GSK plc (NYSE:GSK) Q3 2024 Earnings Conference Call October 30, 2024 8:00 AM ET

Company Participants

Emma Walmsley - CEO
Luke Miels - Chief Commercial Officer
Deborah Waterhouse - CEO, ViiV Healthcare
Julie Brown - CFO
Jeff McLaughlin - IR
Tony Wood - Chief Scientific Officer

Conference Call Participants

James Gordon - JPMorgan
Kerry Holford - Berenberg
Jo Walton - UBS
Simon Baker - Redburn Atlantic
Graham Parry - Bank of America
Emmanuel Papadakis - Deutsche Bank
Richard Parkes - BNP Paribas
Peter Welford - Jefferies

Operator

Hello, everyone. Welcome to today's call and webcast. The Q3 presentation was sent to our distribution list by e-mail and you can also find it on gsk.com.

Please turn to Slide 2. This is the usual safe harbor statement. We will comment on our performance using constant exchange rates, or CER unless stated otherwise.

Please turn to Slide 3. Today's call will last approximately 1 hour, with the presentation taking around 30 minutes and the remaining time for your questions. Our speakers today are Emma Walmsley, Luke Miels, Deb Waterhouse, and Julie Brown, with Tony Wood and David Redfern joining for Q&A. Please ask only one to two questions, so that everyone has a chance to participate.

Turning to Slide 4. I will now hand the call to Emma.

Emma Walmsley

Welcome to everybody joining us today. Please turn to the next slide. I'm pleased to report that despite some challenges, this has been a positive quarter for GSK, and we're delivering 9% sales growth, and 19% profit growth year-to-date. This growth reflects the accelerating momentum we have in Specialty Medicines and the overall resilience we have built in our portfolio, which underpins continued high confidence in our outlooks for 2026 and beyond.

Importantly, we've made considerable progress in our pipeline this quarter. And with no admitted fault or failure, I'm delighted that we've also drawn a line under the vast majority of Zantac litigation, removing a clear perceived risk for the company and allowing us to focus on the future. Overall, excluding COVID, sales for the quarter grew 2%, 9% year-to-date, with Specialty Medicines up 19%, and double-digit growth reported in HIV, respiratory immunology, and oncology.

We were particularly pleased to see the momentum now being established in our oncology business, and I'm delighted that we filed Blenrep in Europe, Japan, and the U.S. in the quarter. We also continue to see strong progress in the transition of our HIV portfolio to long acting medicines, now 18% of HIV sales and where we plan to continue to lead the way.