Boost: Glaxo CEO Emma Walmsley (pictured)
GlaxoSmithKline reported rising sales yesterday, but shares fell on concerns about its vaccines division.
Revenue rose 8 percent to £15.25 billion, a boost for Emma Walmsley, CEO of the pharmaceutical giant, driven by cancer and HIV treatments, while profits rose 18 percent to £2.5 billion.
That led to an upgrade in earnings estimates, although the company cut sales forecasts for its vaccines division.
“The strong performance was broad-based, although sales of the shingles vaccine Shingrix fell 4 percent,” said analyst Derren Nathan at Hargreaves Lansdown.
‘While GSK’s results exceeded expectations and the full-year outlook has been revised, the vaccines division is lagging behind.’
Russ Mould of AJ Bell said: ‘Shingle handling is the problem child that has underperformed in the US.’ The shares fell 2 per cent, or 30.5p, to 1,512p