GlaxoSmithKline (GSK) Tops Q2 EPS Views

GlaxoSmithKline (NYSE: GSK) reported Q2 EPS of 17.3 pence, compared with the analyst estimate of 16.7 pence. Revenue for the quarter came in at £5.89 billion versus the consensus estimate of £5.87 billion.

Sir Andrew Witty, Chief Executive Officer, GSK said:

“This is our first full quarter of performance since completion of the transaction with Novartis and it is encouraging. Our integration and restructuring plans are on track and we remain confident that we can achieve our targets for this year and return the Group to earnings growth in 2016.

“Sales grew 7% on a reported basis and 2% pro-forma. New product performance was positive in all three of GSK’s businesses, with the standout performance for the quarter coming from our new HIV drugs, Tivicay and Triumeq. Both of these are tracking ahead of recent best-in-class launches, and together generated sales of £294 million. Elsewhere, we saw continued strong uptake for Flonase OTC, an improving market share for Breo Ellipta following the indication for asthma granted in April, and continued uptake of the newly acquired Meningitis vaccines Bexsero and Menveo. Importantly the growth of our new pharmaceutical products is now more than offsetting sales declines of Seretide/Advair.

“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.”

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