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HEALTHCARE: Glaxo (GSK: A2/A): 4Q & FY24

HEALTHCARE

Positive - Speciality Medicines delivered and Net Debt reduced

  • 4Q sales £8.12bn +4% CER, +1% reported
  • FY Sales £31.4bn +7% CER; +3% reported
  • 2025 guidance sales +3-5%; Core Op Profit +6-8%
  • Pipeline 19 in Phase III/reg; 71 in development
  • Vaccines were a drag with sales -4% but Spec Med +19%; Gen Med +6%
  • OpCF £7.86bn; FCF £2.86bn
  • Net Debt declined to £13.1bn from £15bn - due to Haleon sale (albeit a one-off)
  • COVID to have no impact next year
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Positive - Speciality Medicines delivered and Net Debt reduced

  • 4Q sales £8.12bn +4% CER, +1% reported
  • FY Sales £31.4bn +7% CER; +3% reported
  • 2025 guidance sales +3-5%; Core Op Profit +6-8%
  • Pipeline 19 in Phase III/reg; 71 in development
  • Vaccines were a drag with sales -4% but Spec Med +19%; Gen Med +6%
  • OpCF £7.86bn; FCF £2.86bn
  • Net Debt declined to £13.1bn from £15bn - due to Haleon sale (albeit a one-off)
  • COVID to have no impact next year