GSK posts 3rd-qtr results that beat expectations, boosted by weak sterling

UK pharma major GlaxoSmithKline (LSE: GSK) reported third-quarter 2016 financial results today, showing that group sales for the period were up 23% 7.54 billion ($9.15 billion), boosted by the ongoing fall in sterling following the UK’s vote to leave the European Union.

Core operating profit jumped 35% to £2.3 billion, with core earnings per share (EPS) coming in at 32.0 pence, a leap of 39%. Turnover at constant exchange rates only grew 8%, while core operation profit rose 13%. Analysts, on average, had forecast sales of 7.28 billion pounds and core EPS, which excludes certain items, of 29.6p, according to Thomson Reuters. GSK’s shares fell 1.95% to 1,597.75 pence by 1.30 BST.

2016 guidance for core EPS