GlaxoSmithKline fell short of quarterly expectations for profit today, as sales of its existing vaccines fell and stockpiling of pain and lung medication tapered as coronavirus-induced lockdowns eased.
The company said it still expects adjusted earnings per share for the year to decline in the range of 1% to 4%.
It said the outcome is dependent on the timing of a recovery in vaccination rates, particularly in the US.
Rather than developing its own vaccine in the global race to combat the pandemic, GSK has instead focused on contributing its adjuvant technology to at least seven other global firms, including Sanofi and China's Clover.
GSK also signed a deal with Britain for up to 60 million doses of a possible Covid-19 vaccine being developed by the company and Sanofi. The company said discussions are underway with the EU and US.
Vaccine sales fell 29% to £1.1 billion, below consensus of £1.26 billion. Sales of Shingrix, its blockbuster and recent growth driver, fell to £323 million, but was above estimates.
Turnover fell 3% to £7.62 billion in the three months ended June 30 on a constant currency basis, while adjusted earnings stood at 19.2 pence per share, the company said.
GSK maintained its 2020 forecast.
Analysts on average expected second-quarter adjusted earnings of 20.1 pence per share and sales of £7.72 billion, according to a company-compiled consensus.