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GlaxoSmithKline Q3 Profit Rises, Pro-forma Sales Up 6%; Raises Earnings Outlook

GlaxoSmithKline plc (GSK.L,GSK) reported that its third-quarter pretax profit improved to 1.95 billion pounds from 1.71 billion pounds, prior year. Earnings per share was 31.4 pence compared to 28.8 pence. Adjusted earnings per share was 38.6 pence, up 9 percent AER, 1 percent CER. Adjusted operating profit was at 2.79 billion pounds, up 10 percent AER, 3 percent CER.

Third-quarter Group turnover increased 16 percent AER, 11 percent CER to 9.39 billion pounds, with growth delivered by all three businesses, primarily driven by Vaccines and the acquired Pfizer consumer healthcare business to form the new Consumer Healthcare Joint Venture. Pro-forma turnover growth for the Group was 6 percent CER.

Pharmaceuticals turnover was at 4.53 billion pounds, up 7 percent AER, 3 percent CER. Vaccines turnover grew 20 percent AER, 15 percent CER to 2.31 billion pounds. Consumer Healthcare sales grew 30 percent AER, 25 percent CER to 2.53 billion pounds, primarily reflecting the acquired Pfizer legacy brands. On a pro-forma basis, turnover grew 3 percent CER, driven by strong performance in Oral health.

Emma Walmsley, CEO, GSK said: "This quarter we have continued to strengthen our pipeline and have advanced assets in Respiratory, HIV and, notably, Oncology, where we are on track to file three innovative medicines by year end, following positive pivotal trial data."

Looking forward, GSK now expects 2019 adjusted earnings per share will be around flat at CER revised from prior guidance of a decline of 3 percent to 5 percent. GSK expects to maintain the dividend for 2019 at the current level of 80 pence per share.

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