GlaxoSmithKline 3Q Net Profit Falls, But Beats Forecasts
October 28 2020 - 8:54AM
Dow Jones News
By Ian Walker
GlaxoSmithKline PLC on Wednesday reported a 20% fall in
third-quarter net profit, but still beat market estimates, and
backed its full-year forecast.
The British pharmaceutical giant made a net profit of 1.24
billion pounds ($1.62 billion) for the quarter ended Sept. 30,
compared with GBP1.55 billion for the same period last year, and a
consensus of GBP876.2 million taken from FactSet and based on three
analysts' forecasts.
Adjusted earnings per share, a closely watched metric that
strips out one-off items, rose 1% when accounting for currency
effects, to 35.60 pence from 38.60 pence. It beat analysts'
expectations of 30.40 pence, taken from FactSet and based on 12
forecasts.
Sales fell to GBP8.65 billion compared with GBP9.39 billion for
the same quarter last year, and a consensus forecast of GBP8.82
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.
Chief Executive Emma Walmsley said the company is "urgently
advancing" possible Covid-19 solutions with its partners, including
clinical trials for antibody therapy VIR-7831 and three different
adjuvanted vaccines.
"We expect to see data on all of these before the end of the
year," Ms Walmsley said.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
October 28, 2020 08:39 ET (12:39 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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