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GSK Plc’s older respiratory medicines showed lackluster sales in the first quarter, leaving HIV and cancer drugs to drive profit growth.

The shares fell as much as 3.5% in early London trading, trimming the year’s gain to about 8%. That was despite GSK reporting higher-than-expected profit in a statement WednesdayBloomberg Terminal as investors focused on the weakness in its general medicines divisions.

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Haleon Plc’s first quarter was weaker than expected, hurt by lackluster demand for its over-the-counter cold and flu medicines.

Sales overall rose 2.2% in the first quarter, the maker of Panadol and Advil painkillers said Wednesday, less than the 2.4% expected by analysts.

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The extended closure of the Strait of Hormuz and extreme weather have jolted the price index for farm commodities to a two-year high as fertilizer headaches and the prospect of smaller harvests drive food inflation risks.

The Bloomberg Agriculture Spot Index, which tracks 10 of the world’s top-selling crop products, has climbed for a third straight month to the highest level since November 2023. That’s a pronounced shift from before the war, when most crop prices were weighed down by abundant inventory and bumper harvests.

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