GlaxoSmithKline (GSK) is getting ready to launch its consumer health spinoff with Pfizer this summer, the company said in its first-quarter earnings report Wednesday (April 27).
The company first announced plans for the division — now dubbed “Haleon” — last year. The drugmaker’s consumer unit makes products such as Aquafresh toothpaste.
See more: GlaxoSmithKline Plans Spinoff of Consumer Healthcare Unit
“Our results reflect further good momentum across specialty medicines and vaccines, including the return to strong sales growth for Shingrix and continuing pipeline progress,” said GSK CEO Emma Walmsley in the report. “We also continue to see very good momentum in Consumer Healthcare, demonstrating strong potential of this business ahead of its proposed demerger in July, to become Haleon.”
The earnings report showed what GSK called “strong sales” in its biopharma and consumer healthcare operations, to the tune of 7.1 billion British pounds (about $8.9 billion) and 2.6 billion pounds (about $3.3 billion), respectively.
GSK unveiled the Haleon brand in February. Among its products are Sensodyne toothpaste, pain relievers Panadol and Advil, nasal decongestant Otrivin, and Centrum vitamins.
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Reuters reported that GSK will go through with the listing — set for the London Stock Exchange — even as many other companies have canceled or postponed listings due to uncertain markets amid the Russia-Ukraine war.
GSK said it has limited clinical trial operations in Ukraine and has suspended new clinical trials in Russia, according to the Reuters report.
“We’re trying to maintain continuity wherever possible,” said Walmsley, per Reuters, adding her company did not expect any major effect on development programs due to the war.
In January, GSK and Pfizer rejected a 50 billion pound (about $62.7 billion) offer from Unilever, which GSK called “fundamentally undervalued,” saying they wanted to hold out for a bid of at least 60 billion pounds (about $75.3 billion).
Read more: GlaxoSmithKline, Unilever Spar Over Future of GSK’s Consumer Health Business
