Arexvy, the First Approved Vaccine for Older RSV Sufferers, Drives GSK's Success
A new blockbuster vaccine has significantly boosted sales and profits at drugs giant GSK. Arexvy, the world's first approved vaccine for older sufferers of respiratory syncytial virus (RSV), has been a game-changer for the company. Over a fifth of adults over 60 in the US have received this vaccine, contributing to GSK's impressive sales of £1.2 billion. As a result, GSK's 2023 sales have increased by five percent to £30.3 billion, with profits rising by 14 percent to £6.1 billion. GSK is now seeking approval for Arexvy in the 50-59 age group, further expanding its market reach.
GSK's Positive Outlook and Future Plans
GSK is optimistic about its future prospects and expects overall sales to rise between five and seven percent this year. The company has 71 products in clinical development, with 18 in the final stages of regulatory approval. CEO Emma Walmsley has announced plans for major launches from 2025, focusing on new vaccines and specialty medicines for infectious diseases, HIV, respiratory issues, and oncology. Richard Hunter, an expert at Interactive Investor, believes that GSK remains a key player in the global pharmaceutical industry, as evidenced by the company's shares rising by over two percent.
H&M Appoints New CEO to Revitalize Business
New Leadership at H&M Aims to Improve Performance
H&M, the well-known retail giant, has hired a new CEO, Daniel Erver, to help boost its fortunes. Erver, who has been with the company for 18 years, will be taking over from Helena Helmersson. H&M suffered a setback when it lost its position as the world's largest fashion retailer by sales to Inditex, the owner of Zara. Despite net sales growing by six percent to £17.9 billion, profits for the year were only £660 million. The announcement of the change in leadership and disappointing profit figures led to a 12 percent drop in H&M's shares.
New Morrisons CEO Plans to Revitalize Supermarket Chain
Rami Baitieh Aims to Turn Around Morrisons and Engage Customers
The new CEO of Morrisons, Rami Baitieh, is determined to "reinvigorate, refresh, and strengthen" the debt-laden supermarket chain. Baitieh plans to invite shoppers to board meetings and hold monthly customer round tables in stores as part of the company's strategy to start a new chapter. Morrisons has faced challenges since its acquisition by a US private equity firm two years ago, allowing rival Aldi to surpass it as the UK's fourth largest grocer. In an effort to raise funds, Morrisons recently sold its forecourts to MFG, owned by the same US private equity firm. Baitieh is confident in Morrisons' potential, highlighting the company's talented colleagues, well-located shops, and high-quality food-making operations.
Rail Strikes Could Cost Pubs and Restaurants Up to £350 Million
Impact of Rail Strikes on the Hospitality Industry
The rail strikes taking place this month are expected to have a significant financial impact on bars and restaurants, potentially costing them up to £350 million. Kate Nicholls, head of UKHospitality, expressed concern, stating that January and February are already quieter months for the industry, and the strikes will further exacerbate the challenges faced by businesses. Michael Kill, from the Night Time Industries Association, warned that the industry is on the brink of collapse. Emma McClarkin, CEO of the British Beer and Pub Association, also highlighted the strikes as a serious blow for pubs. Retailers will also be affected, with MRI Software data showing a 20 percent decrease in shop footfall in January compared to December. However, there is hope for a retail revival in the first quarter of 2024, particularly with Easter approaching.
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