GSK reported full year sales up 7%, ignoring currency moves, to £31.4bn (£31.1bn expected). Strong growth in Speciality Medicines more than offset a decline in Vaccine sales.
Underlying operating profit rose 11% to £9.1bn, benefitting from a favourable mix of both products and regions.
Free cash flow fell from £3.4bn to £2.9bn reflecting £0.6bn of settlement payments in the Zantac case. There remains a provision of £1.5bn on the balance sheet for further similar payments. Net debt was down nearly £2bn to £13.1bn.
A final dividend of 16p brings the annual total to 61p. It’s expected to rise to 64p in 2025. A £2bn share buyback programme has also been launched.
GSK expects top line growth of 3-5% this year and an uplift in underlying operating profit of 6-8%.
The shares were up 5.6% in early trading.
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GSK key facts
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