GlaxoSmithKline Post 1Q Earnings, Revenue Beat Expectations

   By Cecilia Butini 
 

GlaxoSmithKline PLC on Wednesday posted higher earnings and revenue for the first quarter, beating expectations as sales rose across the biopharma and consumer healthcare businesses.

Net profit at the British pharmaceutical major came in at 1.80 billion pounds ($2.26 billion) for the quarter, up from GBP1.07 billion in the same quarter a year prior. Revenue grew to GBP9.78 billion compared with GBP7.41 billion in the first quarter of 2021. A company-provided consensus had seen net profit clocking in at GBP1.51 billion and revenue at GBP9.15 billion.

Earnings per share were 35.6 pence in the quarter, a jump from 21.3 pence in the same quarter the year prior. Adjusted earnings per share--a closely-watched metric--were 32.8 pence, which the company said is 43% higher than the year prior.

Glaxo confirmed its guidance for 2022, saying it expects to deliver sales growth of between 5% and 7% at constant exchange rates, and adjusted operating profit growth of between 12% and 14% at constant exchange rates. The guidance excludes contribution from Covid-19 solutions, the company said.

It reiterated that it is on track to demerge and list its consumer-healthcare business, named Haleon, in July.

Write to Cecilia Butini at [e-mail]

(END) Dow Jones Newswires

April 27, 2022 02:40 ET (06:40 GMT)

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