The drugmaker recently traded its offered for sale sarcoma drugs to really Novartis and purchased the Swiss band’s shots, at the time of maximizing its buyer health and fitness business venture via a three way partnership. While down 9 percent from a year ago, the profit was better than analysts had forecast.
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He hailed the performance of GSK’s new HIV drugs, Tivicay and Triumeq as “stand-out” and said the company’s anti-asthma drugs Flonase and Breo Ellipta were selling well. The company, which is struggling to recover from a corruption scandal in China, said that for the full year, core earnings per share are “expected to decline at a percentage rate in the high teens… primarily due to continued pricing pressure on Seretide and Advair in US and the US Europe, the dilutive effect of the Novartis transaction and the inherited cost base of the Novartis businesses”.
“We will be showcasing further product innovation at our event for investors in November at which we expect to review new data and prospects for advanced and early-stage development projects in HIV, Oncology, Vaccines, Cardiovascular, Immuno-inflammation and Respiratory diseases”.
The drug maker said net profit slid 77% to GBP149 million ($233 million) compared with the same period last year, despite a 6% rise in revenue to GBP5.89 billion, in the first full quarter since the Novartis transaction completed.
At 12:49, shares were up 3.2% at 1,371.50p.
However, core operating profit of 1.35 billion pounds generated earnings per share (EPS) which were down 9 percent at 17.3 pence because of lower returns on Advair and the fact GSK has swapped high-margin cancer drugs for less profitable consumer products.
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The dividend for the quarter was 19p and Glaxo added it expects to pay a special dividend of 80p.
