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Mumbai - GlaxoSmithKline, the UK’s biggest drug maker, posted fourth-quarter earnings that missed analysts’ estimates as sales at its pharmaceutical unit declined.
Profit excluding certain costs dropped 23% to £1.36bn ($1.97bn), the London-based company said in a statement on Wednesday. That missed the £1.47bn average of nine analysts’ estimates compiled by Bloomberg. Core earnings per share of 18.1 pence matched the average of analyst estimates.
The drug maker reiterated its earnings forecast for 2016, saying that core earnings per share are expected to reach “double digit” percentage growth this year, assuming that exchange rates don’t change.
Shares of Glaxo rose 1.7% to 1,450 pence as of 12:52 p.m. in London trading as sales for the quarter climbed 2% to £6.29bn, compared with a £6.26bn average estimate from analysts.
Revenue from its blockbuster respiratory medicine Advair was £1.03bn, beating analysts’ estimate of 910.1 million pounds.
Sales at Glaxo’s pharmaceuticals business fell 1 percent to £3.76bn even as HIV drugs’ revenue soared 51%. The vaccines business shrank 1% to £963 while the consumer health unit expanded 5% to £1.56bn.
Revenue from Glaxo’s other key drugs in the fourth quarter:
* Triumeq at £289m versus estimate of £256.3m
* Tivicay at £174m versus estimate of £180.3m
* Breo at £99m versus estimate of £79.7m
* Anoro at £30m versus estimate of £30.3m
* Avodart at £110m versus estimate of £145.3m
