GlaxoSmithKline 2Q Net Profit Boosted by Horlicks Sale Proceeds
July 29 2020 - 7:51AM
Dow Jones News
By Ian Walker
GlaxoSmithKline PLC on Wednesday reported a market-beating net
profit for the second quarter of the year after booking a profit on
the sale of its Horlicks business and other consumer healthcare
brands, and backed its full-year forecast.
The British pharmaceutical giant made a net profit for the
quarter ended June 30 of 2.26 billion pounds ($2.92 billion)
compared with GBP964 million for the same period last year, and a
consensus of GBP1.12 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--fell 38% when accounting
for currency effects, to 19.20 pence from 30.5 pence, missing
analysts' expectations of 19.63 pence, taken from FactSet and based
on nine forecasts.
Sales fell to GBP7.62 billion from GBP7.81 billion, missing a
consensus forecast of GBP7.69 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.
Earlier Wednesday Glaxo and French peer Sanofi S.A. said that
they had reached an agreement with the U.K. government to supply up
to 60 million doses of a Covid-19 vaccine, subject to final
contract.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
July 29, 2020 07:36 ET (11:36 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
GSK (NYSE:GSK)
Historical Stock Chart
From Mar 2024 to Apr 2024
GSK (NYSE:GSK)
Historical Stock Chart
From Apr 2023 to Apr 2024