GSK’s shares have opened higher after sales and profits for the first quarter exceeded expectations.

GSK’s shares rose at the opening of trading after the company reported that its Q1 revenue and profits had exceeded expectations, driven by the success of its Shingrix shingles vaccine.

The company also reaffirmed its 2023 guidance, which anticipates a 6-8% increase in turnover and a 10-12% increase in operating profits.

First-quarter revenue and profit exceeded expectations, primarily due to the strong sales of its shingles vaccine, Shingrix. The London-based pharmaceutical company reported an adjusted profit of 37p per share on revenue of approximately £7bn, which surpassed the City’s forecasts of 33.2p and £6.5bn, respectively, based on the company’s compiled consensus estimates.

Analysts had expected 33.2 pence per share on revenue of around £6.5bn.

CEO Emma Walmsley expressed confidence in the company’s growth prospects, stating that they are focused on upcoming launches, including their potential RSV older adult vaccine, and continuing to strengthen their pipeline both organically and through targeted business development.

In the first 10 minutes of trading, the stock had increased by just under 1% to 1,509.6p.

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