GSK lifts forecasts on strong vaccine launch

STORY: GSK raised it full-year profit and sales forecasts for a second time on Wednesday (November 1).The drugmaker did so after better-than-expected quarterly sales of a new vaccine.GSK believes the respiratory drug Arexvy could be its next big-selling medicine.It was launched in the U.S. recently, and recorded third quarter sales of $862 million – far ahead of analyst forecasts.The drugmaker expects full year sales of up to around $1.2 billion for the shot.One leading analyst said GSK had exceeded market hopes for strong quarterly sales and forward guidanceGSK now expects sales to rise by 12% to 13% this year, up from earlier projections of 8% to 10%.But the company still faces costly U.S. litigation over its discontinued heartburn drug Zantac.GSK has about 79,000 cases related to Zantac in the U.S., with most scheduled for trial starting January 2024.GSK shares gained around 3% after the update, before falling back.