GlaxoSmithKline Raises Outlook as 3Q Revenue, Profit Grow

Date : 10/30/2019 @ 12:52PM
Source : Dow Jones News
Stock : GlaxoSmithKline PLC (GSK)
Quote : 37.53  -0.38 (-1.00%) @ 12:17AM
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Last $ 37.53 ◊ 0.00 (0.00%)

GlaxoSmithKline Raises Outlook as 3Q Revenue, Profit Grow

Glaxosmithkline (LSE:GSK)
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By Carlo Martuscelli

 

GlaxoSmithKline PLC (GSK.LN) upgraded its guidance on Wednesday after it posted growing profit in the third quarter on revenue that beat market expectations.

The British pharmaceutical company made a pretax profit of 1.95 billion pounds ($2.51 billion) in the third quarter, compared with GBP1.71 billion the year earlier. Turnover increased 16% to GBP9.39 billion, beating analyst forecasts of GBP9.04 billion.

Meanwhile adjusted earnings per share--a metric closely watched by analysts--rose to 38.6 pence from 35.5 pence in the third quarter of 2019.

Glaxo said that it is now sees full-year adjusted EPS flat when accounting for currency effects. Previously, the company guided for a decrease of between 3% to 5%.

It confirmed that it was on track to file a new drug application for its cancer drug Zejula by the end of the year having reported positive data from a clinical trial in September that looked at the medicine as a treatment for ovarian cancer.

The company declared a quarterly dividend of 19 pence a share and confirmed its 80 pence total target for the full-year.

 

Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com; @carlomartu

 

(END) Dow Jones Newswires

October 30, 2019 08:37 ET (12:37 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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