +5% AER, flat at CER. Two-drug regimen sales £119 million
  • Continued progress to strengthen and advance R&D pipeline including:


  • Positive data presented at ESMO from PRIMA trial of Zejula monotherapy showing significant improvement in PFS in women with ovarian cancer regardless of biomarker status. On track to file by end 2019
  • Positive headline data from pivotal DREAMM-2 study of belantamab mafodotin (GSK2857916) for multiple myeloma. On track to file by end 2019
  • Positive data from GARNET study of dostarlimab for advanced or recurrent endometrial cancer. On track to file by end 2019
  • Positive data presented at ESMO on GSK3359609 (ICOS receptor agonist) plus pembrolizumab in head and neck squamous cell carcinoma. Phase II/III registrational trial announced


  • Nucala approved in EU for self-administration by patients with severe eosinophilic asthma
  • Trelegy Ellipta submitted to the FDA for use in patients with asthma


  • Long-acting injectable cabotegravir + rilpivirine submitted to EMA as the first monthly treatment for HIV
  • Positive phase III results from ATLAS-2M study of cabotegravir + rilpivirine administered every 8 weeks


  • Phase III start for first-in-class antibiotic, gepotidacin, in uncomplicated urinary tract infection and urogenital gonorrhoea
  • Daprodustat filed in Japan for patients with renal anaemia due to chronic kidney disease
Q3 2019 results infographic

Emma Walmsley, Chief Executive Officer, GSK said:

“GSK has made further good progress in Q3, with sales growth across all three businesses, and we have today upgraded our full-year EPS guidance.  This quarter we have continued to strengthen our pipeline and have advanced assets in Respiratory, HIV and, notably, Oncology, where we are on track to file three innovative medicines by year end, following positive pivotal trial data.  We also achieved a significant milestone with the completion of our new Consumer Healthcare Joint Venture with Pfizer, to create a new world leading consumer healthcare business.”

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