SK has signalled the end of the road for its Covid drug sales boom as the pharma giant eyes fresh sources of revenue to plug the hole left by the subsidence of the pandemic.

The London-based business posted a 15% drop in operating profits to £2.1 billion and an 8% fall in turnover in the first three months of 2023 to just under £7 billion. That was overwhelmingly to do with the decline in sales from Covid-related treatments, which plummeted from £1.3 billion in the first quarter of 2022 to little more than £100 million in 2023, and which looks set to fall further still.

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