Drugs giant GSK ‘well positioned' to absorb potential US tariffs
It came as the FTSE 100 giant revealed a rise in sales as weakness in its vaccine division was offset by growth in speciality medicines.
GSK reported total sales grew by 4% to £7.52 billion for the first quarter of 2025, compared with a year earlier.
This came on the back of a boost from its speciality medicines division, where sales rose 17% on the back of strong demand for oncology, respiratory and HIV treatments.
It helped to offset another decline in its vaccines arm, where sales dropped by 6% to £2.1 billion for the quarter.
The group said it is on track for turnover to increase by between 3% and 5% over the current year, in line with previous guidance.
It held financial guidance for the year despite uncertainty over US tariffs, with the Trump administration currently investigating whether to change tariff policy for the sector.
GSK chief executive Emma Walmsley said the business is making 'strong progress' (GSK/PA)
'The company is well positioned to respond to the potential financial impact of sector-specific tariffs, should they be implemented, with mitigation options identified in the supply chain and productivity initiatives,' GSK told shareholders on Wednesday.
'The company will continue to monitor and review developments related to this situation.'
GSK was among pharmaceutical firms to recently call on the European Union to allow them to increase prices amid uncertainty over tariffs in the sector, warning Europe it will fall further behind the US without stronger investment incentives.
Chief executive Emma Walmsley said: 'GSK continues to make strong progress, demonstrating the quality, strength and resilience of our portfolio.
'Specialty Medicines, our largest business, delivered strong sales contributions in the quarter and R&D progress continued, with two of the five FDA product approvals expected this year now secured, and the acquisition of a promising new oncology asset.
'This momentum, together with the strength of our portfolio and proven ability to drive operating leverage, underpin our confidence in guidance for the year and our longer-term outlooks.'
Shares in the company were 2% higher in early trading on Wednesday.
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