GSK Reports Q2 2024 Revenue Growth of 13% to $10.1 Billion, Driven by Over 100% Surge in Oncology Sales
GSK
Pharmaceutical R&D Manufacturer
On July 31, GSK released the second quarter of 2024 (Q2) Earnings Report. According to the report: The company's Q2 sales were £7.884 billion (Approximately USD 10.114 billion), a year-on-year increase of +13%; YTD (Year-to-date, the same below) Sales amounted to 15.247 billion pounds（Approximately USD 19.557 billion）, a year-on-year increase of +12%. Among them,Oncology Products Q2 Sales and YTD Sales Year-over-Year Growth Rate Both >100%。
Screenshot from:GSK FinanceReport
Vaccine Business
In Q2 2024, GSK's vaccine business revenue was £1.99 billion, a year-on-year increase of +1% (CER, hereinafter the same）；YTD SalesAmounting to £4.276 billion, up +8% year-on-year. Vaccine sales growth was mainly driven by increased demand for meningitis vaccines and the uptake of Arexvy in the US, which aligned with anticipated seasonal demand reductions.
Screenshot from:GSK FinanceReport
Shingrix:Recombinant Zoster Vaccine
Shingrix (Product Name Shingrix) Q2 revenue of 800 million pounds, a year-on-year decrease of -4%; but YTD sales reached 1.777 billion pounds, a year-on-year increase of +7%. According to GSK's report, the decline in Shingrix's Q2 performance was due to reduced channel inventory, changes in retail vaccine prioritization, and decreased demand in the United States, which offset growth in international and European markets.
In fact,Shingrix Achieves Significant Growth in International Markets This Quarter and Year-to-Date, which is mainly due to Australia's National Immunization Program, financial support from the Japan region, and the cooperation between GSK and ZhiFei Bio in the Chinese market.The second quarter,Shingrix's sales revenue outside the U.S. accounted for 64% of its global sales, compared to only 46% in Q2 last year.。
Meningitis Vaccine
Meningitis vaccine products generated £323 million in revenue in Q2, a year-over-year increase of +24%; YTD sales reached £622 million, a year-over-year increase of +17%.。
In the second quarter of 2024 and year-to-date, GSK's two major meningitis vaccines both achieved double-digit growth. Bexsero, a vaccine targeting meningitis B, saw growth primarily driven by favorable pricing dynamics in the United States, recommendations in Germany, increased demand from regional immunization programs in Australia, and the launch in Vietnam, partially offsetting the impact of tender phases in Europe. Menveo, a vaccine for ACWY meningitis, benefited from favorable delivery timing internationally and support from the U.S. Centers for Disease Control and Prevention (CDC) The procurement model.
Notably, in mid-April this year, the FDA accepted GSK's 5-in-1 meningococcal vaccine ABWY (MenABCWY)The BLA application has a PDUFA date of February 14, 2025. Once approved, it will become another growth point for GSK's vaccine business.
RSV Vaccine Arexvy
Recombinant Respiratory Syncytial Virus (RSV) The vaccine Arexvy was first approved by the FDA in May 2023, and subsequently received approval for marketing in the EU and Japan.Arexvy Q2 Sales Reach £62 Million, with £56 Million from the U.S. Market。YTD Sales Reach £244 MillionIn China, the vaccine was first approved for clinical use in June last year.
The report points out that although Arexvy has been approved in 49 markets worldwide, 12 countries/regions have issued national RSV vaccination recommendations for the elderly, and five countries/regions, including the United States, had implemented reimbursement programs by the end of the quarter.
Mature Vaccine Business
Mature Vaccine Business (Established Vaccines) Q2 sales were £775 million, a year-on-year decrease of -2%; YTD sales were £1.613 billion, with a year-on-year decrease also at -2%.
Specialty Drugs
GSK Specialty Drugs Q2 Sales Reach £3.024 Billion, Up +22% Year-on-Year; YTD Sales Hit £5.545 Billion, Up +21% Year-on-Year.
Screenshot from:GSK FinanceReport
Antineoplastic Drugs
In the second quarter of 2024, oncology sales growth accelerated due to strong patient demand for the PARP inhibitor Zejula, the PD-1 antibody Jemperli, and the JAK1/JAK2 and ACVR1 inhibitor Ojjaara/Omjjara.Oncology Business Q2 Sales £3.56 Billion, Year-over-Year Growth Rate >100%; YTD Sales £6.29 Billion, Year-over-Year Growth Rate Also >100%。
Jemperli（Dostarlimab) is a PD-1 monoclonal antibody that has been approved for marketing in the EU and the United States. The approved indications include endometrial cancer, colorectal cancer, and mismatch repair deficiency (dMMR) with recurrent or advanced solid tumors. During Q2, the drug continued its strong growth,Sales reached £108 million。
Ojjaara/Omjjara is a drug for treating anemia in patients with myelofibrosis. It was launched in the U.S. in the third quarter of 2023 and in the U.K. and Germany in the first quarter of 2024. Since its launch, it has shown strong sales.Sales Reach £85 Million This Quarter。
PARP Inhibitor Zejula (Niraparib) was first approved in 2017 and has since been approved for marketing in the United States, the European Union, China, and Japan for the treatment of epithelial ovarian cancer. Notably, Zai Lab holds the development and commercialization rights for niraparib in mainland China, Hong Kong, and Macao. Zejula Q2 and year-to-date sales continue to achieve double-digit growth:Q2 sales were £165 million, a year-on-year increase of +44%; YTD sales grew by £306 million, a year-on-year increase of +35%.。
HIV Product Portfolio
HIV Portfolio Q2 Sales £1.757 Billion, Up +13% Year-on-Year. This is mainly due to patients' acceptance of oral 2DR (Dovato、Juluca) and long-acting drugs (Cabenuva、Apretude) The strong demand led to a 2 percentage point increase in market share compared to the second quarter of 2023.YTD Sales £3.37 Billion, Up +14% Year-on-Year。
Q2 Oral Dual-Drug Treatment Regimen (Dovato、Juluca) Sales were £727 million, currently accounting for 41% of the total HIV product portfolio.Dovato（Dolutegravir + Lamivudine) Continued to be the top-selling product in the HIV portfolio，Q2 Sales Reach £5.51 Billion，Year-on-year growth +30%。
Q2 Long-acting drug sales account for 18% of total HIV sales (VS 2023 Q2 13%), contributing more than 50% to the overall performance growth of HIV. Driven by strong patient demand,Cabenuva Sales Reach £245 Million in Q2, Up +42% Year-over-Year。Apretude (Cabotegravir) Sales in the second quarter reached £72 million, representing an increase of £37 million at CER compared to Q2 last year.
Research and Development Progress
In terms of R&D, GSK has obtained 10 drug approvals or application acceptances so far this year and reported positive data from 7 Phase III trials.
Screenshot from: GSK Financial Report
Infectious Diseases Field: FDA Approves Arexvy for Adults Aged 50-59 at High Risk of Respiratory Syncytial Virus Infection; Meningitis (ABCWY)Vaccine application has been accepted by the FDA.
HIV Field：Cabotegravir(Cabotegravir/CAB) New ultra-long-acting formulation CAB-ULA and data on a new third-generation integrase inhibitor support portfolio progress and long-term growth prospects.
Respiratory/Immunology：Depemokimab (SWIFT 1/2) Key data supports its application as the first ultra-long-acting biologic for the treatment of severe asthma.
Oncology：Blenrep (DREAMM-8) Key data support regulatory applications (Application submitted in the EU; to be submitted in the U.S. in H2 this year`). Data supporting the expanded use of Jemperli in endometrial cancer patients has been submitted (`Regulatory decision expected in H2 this year). Omjjara has been approved in Japan.
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