GlaxoSmithKline 1Q Beats Forecasts -- Earnings Review
April 29 2020 - 09:17AM
Dow Jones News
By Ian Walker
GlaxoSmithKline PLC on Wednesday reported market-beating
earnings for the first quarter of the year, and held its full-year
forecast. Here's what you need to know:
SALES FORECAST: Glaxo's sales for the first quarter rose 19% to
9.09 billion pounds ($11.30 billion), beating a consensus forecast
of GBP8.68 billion provided by FactSet and based on nine analysts'
forecasts.
NET INCOME: Net income was GBP1.57 billion compared with a
consensus of GBP1.04 billion for the quarter, taken from FactSet
and based on three analysts' forecasts.
ADJUSTED EPS: Adjusted earnings per share--the company's
preferred metric which strips out exceptional and other one-off
items--rose 26% on a constant exchange rate basis to 37.70 pence,
compared with a forecast of 30.80 pence taken from FactSet and
based on 10 analysts' forecasts.
WHAT WE WATCHED:
-2020 ADJUSTED EPS: The pharmaceutical giant reiterated that it
expects adjusted EPS to fall 1% to 4% at constant exchange rates.
Glaxo said it will update this guidance as more information becomes
available.
-2020 DIVIDEND: Glaxo kept its quarterly dividend at 19 pence a
share, and confirmed that it still intends to pay dividends
totaling 80 pence a share for the year--same as in 2019--"subject
to any material change in the external environment or performance
expectations."
-CORONAVIRUS: The company has entered into two separate
collaborations--one with Vir Biotechnology Inc. and the other with
Sanofi--to develop solutions for coronaviruses. No further updates
on these has been provided.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
April 29, 2020 09:02 ET (13:02 GMT)
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