GlaxoSmithKline’s third-qtr results not as bad as expected

UK pharma giant GlaxoSmithKline (LSE: GSK) has reported a downturn in both sales and profits for the third quarter of 2014, but the results were still better than expected in the face of patent expiries and its recent nearly $500 million fine for alleged bribery in China, and sent the company’s shares 4% higher following release of the figures.

The company reported a pretax profit of £548 million ($882.3 million) for the three months to end September, sharply down from £1.4 billion a year ago, but the results still beat analyst forecasts.

Sales were £5.65 billion, down 10% (3% lower at constant exchange rates), but below analysts’ forecasts of £5.75 billion. Core earnings per share were flat at 27.9 pence, compared with analyst forecasts of EPS of 23.9 pence, according to Thomson Reuters. Core operating profit came in a £1.89 billion, down 6% (-1% at CER).