GlaxoSmithKline Raises 2019 Guidance on Higher 2Q Performance
July 24 2019 - 7:54AM
Dow Jones News
By Carlo Martuscelli and Ian Walker
GlaxoSmithKline PLC (GSK.LN) on Wednesday raised its 2019
adjusted earnings-per-share guidance as it reported a doubled
profit before tax for the second quarter.
The British pharmaceutical company said that pretax profit for
the quarter was 1.26 billion pounds ($1.58 billion), up from GBP614
million the year before. Turnover rose 6.8% to GBP7.81 billion,
beating analysts' expectations of GBP7.59 billion, according to a
FactSet consensus estimate.
Adjusted earnings per share--a metric closely watched by
analysts--totaled 30.5 pence, ahead of market expectations of 25.18
pence.
Glaxo said it expects to report adjusted EPS of minus 3% to
minus 5% for the year at constant exchange rates, compared with its
previous guidance of minus 5% to minus 9%.
Net profit for the quarter was GBP964 million, compared with
GBP441 million for the second quarter of 2018.
The drugmaker said that its consumer health-care joint venture
with Pfizer Inc. (PFE) is expected to complete shortly. Glaxo had
expected the deal to complete in the second half of the year.
The board has maintained its dividend at 19 pence a share and
backed guidance for a 80 pence a share full-year payout.
Earlier Wednesday, Glaxo announced that Jonathan Symonds,
currently deputy chairman of HSBC Holdings PLC (HSBA.LN), will
succeed Philip Hampton as nonexecutive chairman with effect from
Sept. 1.
Shares at 1115 GMT were up 34.2 pence, or 2.1%, at 1694.8
pence.
Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com and
Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
July 24, 2019 07:39 ET (11:39 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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