GSK posts 3rd-qtr results that beat expectations, boosted by weak sterling

26 October 2016

UK pharma major GlaxoSmithKline (LSE: GSK) reported third-quarter 2016 financial results today, showing that group sales for the period were up 23% 7.54 billion ($9.15 billion), boosted by the ongoing fall in sterling following the UK’s vote to leave the European Union.

Core operating profit jumped 35% to £2.3 billion, with core earnings per share (EPS) coming in at 32.0 pence, a leap of 39%. Turnover at constant exchange rates only grew 8%, while core operation profit rose 13%. Analysts, on average, had forecast sales of 7.28 billion pounds and core EPS, which excludes certain items, of 29.6p, according to Thomson Reuters. GSK’s shares fell 1.95% to 1,597.75 pence by 1.30 BST.

2016 guidance for core EPS

This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Try before you buy

Free

7 day trial access

Take a Free Trial

All the news that moves the needle in pharma and biotech
Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
Receive The Pharma Letter daily news bulletin, free forever.

Become a subscriber

£820

Or £77 per month

Subscribe Now

Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
Daily roundup of key events in pharma and biotech.
Monthly in-depth briefings on Boardroom appointments and M&A news.
Choose from a cost-effective annual package or a flexible monthly subscription

The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK