GSK sees sales slump due to COVID-19 disruption

Sales and earnings were down at UK drugmaker GlaxoSmithKline (LSE: GSK) in the group’s first quarter 2021 financial results, albeit no worse than expected.

Turnover dropped 18% to £7.42 billion ($10.3 billion), caused partly by a 32% slump in sales in the Vaccines division, with governments prioritizing the rollout of COVID-19 jabs ahead of the likes of GSK’s Shingrix, revenue from which was down by nearly half. In the Pharmaceuticals unit, revenue fell 12% to £3.9 billion.

Total earnings per share (EPS) were £0.22, 32% lower than the same period last year but in line with expectations due to the anticipated impact of the pandemic.