GSK delivers strong Q1: sales £9.1 billion +19% AER, +19% CER (Proforma +10% CER*)

Issued: London, UK

Total EPS 31.5p; +87% AER; +89% CER; Adjusted EPS 37.7p +25% AER, +26% CER

Q1 2020 results infographic

Full results announcement (PDF)

Download the Q1 2020 results announcement

Q1 2020 results announcement (PDF, 597.7KB)

Financial highlights

  • Reported Group sales £9.1 billion +19% AER, +19% CER (Proforma +10% CER*). Pharmaceuticals £4.4 billion +6% AER, +6% CER; Vaccines £1.8 billion +19% AER, +19% CER; Consumer Healthcare £2.9 billion
    +44% AER, +46% CER (Proforma +11% CER*)
  • Sales growth reflects strong underlying performance and additional impact from increased demand including stock building for many products
  • Total Respiratory sales £871 million +38% AER, +38% CER. Trelegy sales £193 million +>100% AER,
    +>100% CER. Nucala sales £210 million +38% AER, +38% CER
  • Total HIV sales £1.2 billion, +8% AER, +8% CER. Two-drug regimen sales £186 million
  • Shingrix sales £647 million +81% AER, +79% CER
  • Total Group operating margin 22.2%. Adjusted Group operating margin 29.4%, reflecting strong operating leverage (Pharmaceuticals 26.9%; Vaccines 47.5%; Consumer Healthcare 26.8%)
  • Total EPS 31.5p +87% AER, +89% CER reflecting good operating performance and an increase in the value of shares in Hindustan Unilever relating to the disposal of Horlicks in India
  • Adjusted EPS 37.7p +25% AER; +26% CER reflecting operating performance and lower tax rate resulting from
    a non-recurring revaluation of deferred tax assets
  • Q1 net cash flow from operations £965 million. Free cash flow £531 million
  • 19p dividend declared for the quarter


Based on current assessment of COVID-19, guidance for 2020 Adjusted EPS maintained; to be updated if needed as more information becomes available

Pipeline highlights

  • Zejula submission accepted by FDA and EMA in first-line maintenance treatment for women with ovarian cancer
  • Belantamab mafodotin granted FDA priority review for patients with relapsed or refractory multiple myeloma based on data from the pivotal DREAMM-2 study. PDUFA date set for August 2020
  • Cabenuva, first long-acting regimen for HIV, approved in Canada. Expect submission of reply to FDA Complete Response Letter mid-year
  • Fostemsavir submitted for approval to EMA for the treatment of HIV in adults
  • Multiple collaborations underway to develop adjuvanted vaccines for use against COVID-19, including with Sanofi
  • Agreement with Vir Biotechnology to research and develop solutions for coronaviruses, including using their monoclonal antibody platform technology
Q1 2020 results infographic

Emma Walmsley, Chief Executive Officer, GSK said:

“Responding to the COVID-19 pandemic is at the heart of our purpose as a company and GSK’s portfolio is both highly relevant and needed. We have mobilised efforts across the company and I want to thank all the GSK teams for their outstanding work to make sure our vital medicines, vaccines and everyday health products continue to be available to the people who need them. We have also taken action to deploy our science and technologies. Our primary aim is to develop multiple adjuvanted COVID-19 vaccines, and we are working with companies and institutions across the world to do so.

“Our business performed strongly in the quarter with growth in sales and earnings reflecting good underlying performance and increased demand, including stock-building, for many of our products. Looking ahead, we clearly face a period of considerable uncertainty, but we remain confident in the resilience and sustainability of GSK’s business and our ability to deliver on our long-term priorities of Innovation, Performance and Trust.”

About GSK

GSK – one of the world’s leading research-based pharmaceutical and healthcare companies – is committed to improving the quality of human life by enabling people to do more, feel better and live longer. For further information please visit

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