GlaxoSmithKline: posts sharp fall in profit
(CercleFinance.com) - GlaxoSmithKline said its performance in the second quarter was disrupted by the Covid-19 pandemic, particularly in its vaccines business, with patients' visits to healthcare professionals limited due to lockdown measures.
The British drugmaker said adjusted operating profit fell by 19% to 1.75 billion pounds, as sales dropped 2% to 7.6 billion pounds, primarily driven by the adverse impact that the pandemic had on hepatitis, shingles and meningitis vaccines, for which sales declined 29%.
However, GSK said that it is maintaining its 2020 adjusted EPS guidance, while warning that its performance remains dependent on the timing of a recovery in vaccination rates, particularly in the US, which it expects will occur in the third quarter.
"Overall, we are seeing good underlying demand for our major products and are confident this will be reflected in future performance when the impact of Covid measures eases," CEO Emma Walmsley said.
The shares were trading down 1.5% following these results.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The British drugmaker said adjusted operating profit fell by 19% to 1.75 billion pounds, as sales dropped 2% to 7.6 billion pounds, primarily driven by the adverse impact that the pandemic had on hepatitis, shingles and meningitis vaccines, for which sales declined 29%.
However, GSK said that it is maintaining its 2020 adjusted EPS guidance, while warning that its performance remains dependent on the timing of a recovery in vaccination rates, particularly in the US, which it expects will occur in the third quarter.
"Overall, we are seeing good underlying demand for our major products and are confident this will be reflected in future performance when the impact of Covid measures eases," CEO Emma Walmsley said.
The shares were trading down 1.5% following these results.
Copyright (c) 2020 CercleFinance.com. All rights reserved.