GlaxoSmithKline PLC (GSK) witnessed a remarkable surge of 6.97% in intraday trading on Wednesday, driven by the company's better-than-expected fourth-quarter earnings, an optimistic long-term outlook, and a share buyback announcement.
The British pharmaceutical giant reported core earnings per share of 23.2 pence for the fourth quarter of 2024, surpassing analysts' estimates of 19 pence. The company's sales for the quarter reached £8.12 billion, exceeding the consensus forecast of £7.83 billion, fueled by strong performance in its specialty medicines portfolio, particularly in oncology and HIV treatments.
Furthermore, GSK lifted its 2031 sales forecast to more than £40 billion, up from the previous target of £38 billion. This increased outlook reflects the company's promising pipeline developments and expected new medicines launches between 2025 and 2031, including oncology treatments. The company also announced a £2 billion share buyback program to be implemented over the next 18 months.
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