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LONDON (Alliance News) - GlaxoSmithKline PLC Wednesday said that it now expects to meet its target of GBP6 billion in revenue from new products up to two years earlier than it had previously guided, as it reported core earnings per share ahead of its financial guidance for 2015.
The pharmaceutical giant reported a pretax profit of GBP10.53 billion, significantly up from the GBP2.97 billion it reported a year as a result of an exceptional gain from its deal with Novartis AG, as it saw revenue of GBP23.92 billion, up from GBP23.00 billion a year before.
The company's closely watched core earnings per share fell to 75.7 pence from the 95.4 pence it reported a year before, in line with the company's guidance and consensus expectations of 76 pence.
Glaxo said it continues to expect core earnings per share growth to reach double digits on a constant currency basis for 2016, although it added that is mindful that the "macro-economic and healthcare environment continue to be challenging."
The company proposed a final dividend of 80 pence, in line with the previous year, and confirmed a special dividend of 20 pence per share. It continues to expect to pay a full year dividend of 80 pence for the next two years.
Glaxo said that new product sales were GBP2.0 billion in 2015, and it now expects to reach its target of GBP6.0 billion of new product sales in 2018, rather than its previous guidance of 2020.
"In 2015, we made substantial progress to accelerate new product sales growth, integrate new businesses in Vaccines and Consumer Healthcare and restructure our Global Pharmaceuticals business. This progress means the group is well positioned to return to core earnings growth in 2016," said Chief Executive Officer Andrew Witty in a statement.
Shares in Glaxo were up 0.5% at 1,433.00 pence Wednesday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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