GlaxoSmithKline Raises Outlook as 3Q Revenue, Profit Grow
October 30 2019 - 8:52AM
Dow Jones News
By Carlo Martuscelli
GlaxoSmithKline PLC (GSK.LN) upgraded its guidance on Wednesday
after it posted growing profit in the third quarter on revenue that
beat market expectations.
The British pharmaceutical company made a pretax profit of 1.95
billion pounds ($2.51 billion) in the third quarter, compared with
GBP1.71 billion the year earlier. Turnover increased 16% to GBP9.39
billion, beating analyst forecasts of GBP9.04 billion.
Meanwhile adjusted earnings per share--a metric closely watched
by analysts--rose to 38.6 pence from 35.5 pence in the third
quarter of 2019.
Glaxo said that it is now sees full-year adjusted EPS flat when
accounting for currency effects. Previously, the company guided for
a decrease of between 3% to 5%.
It confirmed that it was on track to file a new drug application
for its cancer drug Zejula by the end of the year having reported
positive data from a clinical trial in September that looked at the
medicine as a treatment for ovarian cancer.
The company declared a quarterly dividend of 19 pence a share
and confirmed its 80 pence total target for the full-year.
Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com;
@carlomartu
(END) Dow Jones Newswires
October 30, 2019 08:37 ET (12:37 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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