GSK has generated £1.6bn cash from its operations in Q2 2023. Credit: GSK plc.

British pharmaceutical company GlaxoSmithKline (GSK) has reported an adjusted operating profit of £2.17bn in Q2 2023, an almost 8% increase from the £2.0bn reported in the same period of 2022.

In Q2 2023, the company’s turnover increased by 4% to £7.2bn compared with £6.9bn in the same quarter of the previous year.

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The firm disclosed an adjusted operating margin of 30.2%  and adjusted earnings per share (EPS) of 38.8p in Q2 2023.

GSK has generated £1.6bn cash from its operations in the second quarter of 2023, an increase of 3% from the same quarter of 2022.

Its vaccine sales saw a boost of 18%, while general medicine sales grew by 8%.

Products launched since 2017, particularly in the areas of vaccines and HIV, have led to a significant increase in sales growth and overall performance.

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Upgrading its 2023 guidance, GSK anticipates that turnover will be in the range of 8% to 10%, up from the previous 6% to 8%, with its adjusted operating profit growth in the range of 11% to 13% and EPS rising from 14% to 17%.

GSK CEO Emma Walmsley stated: “We have delivered another excellent quarter of performance, with strong sales and earnings growth, notably in HIV and vaccines, and continued strengthening of the research and development pipeline and product portfolio.

“The approval of Arexvy, the world’s first RSV [respiratory syncytial virus] vaccine, was an important milestone for us and is at the forefront of the next wave in vaccine innovation for GSK.”