GlaxoSmithKline Sees First-Quarter Profit Fall
April 27 2016 - 7:48AM
Dow Jones News
By Denise Roland
LONDON--GlaxoSmithKline PLC (GSK) said net profit fell in the
first quarter due to a tough year-earlier comparison, which was
boosted by proceeds from its three-way transaction with Novartis
AG; taking out that effect, profit rose--partly due to cost savings
from the same deal.
The U.K.-based pharmaceuticals company said net income for the
three months ended March 31 was 282 million pounds ($410 million),
a fraction of the GBP8.1 billion reported a year earlier.
Core net income, which strips out one-time gains and
impairments, increased 15% to GBP959 million, from GBP834 million a
year ago. Revenue rose 11% to GBP6.2 billion, up from GBP5.6
billion a year ago. Glaxo beat expectations on both fronts:
analysts were expecting core net income of GBP894 million and
revenue of GBP6 billion.
Write to Denise Roland at denise.roland@wsj.com
(END) Dow Jones Newswires
April 27, 2016 07:33 ET (11:33 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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