GSK Beats Q3 Forecasts, Nudges Up Guidance
Strong demand for a new shingles vaccine Shingrix helped pharmaceutical firm GlaxoSmithKline to post a better-than-expected 14% rise in third-quarter earnings and to nudge its outlook higher.
It shares rose 3% on the news.
The British company reported sales of £8.09 billion (€9.1 billion) and adjusted earnings per share of 35.5p, beating consensus forecast of £8.02 billion (€9 billion) and 33.3p.
Earnings per share rose 14% on a constant exchange rate basis.
It narrowed its forecast for full-year adjusted EPS growth to 8% - 10%, from a former 7% - 10%, whether or not a generic competitor to Advair is launched in the United States.
The group enjoyed a particularly strong performance from Shingrix, and said it now expects sales for the drug to reach £700 million to £750 million in full-year 2018, up £100 million from the target given in July.
"Strong commercial execution for key products and new launches, notably Shingrix, together with an effective focus on cost control is driving this improved performance," chief executive Emma Walmsley said.
"We now expect 2018 adjusted EPS growth of 8% - 10% at constant exchange range."