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    • GSK lifts annual...

    GSK lifts annual profit forecast after third quarter beat on vaccines strength

    Medical Dialogues BureauBy Medical Dialogues BureauPublished On 2019-10-31T09:00:59+05:30  |  Updated On 2021-08-17T12:32:29+05:30

    GSK now expects full-year profit to be roughly flat compared to last year at constant currency, up from a previous forecast of a fall of 3% to 5%.


    New Delhi: GlaxoSmithKline(GSK) Plc on Wednesday raised its annual profit forecast for the second time this year on the back of soaring sales of its Shingles vaccine, sending shares of the British drugmaker up nearly 3%.


    The drugmaker now expects full-year profit to be roughly flat compared to last year at constant currency, up from a previous forecast of a fall of 3% to 5%.


    Chief Executive Officer Emma Walmsley has set bold plans in motion to rejuvenate GSK, which has included the spin-off or sale of a number of businesses since she took over in 2017 and a greater focus on the company's pharmaceuticals business.


    Sales of Shingrix, launched in 2017, rose 76% to £535 million, way ahead of analysts' expectations of £464 million, leading vaccines unit sales to rise 15% to £2.31 billion.


    Read Also: GSK ovarian cancer drug Zejula gets USFDA nod for wider use


    Turnover rose 11% to £9.39 billion in the three months ended Sept. 30 from a year earlier. Adjusted earnings were 38.6 pence per share.


    Analysts on average had expected earnings of 33 pence and sales of £9.02 billion, according to a company-compiled consensus. The company said the new forecast reflects operating performance, increased investment in research and development as well as a lower expected effective tax rate of around 17% for the year.


    GSK shares were up nearly 3% to 1788 pence at 1213 GMT, their highest since May 2013.


    Read Also: GSK to sell anti-rabies vaccines Rabipur, Encepur to Bavarian Nordic for USD 1.1 billion

    annual profit GlaxoSmithKline GSK pharma pharma company pharma news research and development shingles vaccine Shingrix 
    Source : Reuters

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    Medical Dialogues Bureau
    Medical Dialogues Bureau

      Medical Dialogues Bureau consists of a team of passionate medical/scientific writers, led by doctors and healthcare researchers.  Our team efforts to bring you updated and timely news about the important happenings of the medical and healthcare sector. Our editorial team can be reached at editorial@medicaldialogues.in. Check out more about our bureau/team here

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