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GlaxoSmithKline Plc reported third-quarter profit that surpassed analysts projections and unveiled a new cost-saving program and management structure, as sales in the U.S. continue to pull down overall performance.

On Wednesday the pharmaceutical giant said in a statement that it will reduce expenses by £1 billion over the next three years, with around 50% delivered in 2016.

GSK also announced that it is going to look for opportunities to sell a portfolio of its mature drugs in Europe and the U.S., and was evaluating the possibility of a partial initial public offering of its HIV unit Viiv Healthcare, which is a joint venture with Pfizer and Shionogi.

“This will provide greater visibility of the intrinsic value we see in its currently marketed assets and future pipeline and also enhance potential future strategic flexibility,” GSK said.

These actions, combined with the plan to return £4 billion to shareholders next year, set investors at ease, after concerns had arisen regarding a corruption probe in China and slow sales of respiratory drugs in the U.S.

GSKs revenue fell 10% to £5.65 billion during the third quarter, missing consensus projections of £5.75, while its best-selling drug Advair fell 13% to 976 million due to rising competition and pressure on prices in the U.S. Revenues from Breo, a newer lung medicine, were £15 million.

Net profit attributable to shareholders fell to £401 million in Q3, compared to £969 million a year earlier. Earnings per share were 27.9 pence, almost the same as last year and a little above analysts expectations.

GSK announced last month that Philip Hampton will become chairman next year and will replace Christopher Gent, who clocked up 10 years at the company. Due to the position of Hampthon as a chairman in Royal Bank of Scotland Plc, analysts at Morgan Stanley have suggested that he might make changes in GSKs employees.

In September GSK was fined £297 million after being charged and found guilty of bribery, which ended a 15-month investigation and resulted in a decrease of the companys sales. The drugmaker is still under investigation in the U.K. and U.S.

GlaxoSmithKline Plc. gained 0.22% on Tuesday and closed at GBX 1 342 in London. On Wednesday the stock edged up 3.27% to trade at GBX1 386 at 13:39 GMT, marking a one-year decrease of 13.44%. The company is valued at £65.08 billion.According to the Financial Times, the 22 analysts offering 12-month price targets for GlaxoSmithKline Plc. have a median target of GBX 1 540, with a high estimate of GBX 1 758 and a low estimate of GBX 1 350. The median estimate represents a 14.75% increase from the last close price of GBX 1 342.

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