(Alliance News) - GlaxoSmithKline PLC on Wednesday said its first quarter results are in line with expectations and has reconfirmed its 2021 and 2022 guidance.
The Brentford, England-based pharmaceutical company reported revenue in the first quarter was down 18% year-on-year to GBP7.41 billion and down 15% at constant currency.
GSK's operating profit in the first quarter was down 16% year-on-year to GBP1.68 billion and down 8% at constant currency. The company said these decreases were a result of stocking and pandemic disruption, reflecting the expected year-on year impact from Covid-19.
GSK declared a 19 pence dividend payout for the first quarter and is continuing to expect an 80p per share dividend for 2021.
Shares in GSK were up 0.4% at 1,343.20p in London on Wednesday.
"Our first quarter results are in line with our expectations and reflect the anticipated impacts of Covid-19. We continue to expect a significant improvement in performance over the remainder of the year and reconfirm our guidance for 2021 and 2022 outlook. The launch of Cabenuva for HIV and Phase III starts for our RSV vaccine and a new long-acting treatment for severe asthma are key milestones as we continue to strengthen our growth prospects. Separation plans are also well underway and we look forward to sharing our strategy and growth outlook for New GSK with investors in June," said Chief Executive Emma Walmsley.
Looking ahead, GSK said it continues to expect 2021 adjusted earnings per share to decline by a mid to high-single digit percent. Its 2022 outlook remains unchanged, with "meaningful improvements expected in revenue and margins," it added.
By Zoe Wickens; zoewickens@alliancenews.com
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Glaxosmithkline (GSK)