GlaxoSmithKline 1Q Earnings Beat Forecasts; Backs 2020 View
April 29 2020 - 07:53AM
Dow Jones News
By Ian Walker
GlaxoSmithKline PLC on Wednesday reported market-beating
earnings for the first quarter of the year on higher sales, and
backed its full-year forecast.
The British pharmaceutical giant made a net profit for the
quarter ended March 31 of 1.57 billion pounds ($1.95 billion)
compared with GBP830 million for the same period last year, and a
consensus of GBP1.04 billion taken from FactSet and based on three
analysts' forecasts
Adjusted earnings per share--a metric closely watched by
analysts that strips out one-off items--rose 26% when accounting
for currency effects, to 37.70 pence, beating analysts'
expectations of 30.80 pence, taken from FactSet and based on 10
forecasts.
Pretax profit in the quarter was GBP1.84 billion compared with
GBP1.30 billion the year before. Sales increased 19% to GBP9.09
billion, beating a consensus forecast of GBP8.68 billion provided
by FactSet.
Looking ahead, the FTSE 100-listed company reiterated that it
expects adjusted EPS to decline by between 1% and 4% at constant
rates in 2020.
Glaxo has declared a dividend of 19 pence for the quarter and
said it expects the payout to remain unchanged at 80 pence a share
for the year.
Shares at 1115 GMT were up 7.80 pence, or 0.5%, at 1,695.80
pence.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
April 29, 2020 07:38 ET (11:38 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
GSK (NYSE:GSK)
Historical Stock Chart
From Feb 2024 to Mar 2024
GSK (NYSE:GSK)
Historical Stock Chart
From Mar 2023 to Mar 2024