GSK pummeled by pound's recovery in 1st-qtr results

25 April 2018

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).

This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Try before you buy

Free

7 day trial access

Take a Free Trial

All the news that moves the needle in pharma and biotech
Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
Receive The Pharma Letter daily news bulletin, free forever.

Become a subscriber

£820

Or £77 per month

Subscribe Now

Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
Daily roundup of key events in pharma and biotech.
Monthly in-depth briefings on Boardroom appointments and M&A news.
Choose from a cost-effective annual package or a flexible monthly subscription

The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK