GSK Gsk Plc

   By Carlo Martuscelli 
 

GlaxoSmithKline PLC (GSK.LN) reported its fourth-quarter results on Wednesday, eliciting a positive reaction from the market with shares ticking up 0.8%.

PROFIT BEFORE TAX: The U.K. drugmaker posted a profit before tax of 1.37 billion pounds ($1.79 billion) for the quarter ended Dec. 31. This is a more than three-fold increase on the GBP442 million it reported a year ago when it was hit by a charge related to U.S. tax reform. Analysts had estimated profit before tax of GBP1.90 billion, based on a FactSet consensus forecast.

TURNOVER: Glaxo said turnover rose 7.3% to GBP8.20 billion--ahead of the GBP7.97 billion predicted by analysts. The company benefited from increased sales across both its pharmaceutical and vaccines divisions.

WHAT WE WATCHED:

--After a spate of dealmaking over the past year, the FTSE 100-listed company's fourth-quarter results were a fairly quiet affair. Chief Executive Emma Walmsley was keen to note that the company had doubled its oncology pipeline since July to bring the number of drugs in development to 16. The drugmaker is deepening its focus in the field, having acquired specialist Tesaro in December. On Tuesday, Glaxo announced it would collaborate with Merck KGaA to develop a cancer immunotherapy.

--The pharmaceutical major gave its guidance for the year ahead, forecasting a 5% to 9% decline in adjusted earnings per share at constant exchange rates. The decline reflects the impact of generic competition to its respiratory blockbuster drug Advair, as well as the Tesaro acquisition.

Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com

(END) Dow Jones Newswires

February 06, 2019 10:17 ET (15:17 GMT)

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