GlaxoSmithKline 2nd-qtr 2011 profits up as sales decline slows
UK pharma giant GlaxoSmithKline (LSE: GSK) posted a healthy set of financial results for the second quarter of 2011, having last year fallen into loss as a result of legal changes (The Pharma Letter February 4). For the three months ended June 30, GSK posted a 4% (at constant exchange rates; -2% in sterling) drop in sales to £6.72 billion ($9.65 billion), which is less than had been expected after a 10% decline in revenues in the first quarter.
Net profit came in at £1.1 billion versus a loss of £304 million in the like, year-earleir quarter. Earnings per share were 25 pence, or 21.8 pence after restructuring charges, compared with 2.6 pence in the like 2010 quarter. The figures were slightly down on consensus forecasts of EPS at 25.3 pence and sales of £6.73 billion. Operating profit before major restructuring was £1.97 billion, compared with £641 million in the second quarter of 2010. GSK’s shares rose 1.9% to £13.90 at 12:50 pm in London trading yesterday.
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