Headline results for the fourth quarter:
Prescription drug sales |
£4.6 billion ($6 billion) |
-5% |
Overall revenue |
£8.9 billion ($11.6 billion; forecasts of £9 billion) |
+9% |
Profit |
£1.5 billion ($2 billion) |
+17% |
Note: All changes are versus the prior-year period unless otherwise stated
What the company said:
CEO Emma Walmsley noted that GlaxoSmithKline "delivered a good performance in 2019 with growth in sales and earnings." The executive said "we are also preparing for the future, starting a new two-year programme to get GlaxoSmithKline ready for separation" with the set up of "two new leading companies in biopharma and consumer healthcare."
Other results:
Looking ahead:
GlaxoSmithKline expects adjusted earnings per share this year to decline in the range of 1% to 4% at constant exchange rates. "This guidance excludes any impact in 2020 from any further material divestments beyond those previously announced and any potential impact on our business from the coronavirus outbreak," the drugmaker noted.
The company also indicated that additional one-time costs to prepare the consumer healthcare unit for separation are estimated at £600 million ($780 million) to £700 million ($909 million).
Pipeline updates:
GlaxoSmithKline said it has ended development of the PI3Kb inhibitor GSK2636771, which was in Phase I/II testing for advanced solid tumours with phosphatase and tensin homologue deficiency, "as part of ongoing portfolio prioritisation." In addition, the targeted BET inhibitor GSK3358699, which was in early-stage testing for rheumatoid arthritis, has been "moved back to research," although the company did not provide specifics. Meanwhile, following the recent failure of the HIV vaccine candidate HVTN 702, a regimen comprising GlaxoSmithKline's GP120 protein subunit vaccine and Sanofi's ALVAC-HIV canarypox-based vaccine, the UK drugmaker stated that "further development of this vaccine candidate has been discontinued."
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