GSK pummeled by pound's recovery in 1st-qtr results
The first quarter 2018 financial results of UK drugmaker GlaxoSmithKline (LSE: GSK) have been hit by the resurgence of the pound, with shares in the company falling sharply after the figures were announced.
GSK reports its financial results in sterling but makes money in US dollars. This has bumped up the figures after the Brexit vote as the pound’s value slumped, but the currency’s growth against the dollar this year has had the opposite effect.
When viewed in sterling terms, or annual equivalent rate (AER), revenue for the quarter was down 2%, at £7.2 billion ($10 billion), though they grew 4% at current exchange rate (CER).
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