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GSK posts surging profit ahead of demerger of consumer healthcare

GSK posts surging profit ahead of demerger of consumer healthcare
Kiran Paul
By Kiran PaulApr 27, 2022
Kiran Paul
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British pharmaceutical group GlaxoSmithKline on Wednesday announced surging net profits in the first quarter on strong sales.

Profit after tax jumped 68 percent to £1.8 billion compared with the start of 2021. Sales climbed 32 per cent to almost £9.8 billion.

"We have delivered strong first-quarter results in this landmark year for GSK, as we separate consumer healthcare and start a new period of sustained growth," chief executive Emma Walmsley said in the earnings statement.

GSK is in the process of demerging its consumer healthcare arm Haleon - a joint venture with US peer Pfizer - to concentrate on its main pharmaceutical business.

After rejecting a bid worth £50 billion for the unit from consumer goods titan Unilever, GSK plans to list the newly-named Haleon on the London stock market.

GSK continues "to see very good momentum in consumer healthcare, demonstrating strong potential of this business ahead of its proposed demerger in July, to become Haleon", Walmsley added Wednesday.

The consumer unit's products include Sensodyne toothpaste, pain relief drug Panadol and cold treatment Theraflu.

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