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(Adds details on quarter)
Feb 5 (Reuters) - GlaxoSmithKline on Wednesday
reported quarterly profit that fell short of analysts'
expectations because of pricing pressure, mainly hitting its
respiratory drugs, and the drugmaker said adjusted earnings for
the year could fall as much as 4 percent.
GSK shares were down 2.6% at 1,767.8 pence as of 1226 GMT.
The company said it has begun its planned split into two
companies following the merger of its over-the-counter products
into a venture with Pfizer.
Sales rose 11% to 8.90 billion pounds ($11.62 billion) in
the three months ended Dec. 31 at constant currency, while
adjusted earnings were 24.8 pence per share.
Analysts on average had expected fourth-quarter earnings of
25.8 pence on turnover of 9 billion pounds, according to a
company-compiled consensus https://www.gsk.com/en-gb/investors/analyst-consensus/analyst-consensus
of 15 analysts.
GSK now expects 2020 adjusted profit to be down 1% to 4%
after 2019 adjusted earnings rose 1% to 123.9 pence per share.
The forecast did not include any potential impact on its
business from the coronavirus outbreak that has killed nearly
500 people in China.
Pharmaceuticals sales in the quarter fell 4 % to 4.56
billion pounds, with HIV sales coming in at 1.26 billion pounds.
Vaccines turnover grew 21% to 1.74 billion pounds, primarily
driven by growth in sales of Shingrix
Vaccines and treatments including for HIV will play a larger
role in driving GSK's growth, after its over the counter
products unit was folded into a joint venture with Pfizer
under Chief Executive Officer Emma Walmsley's plan to
rejuvenate GSK. She has spun off or sold a number of businesses
and products.
($1 = 0.7662 pounds)
(Reporting by Pushkala Aripaka and Ankur Banerjee in Bengaluru;
Editing by Bernard Orr)
