GSK plc (GSK) Q1 2023 Earnings Call Transcript

GSK plc (NYSE:GSK) Q1 2023 Earnings Conference Call April 26, 2023 7:00 AM ET

Company Participants

Nick Stone - SVP, Head, IR

Emma Walmsley - CEO & Director

Tony Wood - Chief Scientific Officer

Luke Miels - Chief Commercial Officer

Deborah Waterhouse - CEO, ViiV Healthcare & President, Global Health

Iain Mackay - CFO

Conference Call Participants

Kerry Holford - Berenberg

Steve Scala - Cowen

Graham Parry - Bank of America Merrill Lynch

Richard Parkes - BNP Paribas

Andrew Baum - Citi

James Gordon - JPMorgan

Seamus Fernandez - Guggenheim

Simon Baker - Redburn

Nick Stone

This is the usual Safe Harbor statement. We will comment on our performance using constant exchange rates, or CER, unless stated otherwise. As a reminder, the Consumer Healthcare demerger in 2022 to form Haleon. We're presenting the performance and growth of continuing operations for GSK.

Please turn to Slide 3. Today's management presentation will last approximately 30 minutes with the remaining 30 minutes for your questions, [Operator Instructions]. Our speakers are Emma Walmsley, Tony Wood, Luke Miels, Deborah Waterhouse, and Iain MacKay with David Redfern joining the rest of the team for Q&A, as we head into the call. Julie Brown, he will officially start as CFO next week, he is also with us today on the call and listening capacity only as part of the CFO succession from NOVA.

Turning to Slide four, I'll now hand the call over to Emma.

Emma Walmsley

Thanks, Nick and welcome to everybody. Please turn to the next slide. Our purpose is clear to get ahead of disease together by uniting science, technology and talent. We are preventing and treating disease at enormous scale and delivering a new chapter of growth. As a world leader in infectious diseases, we are also focused on building our business in HIV, immunology/respiratory and oncology. And we're off to a strong start in 2023. Showing our strategy continues to deliver for all stakeholders.

Excluding Pandemic Solutions, we've delivered double digit sales growth, including a fifth consecutive quarter of growth across the full portfolio, with excellent commercial performances in vaccines, specialty and general medicines.

Our adjusted operating profit excluding COVID-19 Solutions also grew by 5%, below the rate of sales growth this quarter due to some one-off factors, as well as planned investment in new launches. And Iain will cover this in a moment.