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Name | Symbol | Market | Type |
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GSK plc | NYSE:GSK | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.34 | 0.84% | 40.90 | 40.895 | 40.50 | 40.60 | 2,797,634 | 01:00:00 |
By Denise Roland
LONDON-- GlaxoSmithKline PLC said net profit fell in the first quarter of 2016, due to a tough year-earlier comparison which was boosted by proceeds from its three-way transaction with Novartis AG, without that effect, profit rose on cost savings from the same deal.
The U.K.-based pharmaceuticals company said net income for the three months ended March 31 was GBP282 million ($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.
Core earnings per share, Glaxo's preferred measure of profit, increased 14% to 19.8 pence. The weakness of the pound versus the dollar boosted Glaxo's results--stripping out exchange rate movements, revenue and core earnings per share increased 8%.
Glaxo also provided more clarity on its 2016 outlook, saying it expected core earnings per share to grow 10%-12% at constant exchange rates. Previously, it had guided for a double-digit increase. The company also confirmed plans to pay a full-year dividend of 80p.
Write to Denise Roland at Denise.Roland@wsj.com
(END) Dow Jones Newswires
April 27, 2016 07:50 ET (11:50 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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