GlaxoSmithKline sales beat forecasts, as 4th-qtr net income nearly triples

UK pharma giant GlaxoSmithKline’s (LSE: GSK) financial report for fourth-quarter and full-year 2013 pleased investors, with the stock rising 2.2% to £15.88 (having reached as much as £16.09) a couple of hours after release of the figures.

The company reported a fourth-quarter rise in sales of 5% (at constant exchange rates; +2% in sterling) to £6.91 billion ($11.3 billion), beating analysts’ estimates of £6.84 billion, with net income nearly tripling to £2.5 billion versus £848 million, helped by the sale of some businesses. Operating profit leapt 36% (CER) to £2.44 billion. Core earnings per share were 30.1 pence, up 1% at CER and (-7% actual, hit by the strength of the British pound0 and just missing analysts’ expectations of 30.2 pence.

For the full year, sales rose 1% to £26.505, with core operating profit flat at £8.015 billion (-3% in £). Operating profit rose 1% (CER; -4% £) to £7.03 billion. Core earnings per share were 112.2 pence, a rise of 4%.