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GSK Q1 Profit Rises

GlaxoSmithKline plc (GSK.L,GSK) reported that its profit attributable to shareholders for the first-quarter rose to 830 million pounds or 16.7 pence per share from 549 million pounds or 11.1 pence per share last year.

Profit before tax for the quarter grew to 1.30 billion pounds from 1.11 billion pounds in the prior year.

Adjusted earnings per share was 30.1 pence compared with 24.6 pence last year, up 22% AER, 18% CER, on a 9% CER increase in Adjusted operating profit. The improvement reflected an improved trading performance, the reduced non-controlling interest allocation of Consumer Healthcare profits following the buyout in the second-quarter of 2018 and a one-off benefit to the share of after tax profit of the associate, Innoviva.

Group turnover increased 6% AER, 5% CER to 7.661 billion pounds, with CER growth delivered by all three businesses.

In 2019, the company continues to expect adjusted earnings per share to decline in the range of 5% to 9% at CER. The guidance reflects the recent approval of a substitutable generic competitor to Advair in the US and the expected impact of the Tesaro acquisition and assumes that the proposed Consumer Healthcare nutrition disposal closes by the end of 2019 and the proposed Consumer Healthcare Joint Venture with Pfizer closes during H2 2019.

GSK expects to maintain the dividend for 2019 at the current level of 80 pence per share.

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