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GSK profits drop as Covid drug sales boom vanishes
Evening Standard
|April 26, 2023
GSK SIGNALLED the end of the road for its Covid drug sales boom today as the pharma giant eyes fresh sources of revenue to plug the hole left by the subsidence of the pandemic.
The west London-based drug and vaccine maker posted a 15% drop in operating profits to £2.1 billion and an 8% fall in turnover in the first three months of 2023 to just under £7 billion.
That overwhelmingly related to the decline in sales from Covid-related treatments, which plummeted from £1.3 billion in the first quarter of 2022 to a little more than £100 million in 2023, and looks set to fall further still.
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