GSK gives improved profit outlook after Q3 beats forecasts
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October 27, 2021
(Reuters) – Britain’s GSK delivered better-than-expected third-quarter results on Wednesday and raised its annual profit outlook, boosted by strong sales of key drugs and cost cutting ahead of a planned split next year.
The drugmaker now expects 2021 adjusted earnings per share to decline by between 2% and 4% at constant exchange rates, excluding any boost from its COVID-19 offerings. GSK previously expected profit to fall by mid-to-high single digit percentages.
Turnover at the world’s biggest vaccine maker by sales rose 5% to 9.07 billion pounds ($12.5 billion) for the three months to Sept. 30, while adjusted earnings were up 3% to 36.6 pence per share.
Analysts had expected third-quarter earnings of 29.4 pence per share on sales of 8.73 billion pounds, a company-compiled consensus showed.
GSK stuck by its plan to spin off its consumer health business in 2022, after a report the unit could attract bids from private equity firms.
Activist investors Elliott and Bluebell have called for a sale of the unit, among other proposals for “New GSK”, including leadership changes.
“We also continue to make excellent progress towards unlocking the value of Consumer Healthcare through a successful demerger in mid-2022,” GSK CEO Emma Walmsley said in Wednesday’s results statement.
($1 = 0.7272 pounds)
(Reporting by Pushkala Aripaka in Bengaluru and Ludwig Burger in Frankfurt; writing by Josephine Mason; Editing by Jason Neely and Alexander Smith)
Source Link GSK gives improved profit outlook after Q3 beats forecasts
Tajammul Pangarkar
Tajammul Pangarkar is a CMO at Prudour Pvt Ltd. Tajammul longstanding experience in the fields of mobile technology and industry research is often reflected in his insightful body of work. His interest lies in understanding tech trends, dissecting mobile applications, and raising general awareness of technical know-how. He frequently contributes to numerous industry-specific magazines and forums. When he’s not ruminating about various happenings in the tech world, he can usually be found indulging in his next favorite interest - table tennis.
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