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$GSK plc(GSK)$


GSK plc (NYSE:GSK) Q4 2023 Earnings Conference Call January 31, 2024 6:00 AM ET

Company Participants

Nick Stone - Head, Investor Relations

Emma Walmsley - Chief Executive Officer

Luke Miels - Chief Commercial Officer

Deborah Waterhouse - Chief Executive Officer, ViiV Healthcare

Julie Brown - Chief Financial Officer

Tony Wood - Chief Scientific Officer

Conference Call Participants

Peter Welford - Jefferies

James Gordon - JPMorgan

Jo Walton - UBS

Simon Baker - Redburn

Tim Anderson - Wolfe Research

Richard Parkes - BNP Paribas

Andrew Baum - Citi

Graham Parry - Bank of America

Mark Purcell - Morgan Stanley

Kerry Holford - Berenberg

Steve Scala - TD Cowen

Nick Stone

Hello, everyone. It's Nick Stone, Head of Investor Relations. Welcome to today's call and webcast. The presentation was sent to our distribution list by e-mail and you can also find it on gsk.com.

Please turn to Slide 2. This is the usual safe harbor statement. We will comment on our performance using constant exchange rates or CR unless stated otherwise. As a reminder following the Consumer Healthcare demerger in 2022, we're presenting performance and growth at the continuing operations for GSK.

Please turn to Slide 3. Today's call will last approximately one hour with the presentation taking around 30 minutes and the remaining time for your questions. We request that you ask one to two questions so that everyone has a chance to participate.

Turning to Slide 4, I will now hand the call over to Emma.

Emma Walmsley

Hello and a warm welcome to everybody joining this call. Today we are updating you on our performance for 2023, giving guidance for 2024, and providing you with new upgraded longer term outlooks.

Please turn to the next slide. In 2021, we set out a series of commitments to shareholders, including for a step change in performance following the significant transformation in GSK's structure, strategy, capital allocation, and culture. Since then, we've delivered 10 quarters of consecutive sales growth ex-COVID and our priority to invest in new vaccines and specialty medicines to reshape GSK's portfolio is now strongly evident with around two-thirds of sales now generated from these two product areas.

At the same time, we continue to strengthen our pipeline. The majority of the late-stage assets that we highlighted in 2021 have moved forward positively. And we've added multiple new opportunities to this portfolio including through targeted business development where we've secured more than 16 acquisitions and alliances for innovative assets and new technologies.

We have achieved all of this whilst maintaining a continued sharp focus on operating margins, cash flow, and capital allocation, mindful of the need to both invest for the future and to deliver attractive returns to shareholders.

Next slide please. Our performance for 2023 demonstrates all of this. Sales and profits ex-COVID solutions grew double-digit levels for the year. Sales were up 14% to over £30 billion, a clear highlight being the exceptional launch of Arexvy.

Adjusted operating profit was up 16% and adjusted EPS were up 22%. All three of our product areas demonstrated good growth with sales from new products since 2017 contributing more than £11 billion in 2023. This level of performance helped deliver two upgrades to guidance in 2023 and led to the increased dividend we've announced today of £0.58 per share.

We also sustained good progress with our trust in the ESG goals, not least reflected in our sector leadership of the S&P's Global Corporate Sustainability Assessment. Highlights for the year included moving to Phase III for our low-carbon Ventolin inhaler program, hitting our leadership diversity ambitions two years ahead of schedule and extending rollout of our malaria vaccine to 12 new countries in Africa. Altogether, 2023 provided us with good momentum, which we're now carrying into this year.

Next slide please. In 2024, we expect another year of meaningful growth. Sales growth of 5% to 7%, adjusted operating profit growth of 7% to 10%, and adjusted EPS growth of 6% to 9%.

For the period 2021 to 2026, we now expect sales to grow more than 7% on a CAGR basis and adjusted operating profit to increase more than 11% CAGR. For 2026 to 2031 with the progress we've made in our portfolio, we now believe that we can deliver more than £38 billion of sales by 2031.

This is an increase of £5 billion versus the estimate we gave in 2021 and continues to exclude any contributions from early-stage pipeline assets and further anticipated business development. We've also not included any potential future sales contribution from Blenrep here either.

So this new outlook represents a marked sales acceleration. As in effect we now expect to reach our original 2031 goal of more than £33 billion by 2026 so five years earlier. Beyond sales, we expect a continued strong focus on margin improvements during this period, while retaining flexibility to invest in growth.

Recognizing that we'll likely face loss of exclusivity for Dolutegravir from 2028 to 2030, we're also able to say today that we expect operating margins to be broadly stable through that three year period. Julie and I will cover these outlooks in more detail shortly. But first, we're going to review our 2023 performance and 2024 guidance starting with comments from Luke.

GSK plc (NYSE:GSK) Q4 2023 Earnings Conference Call January 31, 2024 6:00 AM ET

Company Participants

Nick Stone - Head, Investor Relations 尼克·斯通 - 投资者关系主管

艾玛·沃尔姆斯利 - 首席执行官


Deborah Waterhouse - ViiV Healthcare首席执行官

朱莉布朗 - 首席财务官

Tony Wood - 首席科学官

Conference Call Participants

彼得·威尔福德 - 杰弗里斯

詹姆斯·戈登 - 摩根大通

Jo Walton - UBS Jo Walton - UBS

Simon Baker - Redburn 西蒙·贝克 - 红烧

Tim Anderson - Wolfe Research 蒂姆·安德森 - 沃尔夫研究

理查德·帕克斯 - 巴黎银行集团

Andrew Baum - 花旗

Graham Parry - 美国银行

马克·普赛尔 - 摩根士丹利

Kerry Holford - Berenberg 基督徒霍尔福德-伯恩贝格

Steve Scala - TD Cowen 史蒂夫·斯卡拉 - TD Cowen

Nick Stone

大家好。我是Nick Stone,投资者关系负责人。欢迎参加今天的电话会议和网络直播。我们已经通过电子邮件将演示文稿发送给了我们的分发名单,并且您也可以在gsk.com上找到它。



转到第四张幻灯片,现在我将把电话交给 Emma。

Emma Walmsley










这相对于我们在2021年提供的估计值增加了50亿英镑,并继续不包括来自早期阶段管道资产和进一步预期业务发展的任何贡献。 我们在这里也没有包括来自Blenrep的潜在未来销售贡献。