GlaxoSmithKline Q2 Profit Down; Says Confident In FY21 View; Confirms FY22 Forecast

(RTTNews) - Drug major GlaxoSmithKline plc (GSK, GSK.L) reported Wednesday that its second-quarter profit before taxation fell 44 percent to 1.47 billion pounds from last year's 2.64 billion pounds.

Earnings per share were 27.9 pence, down 45.5 pence last year. Adjusted earnings per share were 28.1 pence, compared to 19.2 pence last year.

Turnover grew 6 percent 8.09 billion pounds from 7.62 billion pounds last year. Revenues increased 15 percent at constant currency rates.

Pharmaceuticals revenues grew 3 percent, and vaccines revenues climbed 39 percent, while Consumer Healthcare revenues fell 4 percent.

Looking ahead, the company said it is confident in delivering fiscal 2021 earnings per share guidance and reconfirmed 2022 outlook.

For the year 2021, the companies to expect a decline of mid to high-single digit percent adjusted earnings per share at CER, excluding any contribution from COVID-19 solutions. The company said it is likely to deliver full-year adjusted earnings per share towards the better end of guidance range.

For 2022, the company expects meaningful improvements in revenues and margins.

Further, the company declared 19 pence per share dividend for the second quarter. For 2021, the company continues to expect 80 pence per share.

GSK expects to deliver step-change in sales, operating profit growth and performance from 2022, driven by high quality Vaccines and Specialty Medicines portfolio and late-stage pipeline

The company said the proposed demerger to create new world-leading Consumer Healthcare company confirmed for mid-2022.

In London, GSK shares were trading 1,391.80 pence, down 0.53 percent.