GSK forecasts smaller hit to FY profit after second quarter beat

GSK forecasts smaller hit to FY profit after second quarter beat

GlaxoSmithKline Plc on Wednesday forecast a smaller-than estimated fall in full-year profit after the British drugmaker beat profit consensus for the second quarter due to demand for its fast-growing Shingles vaccine.

FILE PHOTO: The GSK logo on GSK Asia House in Singapore
FILE PHOTO: The GlaxoSmithKline (GSK) logo on top of GSK Asia House in Singapore, March 21, 2018. REUTERS/Loriene Perera/File Photo

REUTERS: GlaxoSmithKline Plc on Wednesday forecast a smaller-than estimated fall in full-year profit after the British drugmaker beat profit consensus for the second quarter due to demand for its fast-growing Shingles vaccine.

GSK now expects annual earnings for 2019 to decline between 3per cent and 5per cent versus a previous forecast of a 5per cent to 9per cent fall at constant currency.

Adjusted earnings were 30.5 pence per share in the second quarter. Analysts on average had expected earnings of 25.8 pence, according to a company-compiled consensus https://www.gsk.com/en-gb/investors/analyst-consensus/analyst-consensus of 10 analysts.

The company earlier on Wednesday appointed HSBC's Jonathan Symonds to succeed Philip Hampton as non-executive chairman, ending a six month search as the drugmaker prepares to split its businesses into two.

(Reporting by Pushkala Aripaka in Bengaluru; editing by Patrick Graham)

Source: Reuters

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