GSK’s first quarter sales grew by 4% to £7.5bn, ignoring exchange rate impacts, compared to market expectations of £7.4bn. Growth in other treatment areas more than offset a decline in vaccine sales.
Underlying operating profit grew slightly faster, up 5% to £2.5bn.
Free cash flow improved from £289mn to £697mn, helped by the higher profits in the business. GSK ended the quarter with net debt of £13.9bn.
The quarterly dividend increased by 1p to 16p per share.
Full-year sales growth guidance remains at 3-5%, and underlying operating profit growth guidance at 6-8%.
The shares were up 1.6% in early trading.
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GSK key facts
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