Profit after tax dropped to £2.6 billion ($3.3 billion) last year compared with a net profit of £4.9 billion in 2023, as it settled lawsuits in the United States over its Zantac heartburn drug.

However, turnover increased three percent to £31.4 billion, boosted by the success of its speciality medicines, including HIV and cancer drugs.

That sparked an upgrade to its long-term sales forecast, which the group now expects to reach more than £40 billion by 2031.

Shares in the company jumped nearly six percent on London’s top-tier FTSE 100 index, which was trading flat overall.

GSK at the end of last year agreed to pay $2.3 billion to end lawsuits alleging that Zantac caused cancer, despite the group not admitting liability.

Source: FORTUNE