Financial Reports: GlaxoSmithKline

GlaxoSmithKline 1Q13*

1Q Revenues: £6.5 billion (-2%)

1Q: Earnings: £1.5 billion (-24%)

Comments: Combined pharmaceuticals and vaccines sales were down 2% (£5.1 billion), including a 6% drop in the U.S (£1.7 billion), -3% in Europe (£1.3 billion), and -6% in Japan (£447 million). Pharma sales worldwide were £4.4 billion (-1%) while vaccines fell 11% to £680 million. The respiratory franchise grew 6% to £1.9 billion, with Advair sales of £1.3 billion (+4%) and Flovent sales +7% to £213 million. The loss of Vesicare revenues, as a result of terminating a co-promotion partnership, led to a drop of £176 million in U.S. revenues. GSK announced plans to form a Global Established Products portfolio, covering more than 50 brands with 2012 sales of £3 billion, which will be be co-ordinated and reported separately from January 2014.

* All figures in GBP (£)