GlaxoSmithKline slashes forecast as 2nd-qtr sales and earnings fall sharply
UK pharma giant GlaxoSmithKline (LSE: GSK) saw its shares fall 3.9% to £45.94 shortly after the company reported disappointing second-quarter 2014 financial results, and chief executive Sir Andrew Witty admitted that "it is now unlikely that we will deliver sales growth this year."
GSK announced turnover of £5.56 billion ($9.49 billion) for the quarter, a decline of 4% from the same time in 2013, hit by falling sales in its Pharmaceuticals and Vaccines segment, and its Consumer Healthcare division. Analysts polled by Bloomberg had expected turnover of £5.75 billion. Profit excluding certain items fell 25% to £1.41 billion. Core earnings came in at 19.1 pence per share, down 12% and below the 22 pence forecast on average by analysts. Pretax profits tanked 23% to £986 million from £1.29 billion.
Expects 2014 earnings broadly similar to 2013
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