GSK reported strong third-quarter earnings and raised its forecast for 2022. However worries about Zantac litigation kept investors on edge.
GSK opened 2% higher in U.S. trading Wednesday but closed down 2%. Shares rose after the drugmaker reported financial results that beat Wall Street forecasts and announced the Food and Drug Administration had accepted a biologics license application and granted priority review to its vaccine for respiratory syncytial virus targeted at adults aged 60 years or older.
RSV is a common contagious virus affecting the lungs and breathing passages. It is one of the major remaining infectious diseases for which there is currently no vaccine or specific treatment available for adults. RSV causes over 420,000 hospitalizations each year and 29,000 deaths in adults in industrialized countries. Adults with underlying conditions are more likely to seek medical advice and have higher hospitalisation rates than adults without these conditions.
"Vaccines have stolen the show in GSK’s third quarter update today as the shingles vaccine, Shingrix, saw record sales. The continued roll-out is a key driver of the upgraded guidance for 2022, as are launches for the RSV vaccine," said Derren Nathan, Head of Equity Research at Hargreaves Lansdown.
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