(Recasts, adds details, CEO quote)
By Pushkala Aripaka and Ludwig Burger
April 28 (Reuters) - GSK confirmed plans to split in two
were "well underway" on Wednesday after exceeding analysts'
first-quarter earnings forecasts as an easing of COVID-19 curbs
meant more clinic visits for critical treatments such as HIV and
routine shots.
The British drugmaker said it would provide details on June
23 on its plan to separate into an over-the-counter products
business and another for prescription medicines and vaccines and
its chief executive Emma Walmsley said she was focused on the
broader transformation of the company.
GlaxoSmithKline Plc, which is preparing to split
into two next year, has fallen behind in the coronavirus
vaccines race and its broader strategy is in focus after a
report that U.S. activist investor Elliott built up a
significant stake.
GSK said that turnover for the three months to March fell
15% to 7.42 billion pounds ($10.28 billion) at constant currency
rates, while adjusted earnings stood at 22.9 pence per share.
Analysts had expected adjusted earnings of 21.9 pence per
share and sales of 7.83 billion pounds, a company-compiled
consensus https://www.gsk.com/en-gb/investors/analyst-consensus/analyst-consensus
of 17 analysts showed.
GSK last year launched the split plan, which involves
merging its over-the-counter products business into a venture
with Pfizer and separating this from its prescription
medicines and vaccines units.
Investments to prepare for this have hurt earnings, but GSK
hopes the streamlined operations will pay off in the long term.
"I'm very focused on leading GSK through that successful
separation and beyond," Walmsley said during a conference call
following the release of GSK's results.
($1 = 0.7215 pounds)
(Reporting by Pushkala Aripaka in Bengaluru and Ludwig Burger
in Frankfurt; Writing by Alexander Smith; Editing by Keith Weir)
Glaxosmithkline (GSK)