GlaxoSmithKline Q1 Adj. Operating Profit Declines, Turnover Down 15% CER; Reconfirms 2021 Guidance

(RTTNews) - GlaxoSmithKline PLC (GSK.L, GSK) reported first quarter adjusted operating profit of 1.88 billion pounds, down 23 percent at CER from a year ago. Adjusted earnings per share was 22.9 pence compared to 37.7 pence.

First quarter profit attributable to shareholders declined to 1.07 billion pounds from 1.56 billion pounds, prior year. Earnings per share was 21.3 pence compared to 31.2 pence.

First quarter turnover was 7.42 billion pounds, down 15 percent at CER from prior year. Excluding the impact of brands divested or under review in Consumer Healthcare, Group turnover was down 13% at CER. Pharmaceuticals turnover was 3.88 billion pounds, down 8% CER.

The company reconfirmed guidance range for 2021 for a decline of mid to high-single digit percent adjusted EPS at CER.

Emma Walmsley, CEO, GSK said: "Our first quarter results are in line with our expectations and reflect the anticipated impacts of COVID-19. We continue to expect a significant improvement in performance over the remainder of the year and reconfirm our guidance for 2021 and 2022 outlook."

The company said it is on track to create new GSK and new Consumer Healthcare company in 2022.

The Board has declared a first interim dividend for 2021 of 19 pence per share. The Board currently plans to maintain the dividend for 2021 at the current level of 80 pence per share.