GSK increases turnover nearly 20% as product demand increases

A London pharmaceutical company has announced that its turnover increased by 19 per cent for the first quarter of the year.

GlaxoSmithKline (GSK) saw a turnover increase of £9,090m for the first quarter of 2020, as well as an operating profit increase of 41 per cent, jumping to £2,014m.

The company said that the growth was due to increased demand for many of its products given the pandemic.

Emma Walmsley, CEO of GSK, commented: “Responding to the COVID-19 pandemic is at the heart of our purpose as a company and GSK’s portfolio is both highly relevant and needed.

“We have mobilised efforts across the company and I want to thank all the GSK teams for their outstanding work to make sure our vital medicines, vaccines and everyday health products continue to be available to the people who need them.

“We have also taken action to deploy our science and technologies.

“Our primary aim is to develop multiple adjuvanted COVID-19 vaccines, and we are working with companies and institutions across the world to do so.

“Our business performed strongly in the quarter with growth in sales and earnings reflecting good underlying performance and increased demand, including stock-building, for many of our products.

“Looking ahead, we clearly face a period of considerable uncertainty, but we remain confident in the resilience and sustainability of GSK’s business and our ability to deliver on our long-term priorities of innovation, performance and trust.”

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