Image Courtesy: iStock

UK’s biggest drugmaker GlaxoSmithKline (GSK) on Wednesday announced its 2018 full year fourth quarter results and the company’s annual net profit doubled in 2018, sending its shares up by 1.8 percent during the day’s trading.

Sales of Shingrix, Shingles vaccine launched in 2017, helped GSK to boost the profits as it more than doubled in the quarter to £221 million. The sales of Advair asthma drug fell 20 percent to £647 million.

“GSK delivered improved operating performance in 2018 with Group sales growth, strong commercial execution of new product launches, especially Shingrix, continued cost discipline and better cash generation,” Emma Walmsley, GSK’s Chief Execuive Office, said.

The quarterly sales marked a seven percent rise to £8.2 billion and for 2018 as a whole, group sales grew two percent to £30.8 billion.

“We are making good progress against our priority to rebuild our pharmaceuticals pipeline, particularly in oncology. Since July, we have doubled the number of oncology assets in clinical development to 16 through the advancement of our internal programmes and with targeted business development including the recently completed acquisition of Tesaro and our new alliance with Merck KGaA that is expected to close in Q1 2019,” she added.

GSK is expecting earnings per share to fall by up to nine percent as US recently approved a generic competitor to Advair.

LEAVE A REPLY