GlaxoSmithKline 1Q Profit, Sales Declined; Backs 2021 Outlook
April 28 2021 - 7:57AM
Dow Jones News
By Cecilia Butini
GlaxoSmithKline PLC said Wednesday that first-quarter profit
declined on lower revenue, and backed its 2021 outlook for
declining adjusted EPS.
The British pharmaceutical company posted net profit of 1.07
billion pounds ($1.49 billion) for the quarter, down from GBP1.57
billion for the same period of last year. The figure undershot a
consensus estimate provided by the company, which had forecast net
profit at GBP1.09 billion.
Adjusted earnings per share stood at 22.9 pence in the period,
compared with 37.70 pence the year prior. This was above a
consensus estimate of 21.33 pence, provided by FactSet.
Pretax profit in the quarter was GBP1.52 billion, down from
GBP1.84 billion for the same period a year earlier.
Sales fell to GBP7.42 billion in 1Q from GBP9.09 billion a year
prior and was short of a consensus estimate of GBP7.83 billion.
GlaxoSmithKline backed its outlook for 2021 and said it expects
adjusted EPS for 2021 to drop by mid- to high-single-digit
percentage at constant exchange rates. The company said it
continues to expect meaningful improvements in revenue and margin
for 2022.
The board declared a dividend of 19 pence for the quarter and
continues to expect 80 pence a share for the full year.
Write to Cecilia Butini at cecilia.butini@wsj.com
(END) Dow Jones Newswires
April 28, 2021 07:42 ET (11:42 GMT)
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