GSK's Portfolio Resilience: Cancer and HIV Gains Offset RSV Vaccine Decline
核心洞察
GSK experienced a significant 51% decline in Arexvy RSV (搜索) vaccine sales to £590 million in 2024, following restricted US recommendations limiting use to adults 75 and older.
Strong performance in oncology with 72% sales growth to £408 million, driven by Jemperli and Ojjaara, while HIV portfolio showed double-digit growth through Cabenuva, Apretude, and Dovato.
Despite vaccine challenges, GSK upgraded its long-term sales forecast to £40 billion by 2031, supported by pipeline progress and planned launches in respiratory, oncology, and infectious diseases.
GSK demonstrated resilience in its pharmaceutical portfolio despite facing significant headwinds in its RSV (搜索) vaccine business, with overall group sales rising 7% to £31.4 billion for the full year 2024. The company's strategic diversification proved crucial as strong performances in oncology and HIV therapeutics helped offset vaccine challenges.
RSV Vaccine Market Dynamics
The company's RSV (搜索) vaccine Arexvy experienced a steep 51% decline in sales, dropping to £590 million in 2024 from £1.2 billion in 2023. This downturn followed revised US recommendations restricting vaccine administration to people aged 75 and older, with the 60-74 age group limited to high-risk individuals. The impact of these guidelines affected the broader RSV vaccine market, with competitor Pfizer's Abrysvo also seeing a 15% annual decline to $755 million.
Oncology and HIV Drive Growth
The oncology portfolio emerged as a particular bright spot, with sales surging 72% to £408 million. This growth was primarily driven by Jemperli (dostarlimab) in endometrial cancer (搜索) treatment and Ojjaara/Omjjaara (momelotinib) for myelofibrosis (搜索)-related anemia.
In the HIV segment, ViiV Healthcare, GSK's majority-owned joint venture, delivered robust double-digit growth. The success was attributed to strong patient demand for innovative treatments, including:
- Long-acting injectable medications Cabenuva (cabotegravir/rilpivirine) and Apretude (cabotegravir)
- Once-daily oral therapy Dovato (dolutegravir/lamivudine)
Strategic Pipeline Expansion
GSK CEO Emma Walmsley announced an increased focus on R&D investment, particularly in long-acting and specialty medicines across multiple therapeutic areas. The company has raised its long-term sales guidance to £40 billion by 2031, up from the previous £38 billion target.
Five major product launches are planned for the coming year:
- Depemokimab for severe asthma
- Nucala (mepolizumab) for COPD
- Gepotidacin, a novel antibiotic
- A new MenABCWY meningitis vaccine
- Relaunch of Blenrep (belantamab mafodotin) for multiple myeloma
The market responded positively to GSK's strategic direction and portfolio performance, with shares rising approximately 6% following the announcement.