Ticker GSK

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As of 21:19 27 Feb 2020
Market cap. Pound sterling
81,336.03 million
As of 21:19 27 Feb 2020

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GSK raises earnings outlook

GSK building
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Pharma giant GlaxoSmithKline has raised its earnings outlook after a lower tax bill.

The company's third quarter revenue was £9.39bn, against an expected £9.04bn.

The drug maker said it now expects no change in its adjusted earnings per share compared to last year, after previously saying it expected them to fall by between 3% and 5%.

"This quarter we have continued to strengthen our pipeline and have advanced assets in respiratory, HIV and, notably, oncology, where we are on track to file three innovative medicines by year end, following positive pivotal trial data," said boss Emma Walmsley.

GSK enterprise fund pays out first grant to help firm grow

A local technology firm is expanding, thanks to the first grant from a fund, set up to limit the impact of about 200 job losses at the Glaxo factory in Ulverston.

GlaxoSmithKline provided a £500,000 fund when it announced it was more than halving the workforce at the Ulverston plant.

Computer firm Millerwaite is being given the funding to to help it sell business support software around the world.

Owen Collar, Millerwaite

It's going to turbo-charge the development of the software, we're going to add six people, we need the people to push the software forward, we want to go global with the software."

Owen Collar

GSK flogs vaccines to rival for £822m

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GlaxoSmithKline, the pharmaceutical giant, says it will sell two travel vaccines to a rival for €955m (£822m) as it plans to invest more in cancer treatments.

It sold Rabipur, which is a vaccine against rabies and Encepur, which is to prevent of tick-borne encephalitis, to Bavarian Nordic.

GSK bought the treatments from Novartis in 2015.

GlaxoSmithKline tops the FTSE 100 risers

GlaxoSmithKline shares are leading the FTSE 100 risers, up 2% at £17.60 after it reported that its therapy for a form of ovarian cancer reduced the risk of disease progression or death by 38% in a late-stage study.

Whitbread is the biggest faller so far on Monday, down 1.5% at £43.97.

The FTSE 100 is flat at 7,426.77.

The FTSE 250 is marginally lower at 19,952.43.

Glaxo profit drop to be less than expected

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GlaxoSmithKline said it expected its fall in full-year profit to be less than previously thought after it beat profit expectations for the second quarter due to demand for its fast-growing Shingles vaccine.

It also appointed HSBC deputy chairman Jonathan Symonds to succeed Sir Philip Hampton as non-executive chairman.

Mr Symonds is a former chief financial officer of Novartis and AstraZeneca.

'The signs are promising at GSK'

Today Programme

BBC Radio 4

Glaxo Smith Kline sign
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Ahead of Glaxo Smith Kline's results tomorrow, Trinity Delta analyst, Mick Cooper, has said "the signs are promising" at the pharmaceutical giant.

Emma Walmsley took over as chief executive two years ago and she has led a major shakeup at the company, getting rid of around 40% of its top management.

Mr Cooper said the company had made some mistakes before Ms Walmsley took over.

"The company made the wrong bets, it positioned itself for a world without blockbuster [drugs], incorrectly," he said.

He said it was "absolutely crucial" for pharmaceutical firms to get research and development right because getting it wrong can "destroy future growth".

However, he warned that it would take a long time to see a return on investment because it takes about 12 years to get a product through the development process.

Business to meet Trump during UK visit

Emma Walmsley, chief executive of GSK

Sky News is reporting that a whole host of businesses will have a meeting with Donald Trump during the US President's trip to Britain next week.

Barclays, GlaxoSmithKline, BAE Systems and Reckitt Benckiser are among those who will sit down for a chin-wag with Mr Trump next Tuesday.

Emma Walmsley, boss of GSK (pictured) and Barclays chief executive Jes Staley will attend the meeting, according to Sky News.

GSK - give it time

GSK logo
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GlaxoSmithKline's first quarter results were published earlier.

Nicholas Hyett, Equity Analyst at Hargreaves Lansdown says the company should be given the benefit of the doubt - at least for now.

“Product sales coming in ahead of market expectations is certainly welcome news for GSK, especially given the headwind presented by generic competition to the group’s blockbuster asthma treatments in the US. It’s testament to the strong performance of Glaxo’s vaccines and new respiratory treatments – both of which have delivered good growth in the key US market.

"However, GSK has again struggled to turn profits into cash, an area where it’s a serial offender,", he said, with net debt increasing significantly year-on-year.

"Still investors should probably give GSK the benefit of the doubt, at least for now. The labs are busy, and recent product launches have performed well," he said.

The shares up 0.4% at 1,579.5p.

'Strong start' for GSK

GSK office
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GlaxoSmithKline has published results for the first quarter.

The pharmaceutical company reported sales of £7.7bn and 10% rise in operating profit to £1.4bn.

"We have made a strong start to 2019, which is an important year of execution for GSK, with growth in sales, operating margins and earnings per share in Q1, in line with our expectations," Emma Walmsley, chief executive said.

"Strengthening our pipeline remains our number one priority and we reported positive data for several potential new medicines in HIV and oncology during the quarter," she said.

The company is combining its consumer healthcare businesses with Pfizer's.

Date set for Ulverston GSK job losses

The first of almost 200 workers to be made redundant at the GlaxoSmithKline plant in Ulverston will finish in June, the company says.

Glaxo plant

Between 40 and 50 people have now been told they will go, with 187 in total due to leave by December 2020.

The redundancies follow a decision by the multinational pharmaceutical firm to to produce only tablet forms of its antibiotics at the plant and not liquids.

About 150 workers will remain.