Wednesday, July 24, 2013

GSK Q2 2013 Results - Posts 4% Core EPS growth on sales growth of 2%

GSK announced its Q2 2013 results, group sales increased by 2%. Pharmaceuticals and Vaccines sales +1%: US +5% with strong growth in Respiratory, Oncology and EMAP; Vaccines, EMAP +2% (negatively impacted by timing of vaccine tender shipments, Pharma +7%), Europe flat and Japan -5% (primarily reflecting generic erosion of Paxil) – Consumer Healthcare +2% (+5% excluding divestments)

Impact of ongoing China Investigation

According to Andrew Witty, he clearly expects to see some impact of the ongoing China investigation to GSK's performance in China, but it is too early to quantify the extent of this.

Guidance for 2013

Continue to expect core EPS growth in 2013 of 3-4%, with turnover growth of around 1% (both CER)

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