GSK tops quarterly forecasts

STORY: GlaxoSmithKline beat expectations in the first-quarter.

The British pharmaceuticals giant made the announcement Wednesday (April 27), when it also stood by its forecasts for this year.

Turnover rose just under a third to about $12 billion.

It was boosted by $1.6 billion in sales of its COVID-19 antibody treatment Xevudy.

The drug was shown to have worked against the fast-spreading Omicron variant.

But recent data showed it was unlikely to be effective against the BA.2 variant dominant in the U.S.

Regulators in the country have pulled the treatment from the market due to its lack of effectiveness against the new variant.

GSK also saw strong buys of its shingles vaccine Shingrix.

The results come ahead of its listing of its consumer healthcare venture with Pfizer, due in July.

Unlike many firms, GSK hasn't been deterred from going to market by the conflict in Europe.

Russia and Ukraine combined account for less than 1% of the firm's sales, limiting any impact from the war.