Worrisome first quarter from GSK and shares drop 4%

GlaxoSmithKline yesterday announced its first-quarter financial results. Investors were disappointed and lost interest in the company’s shares, which declined by over 4% (London).  Sales from the London-based group were GBP7.2bn, consistently with expectations, despite the pound strengthening against the dollar. However, there was concern over Advair’s drop (-30%), only partially offset by the new product Ellipta (+29%). Positive results, instead, came from the new herpes zoster drug Shingrix, which generated GBP110m in the NAFTA countries, instead of the predicted GBP40m–it is expected to reach GBP400m  before December. GSK’s management has not changed the current year predictions–sales are expected to grow by 4 to 7%.

(Source: GSK)