GSK doubles down on vaccines, HIV meds as CEO Emma Walmsley touts 'landmark' 2022

01 Feb 2023
endpts.com
VaccineAcquisitionmRNAPhase 3Executive Change
The step change that Emma Walmsley promised at GSK is here, and the CEO has financial results that surpassed forecasts to show for it. GSK reported Q4 sales of nearly £7.4 billion, bringing full year 2022 sales to £29.3 billion — which the British drugmaker said marks a 13% growth at constant exchange rates. Record sales for Shingrix, GSK’s shingles vaccines, contributed a significant part of the growth. Including Shingrix, 10 drugs in GSK’s portfolio exceeded £1 billion in sales, said chief commercial officer Luke Miels: Among the others were the respiratory drugs Trelegy and Nucala, lupus treatment Benlysta and HIV doublet Dovato. The rosy numbers wrap a year marked by big changes, including the demerger of GSK’s consumer healthcare business into Haleon and the departure of R&D chief Hal Barron . “We’re unlocking the potential of this company,” Walmsley said in the earnings call. While its Vir-partnered Covid-19 antibody Xevudy still brought in £2.3 billion in 2022 sales, GSK doesn’t expect significant sales going into 2023. The FDA pulled the authorization for the drug earlier in the year after finding it doesn’t protect against the most dominant strains. Under Tony Wood, the new head of R&D , GSK said it’s spending more on vaccines — particularly the mRNA technology platforms, an RSV vaccine candidate for older adults, and a Phase III meningitis program — as well as its PD-1 blocker Jemperli and other early-stage immuno-oncology drugs. The company also reported increased investment in experimental therapies for severe asthma and chronic hepatitis B. Conversely, the company also noted its “decision to end investment in cell and gene therapy, most notably breaking up alliances with Lyell, Adaptimmune and Immatics in the spirit of being “extremely disciplined” with R&D. “More broadly, you know, two-thirds of our pipeline now is in infectious diseases and HIV,” she said, noting that GSK is still committed to oncology although it’s a small part of the current business. “Our judgment on the assets that were in place for cell and gene therapy previously is that that’s not where we have the biggest opportunity to drive competitive return.” The coming year, though, won’t be without challenges. Specifically, Walmsley singled out a need to be vigilant about countries putting pressure on drug pricing due to economic challenges. “The other thing that people should be giving some thought to is what’s happening outside the US,” she said. “If you look at our HIV business, for example, and many others will be experiencing the same thing, we’re seeing significant additional net price pressure from clawbacks and price cuts.” The company is expecting four approvals in 2023, including the RSV vaccine in older adults, Jemperli in frontline endometrial cancer, daprodustat in chronic kidney disease, and momelotinib — the drug it got in the $1.9 billion Sierra Oncology buyout — in myelofibrosis. Targeted dealmaking such as the acquisitions of Sierra and vaccine maker Affinivax , alongside partnerships, will remain key to reshaping the pipeline, according to Walmsley. “(Business development) and capital allocation will be a strong focus in 2023 and beyond,” she said.
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