GSK delivers Q3 sales of £8.1 billion, +3% AER, +6% CER

On October 31, 2018 GlaxoSmithKline reported 2018 third quarter results (Press release, GlaxoSmithKline, OCT 31, 2018, View Source [SID1234530551]).

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Financial highlights
• Group sales £8.1 billion. Pharmaceuticals £4.2 billion, +1% AER, +3% CER; Vaccines £1.9 billion, +14% AER, +17% CER; Consumer Healthcare £1.9 billion,-1% AER, +3% CER
• Adjusted Group operating margin of 31.2%,-0.3 percentage points AER; +0.2 percentage points CER. Pharmaceuticals 32.2%; Vaccines 43.0%; Consumer Healthcare 22.0%
• Total EPS 28.8p +16% AER, +23% CER
• Adjusted EPS 35.5p +10% AER, +14% CER
• YTD free cash flow £2,375 million (2017: £1,668 million)
• 19p dividend declared for the quarter. Continue to expect 80p for FY 2018
• Now expect 2018 Adjusted EPS growth of 8-10% CER

Product and pipeline highlights
• Total New Respiratory product sales £645 million, +39% AER, +40% CER; Ellipta sales £500 million, +34% AER, +35% CER; Nucala £145 million, +59% AER, +62% CER
• Tivicay and Triumeq sales £1.1 billion +12% AER, +13% CER. Juluca sales £37 million
• Shingrix sales £286 million. Now expect £700-750 million sales for FY 2018
• New two-drug regimen dolutegravir (DTG) and lamivudine (3TC) for HIV filed in US and Europe
• Positive phase III study results received for new HIV therapy cabotegravir+rilpivirine (FLAIR/ATLAS)
• Clinical study initiated for use of BCMA in second line treatment of multiple myeloma
• New phase II efficacy and safety data for aGM-CSF in rheumatoid arthritis presented at ACR and supports further clinical development
• R&D prioritisation continues with resources reinvested in priority projects following termination of several pipeline programmes as data thresholds not met
• Positive phase II data for candidate TB vaccine published in NEJM