Earnings per share excluding certain costs rose 39 percent to 32 pence from a year earlier, the London-based company said in a statement on Wednesday. That beat the 29.4-pence average of 12 analyst estimates compiled by Bloomberg.
Glaxo is studying new regimens to advance its HIV franchise, which has been buoyed by the success of the Tivicay medicine. At the same time, the company is also focused on stoking sales of its new generation of inhalers, as its top-selling asthma treatment Advair faces the threat of generic competition in the U.S. next year. The drugmaker, which earns about a third of its sales there, has benefited from a record plunge in the British pound that has boosted its repatriated earnings.
Sales for the quarter climbed 23 percent to 7.54 billion pounds ($9.2 billion), compared with a 7.27 billion-pound average estimate from analysts. Total respiratory sales grew 8 percent, driven by the growth of new products which exceeded the decline in Advair sales.
Glaxo shares rose 1 percent to 1,645 pence as of 12:14 p.m. in London trading. Before today, the stock had risen 19 percent this year.
The drugmaker reiterated its profit forecast for 2016, saying core earnings per share will increase 11 percent to 12 percent at constant-exchange rates.
Source: Bloomberg
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