GSK shares suffer on lower EPS guidance

Shares in UK pharma major GlaxoSmithKline (LSE: GSK) suffered a 1.5% hit in three hours, dropping to £156.35, after the company presented its second quarter 2017 results.

Sales for the quarter totalled £7.32 million ($9.55 billion), up 12% on the same period of 2016, though this figure is skewed by the weak pound and translates to a 3% constant exchange rate rise, in line with analysts' forecasts.

GSK reported adjusted earnings per share (EPS) of £0.27 for the quarter, up 12% from the previous year at actual exchange rates, but down 2% at CER, and including all exceptional items, the company booked a reported loss per share of £0.04, reflecting charges resulting from increases in the valuation of Consumer and HIV businesses and new portfolio choices.