GlaxoSmithKline plc Shares Sink on Q1 Earnings Miss
GlaxoSmithKline plc (ADR) (NYSE:GSK) stock was down on Wednesday following an earnings miss for the first quarter of 2018.
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GlaxoSmithKline plc (ADR) reported earnings per share of 68 cents for the first quarter of the year. This is an increase over its earnings per share of 63 cents from the same time last year. However, it was bad news for GSK stock by coming in below Wall Street’s earnings per share estimate of 69 cents for the period.
Operating profit reported by GlaxoSmithKline plc (ADR) for the first quarter of 2018 was $1.73 billion. This is a drop from its operating profit of $2.40 billion that was reported in the first quarter of 2017.
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Revenue reported by GlaxoSmithKline plc (ADR) for the first quarter of 2018 was $10.06 billion. This is down from its revenue of $10.29 billion that was reported in the same period of the year prior. It also wasn’t able to reach analysts’ revenue estimate of $10.37 billion for the quarter.
GlaxoSmithKline plc (ADR) also provided its outlook for the full year of 2018 in its most recent earnings report. The company says that it is expecting earnings per share for the year to grow by 4% to 7% from last year. However, it notes that this is only if there isn’t a generic version of Advair introduced in the US in 2018. If a generic drug is introduced, it expects 2018 earnings per share to be flat to down 3%. Wall Street is looking for earnings per share of $2.93 for the full year of 2018.
GSK stock was down 3% as of noon Wednesday.
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As of this writing, William White did not hold a position in any of the aforementioned securities.
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