GlaxoSmithKline 1st-qtr 2010 EPS leaps 18%, driven by better-than-expected swine flu vaccine sales and Asia/emerging markets

UK drugs giant GlaxoSmithKline posted a strong set of first-quarter 2010 results yesterday, with sales leaping 13% to £7.36 billion ($11.43 billion) at constant exchange rates (+9% in sterling). Operating profit before major restructuring for quarter was £2.39 billion, a 21% growth in CER terms. After restructuring for the quarter operating profit was £2.09 billion, up 22% in both CER and sterling terms. Earnings per share after restructuring of 26.4p increased 18% in both CER and sterling terms compared with the like 2009 quarter.

GSK's shares barely moved on the announcement, despite the figures coming in ahead of consensus estimates, closing the day up a mere 0.3% at £12.17, having already declined around 8% this year.

Sales of its H1N1 vaccine amounted to £698 million on the back of last year's swine flu crisis, and GSK forecast another £200 million in related sales in the remaining nine months of the year, with the threat of a pandemic having receded.