Benzinga | Oct 27, 2021 09:32AM EDT

Glaxo Reports Double-Digit Growth In Q3 Pharma, Vaccine Sales, Updates FY21 Guidance

* GlaxoSmithKline Plc's (NYSE:GSK) turnover was ?9.07 billion in Q3, up 5% Y/Y (actual exchange rate AER), 10% (constant exchange rate CER).

* Pharmaceuticals sales reached ?4.4 billion, up 5% AER, 10% CER. Sales of Xevudy, the COVID-19 monoclonal antibody treatment, and contributed approximately 3 percentage points to total Pharmaceuticals growth.

* COVID-19 solutions sales ?209 million including Xevudy ?114 million and pandemic adjuvant ?94 million.

* Vaccines sales grew 7% AER, 13% CER to ?2.2 billion, primarily driven by higher Shingrix sales in the U.S. and Europe and pandemic adjuvant sales.

* Vaccines turnover excluding pandemic vaccines grew 2% AER, 8% CER to ?2.2 billion.

* Adjusted operating margin of 31.7% is 0.8 percentage points higher at AER and 1.5 percentage points higher on a CER basis than Q3 2020.

* Adjusted EPS was 36.6p, up 3% AER, 10% CER.

* The net cash flow from operations was ?2.6 billion. The free cash outflow was ?1.2 billion.

* Outlook: GlaxoSmithKline expects the 2021 adjusted EPS outlook to decline between 2% to 4% at CER, against a previously mid-to-high single-digit decline.

* GSK reconfirms a meaningful improvement in revenues and margins in 2022.

* Price Action: GSK shares are up 0.31% at $40.31 during the market session on the last check Wednesday.