GlaxoSmithKline (NYSE: GSK) reported Q3 EPS of GBP0.32, versus GBP0.23 reported last year. Revenue for the quarter came in at GBP7.54 billion, versus GBP6.13 billion reported last year.

New product sales ¢G1.21 billion +79% (Q1 2016: ¢G821 million; Q2 2016: ¢G1.05 billion) driven by HIV (Tivicay, Triumeq), Respiratory (Relvar/Breo, Anoro, Incruse, Nucala) and Meningitis vaccines (Bexsero, Menveo)

• New Pharmaceutical product sales represent 25% of total Pharmaceutical sales (Q3 2015: 14%)

Improved operating leverage driven by sales growth, delivery of restructuring and integration benefits and continued tight control of costs including targeted reinvestments

• Q3 Group core operating profit margin 30.7% (Q3 2015: 28%)
• Incremental cost savings of ¢G0.2 billion in Q3 2016, with total annual cost savings now at ¢G2.5 billion and on track to deliver target of ¢G3 billion in total

Q3 total earnings per share 16.6p, -1% CER, impacted by charges resulting from increases in valuations of Consumer Healthcare and HIV businesses

Q3 core earnings per share 32p, +12% CER

Continue to expect 2016 core EPS percentage growth to be 11-12% CER

• If FX rates held at Q3 period end levels, estimated impact of +21% on 2016 Sterling core EPS growth

Q3 net cash inflow from operations of ¢G1.8 billion (Q3 2015: ¢G0.5 billion)

19p dividend declared for Q3. Continue to expect 80p for FY 2016 and 2017

Sustained delivery in R&D pipeline:

• H2 2016 filings: Shingrix filed in US and on track to be filed in EU in Q4; Closed Triple for COPD on track to be filed in US and EU in Q4; Benlysta subcutaneous for lupus and sirukumab for RA both filed in US and EU
• Veramyst Rx to OTC switch approved by FDA (expected launch Q1 2017)
• Phase III trials started for two-drug regimen in HIV (dolutegravir and lamivudine) in Q3; four Phase III trial starts for assets in HIV, respiratory and anaemia expected in Q4
• Key data points expected on between 20-30 potential assets by end 2018

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