British pharmaceutical group GSK on Wednesday raised its full-year outlook after strong sales growth in its third quarter, brushing off the potential impact of US tariffs.
Profit after tax stood at £2 billion ($2.7 billion) in the quarter, compared with a net loss of £58 million one year earlier linked to hefty US lawsuit settlements.
Revenue rose to £8.5 billion, driven by sales growth in its specialty medicines, including HIV and oncology.
The third-quarter earnings report is chief executive Emma Walmsley’s last before chief commercial office Luke Miels takes over in January, as the company navigates the uncertainty of US tariffs on the sector.
GSK, which makes medicines in the European Union as well as Britain and the United States, said its updated guidance accounts for “tariffs enacted thus far and indicated potential European tariffs impact of 15 percent.”
“We are positioned to respond to potential financial impact of tariffs, with mitigation options identified,” it added.
The drugmaker on Wednesday said it expects full-year revenue to increase between six and seven percent, compared with an earlier forecast of three to five percent.
GSK in September revealed it planned to invest $30 billion in the United States over the next five years.
The investment was announced shortly before US President Donald Trump said he would impose 100-percent tariffs on all branded pharmaceutical products, unless companies are building manufacturing plants in the United States.
UK rival AstraZeneca this month reached a deal with Trump to significantly lower drug prices in exchange for tariff relief, though GSK has yet to announce a similar accord.
