(fxcue news) - Shares of GSK plc were losing more than 4 percent on the London Stock Exchange as well as in the early morning trading on the NYSE after the British drug maker reported Wednesday sharply lower profit in its third quarter on $2.3 billion charge on Zantac settlement, as well as weak revenues. Further, GSK confirmed its fiscal 2024 outlook for earnings, core profit and sales, expecting broadly around the middle of the existing ranges, and also trimmed forecast for vaccines sales. Emma Walmsley, Chief Executive Officer, GSK, said, "Our pipeline continues to strengthen with 11 positive phase III trials reported so far this year and we are currently planning launches for 5 major new product approval opportunities next year... We also resolved the vast majority of Zantac litigation in the quarter, to remove uncertainty and so we can focus forward. All this means we are on track to deliver our 2024 guidance, and we are even more confident in our 2026 and 2031 outlooks." For fiscal 2024, GSK still expects core earnings per share growth of 10 percent to 12 percent, and core operating profit growth to be 11 percent to 13 percent at constant exchange rates. This is despite a 6 percentage point impact to operating profit growth following the loss of the majority of Gardasil royalties effective from the beginning of 2024. The company continues to expect annual sales to grow between 7 to 9 percent range at constant exchange rates. According to the firm, improved sales performances in Specialty and General Medicines are expected to offset lower sales growth of Vaccines this year, primarily due to lower sales of Arexvy and Shingrix. The company now expects vaccines sales to decrease low-single digit percent, compared to previous outlook of increase in low to mid-single digit percent. In Specialty Medicines, the company now sees increase in high teens percent in turnover, compared to previous outlook of increase in mid to high teens percent. General Medicines turnover is now expected to increase in mid-single digit percent, while previous outlook was increase in low to mid-single digit percent. Further, GSK has declared a dividend for the third quarter 2024 of 15 pence per share and expects to declare a dividend of 60 pence per share for the full year 2024. In its third quarter, profit before tax plunged to 64 million pounds from 1.79 billion pounds in the previous year. The latest results were primarily hit by a charge of 1.8 billion pounds or $2.3 billion for the Zantac settlement. On an after- tax basis, the company recorded loss attributable to shareholders of 58 million pounds or 1.4 pence per share, compared to profit of 1.46 billion pounds or 35.6 pence per share last year. Core earnings attributable to shareholders were 2.03 billion pounds or 49.7 pence per share, compared to 2.04 billion pounds or 50.4 pence per share in the prior year. Total operating profit fell 86 percent due to the Zantac settlement charge, while core operating profit grew 5 percent reflecting strong Specialty Medicines performance, together with effective cost management. Turnover for the third quarter declined to 8.01 billion pounds from 8.15 billion pounds in the prior year. However, sales at constant currency rates grew 2 percent. In the quarter, strong growth in specialty medicines helped to offset lower vaccine sales. In London, GSK shares were trading at 1,390.36 pence, down 4.21 percent. On the NYSE, the shares are at $36.45, down 4.51 percent. For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.