GSK upgrades forecasts again after spinoff

STORY: GSK beat third quarter earnings forecasts on Wednesday (November 2).

And raised its 2022 forecast.

That’s for the second time in four months.

After years of underperformance relative to its peers, GSK has delivered a string of strong results.

The latest is led by a record quarter for its blockbuster shingles vaccine.

It also received higher-than-expected revenue from its COVID therapy.

But that medicine has fallen out of favor.

As Omicron and its latest offshoots have likely rendered it obsolete.

Despite this, the British drugmaker now expects its 2022 sales to rise up to 10%.

GSK’s robust results, as well as some positive pipeline developments, are encouraging, analysts say.

It's among a handful of firms racing to develop a vaccine for respiratory virus RSV.

On Wednesday, the company said it had secured priority regulatory review in the U.S. for its shot.

Adding that a decision is expected by early May.

If approved, the shots are expected to generate billions in sales for their makers.

Earlier this year GSK spun off its consumer products arm, becoming a standalone prescription medicine business.