GSK launches $2.5 bln buyback, lifts sales target after stellar Q4
GSK launched a 2 billion pounds ($2.5 billion) share buyback on Wednesday and lifted its long-term sales target to nearly $50 billion, betting that growing sales of its HIV and cancer drugs will make up for pressures on its vaccines revenue.
GSK's shares were up 6% at 1342 GMT after the British drugmaker's fourth-quarter results also topped expectations.
Since taking the helm in 2017, CEO Emma Walmsley has returned GSK to growth with a focus on cancer and infectious diseases to counter a combination of patent expiries and declining revenue from its best-selling medicines by 2030.
This year, GSK expects five product approvals, including the relaunch of blood cancer drug Blenrep, which it estimates could eventually reach annual sales of more than 3 billion pounds.
«We are increasing and prioritising R&D investment to promising new long-acting and specialty medicines in Respiratory, Immunology & Inflammation, Oncology and HIV,» Walmsley said in a statement.
Stock Trading
Maximise Returns by Investing in the Right Companies
By — The Economic Times, Get Certified By India's Top Business News Brand
Stock Trading
Market 104: Options Trading: Kickstart Your F&O Adventure
By — Saketh R, Founder- QuickAlpha, Full Time Options Trader
Stock Trading
Technical Analysis for Everyone — Technical Analysis Course
By — Abhijit Paul, Technical Research Head, Fund Manager- ICICI Securities
Stock Trading
Stock Markets Made Easy
By — elearnmarkets, Financial Education by StockEdge
Stock Trading
Renko Chart Patterns Made Easy
By — Kaushik
