Glaxosmithkline reports Strong First Quarter Earnings

Glaxosmithkline reports Strong First Quarter Earnings

Pharmaceutical major Glaxosmithkline has reported strong quarterly earnings for the first quarter. The company management informed that they are confident about meeting the 2020 guidance in terms of revenue and net earnings. GSK reported strong sales for shingles treatment shingrix and pain medications during the coronavirus lockdowns. Many pharmaceutical companies have reported strong sales during COVID-19 pandemic.

GSK reported £2.01 billion in net profit during first quarter, marking 41 percent increase compared to the same period last year. The pharmaceutical major registered 19 percent increase in turnover at £9.09 during Q12020.

Recently, Astrazeneca also announced results that were better than market expectations. Specific products have witnessed stronger sales during COVID-19 pandemic.

Talking about GSK results, Hargreaves Lansdown analyst Nicholas Hyett said, “The coronavirus outbreak has provided a modest tailwind to GSK’s sales, and together with recent drug launches and good cost control, that’s done wonders for profits.”

“If things go right ... to get to scale of manufacturing in the hundreds of millions (of doses) is going to be in the second half of next year. You will see a reasonable amount of consensus from many global authorities, when this was all emerging, an 18-month time line was an ambitious one to be going after but one that everyone is targeting,” CEO Emma Walmsley.