GlaxoSmithKline 3Q Net Profit Beats Market Forecasts -- Earnings Review
By Ian Walker
GlaxoSmithKline PLC has reported a market beating third-quarter
net profit, and backed its full-year guidance. Here's what you need
SALES: Sales for the quarter were 8.65 billion pounds ($11.28
billion) compared with GBP9.39 billion and a forecast of GBP8.82
billion, taken from FactSet and based on 11 analysts forecasts.
NET INCOME: Net profit was GBP1.24 billion, beating a consensus
of GBP876.2 million, taken from FactSet and based on three analysts
CORE EPS: Core EPS--a metric closely watched by analysts that
strips out one-off items--came in at 35.60 pence and was up 1% on
constant exchange rates. This compared with a forecast of 30.40
pence, taken from FactSet and based on 12 analysts estimates.
WHAT WE WATCHED:
-GUIDANCE: Glaxo reiterated that it expects adjusted EPS to
decline by between 1% and 4% at constant rates in 2020, and would
be at the lower end of this range on a CER basis. JPMorgan Cazenove
had expected the company to direct expectations toward the more
negative end of an anticipated drop.
-CORONAVIRUS: Chief Executive Emma Walmsley said the company is
"urgently advancing" possible Covid-19 solutions with its partners,
and expects see data on all of these before the end of the
-DIVIDENDS: Glaxo kept its fourth-quarter dividend unchanged at
19 pence a share but didn't say anything about the full-year
payout. It had previously said the company plans to pay an
unchanged dividend of 80 pence a share for the year.
Write to Ian Walker at firstname.lastname@example.org
(END) Dow Jones Newswires
October 28, 2020 09:17 ET (13:17 GMT)
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