GSK Gsk Plc

By Cecilia Butini

GlaxoSmithKline PLC said Wednesday that first-quarter profit declined on lower revenue, and backed its 2021 outlook for declining adjusted EPS.

The British pharmaceutical company posted net profit of 1.07 billion pounds ($1.49 billion) for the quarter, down from GBP1.57 billion for the same period of last year. The figure undershot a consensus estimate provided by the company, which had forecast net profit at GBP1.09 billion.

Adjusted earnings per share stood at 22.9 pence in the period, compared with 37.70 pence the year prior. This was above a consensus estimate of 21.33 pence, provided by FactSet.

Pretax profit in the quarter was GBP1.52 billion, down from GBP1.84 billion for the same period a year earlier.

Sales fell to GBP7.42 billion in 1Q from GBP9.09 billion a year prior and was short of a consensus estimate of GBP7.83 billion.

GlaxoSmithKline backed its outlook for 2021 and said it expects adjusted EPS for 2021 to drop by mid- to high-single-digit percentage at constant exchange rates. The company said it continues to expect meaningful improvements in revenue and margin for 2022.

The board declared a dividend of 19 pence for the quarter and continues to expect 80 pence a share for the full year.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

April 28, 2021 07:42 ET (11:42 GMT)

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