British pharmaceuticals giant GSK reported full-year sales of £34 billion

While revenue remained flat compared to year before, profit slumps 20 percent to £5.1 billion.

Last week, the big pharma reported full-year revenue of £34 billion and credited strong commercial execution for driving growth across its Pharmaceuticals, Vaccines and Consumer Healthcare divisions. While its revenue was flat compared to the year before, its annual profit before tax fell to £5.1bn, from £6.4bn in 2020. Its Pharmaceuticals unit was responsible for £17.7 billion of the revenue earned, representing a four percent jump compared to full-year 2020. The Vaccines unit brought in £6.8 billion – marking a three percent drop compared to the year before. COVID-19 related sales accounted for £1.4 billion of Vaccines-related sales, which exceeded the company’s own forecast. The Consumer Healthcare division, which is expected to be spun off during this year reported £9.6 billion, a drop of four percent compared to the year before.

The company’s CEO Emma Walmsley has come under pressure in recent years as the pharma giant continued to lag its competitors. Last year, Elliot Management launched a campaign for change at the top ranks of the company. It also pushed for the sale of the company’s Consumer Healthcare division. Since then, GSK rejected three offers from Unilever, labelling them as too low. Though GSK opted not to develop its own COVID-19 vaccine, its Xevudy, an injected antibody drug, got a nod from the UK drugs watchdog late last year after it was found to reduce the likelihood of hospital admission. It was also found to reduce the likelihood of death by nearly 80 percent in people with mild to moderate COVID-19 who are at high risk of developing severe disease.