whats the prediction for tomorrow's earnings? More than 5%? More than 10%? Or will there be an earnings disappointment? How many times will Dingo clear his throat during the earnings call?
U.K. pharma giant GlaxoSmithKline highlighted the effects of the falling value of sterling on its second-quarter results as it reported a net loss for the quarter of £492 million ($644 million) against a £115 million profit a year ago that reflected the "impact of significant Sterling currency adjustment" of liabilities. The company added that it has continued to monitor the impact of the U.K.'s vote to leave the European Union and had plans in place to mitigate any effects. It added that the company will benefit in 2016 from sterling's slide as most of its sales are overseas. Earlier Wednesday, the UK company, which recorded group sales of £6.5 billion in the second quarter, announced a £275 million of new investments in three drug manufacturing sites in the country, in a move to signal its confidence in the U.K. The company has also has bought the global rights to an experimental drug from Johnson & Johnson for up to £175 million ($230 million), raising its bet on a new generation of biotech medicines for severe asthma. GSK plans to investigate the drug's potential in Phase II studies starting next year. The medicine is unlikely to reach the market before around 2023, according to Dave Allen, GSK's head of respiratory R&D. Reuters contributed to this report.
U.K. pharma giant GlaxoSmithKline highlighted the effects of the falling value of sterling on its second-quarter results as it reported a net loss for the quarter of £492 million ($644 million) against a £115 million profit a year ago that reflected the "impact of significant Sterling currency adjustment" of liabilities. The company added that it has continued to monitor the impact of the U.K.'s vote to leave the European Union and had plans in place to mitigate any effects. It added that the company will benefit in 2016 from sterling's slide as most of its sales are overseas. Earlier Wednesday, the UK company, which recorded group sales of £6.5 billion in the second quarter, announced a £275 million of new investments in three drug manufacturing sites in the country, in a move to signal its confidence in the U.K. The company has also has bought the global rights to an experimental drug from Johnson & Johnson for up to £175 million ($230 million), raising its bet on a new generation of biotech medicines for severe asthma. GSK plans to investigate the drug's potential in Phase II studies starting next year. The medicine is unlikely to reach the market before around 2023, according to Dave Allen, GSK's head of respiratory R&D. Reuters contributed to this report.
Earnings were slight above analyst predictions. What I find to be more intriguing was Sir AW plea for the UK to not leave the EU. Brexit was announced and immediately the conversion of dollars earned (mostly in the U.S.) vs the pound created higher profits for GSK. AW was born with a silver spoon in his mouth. He is a liberal elite and does not understand the the needs of the common man. Is he a philanthropist? Yes. Easy to be one when you use other peoples money. Do not confuse recent quarterly earnings with AW competence. Even a broken clock is right two times a day.
Whilst you denigrate Sir Andrew, he led GSK to a brilliant quarter. Please do not disrespect this incredible talent. He is and has always been a charitable person. GSK would be wise to retain him.
I agree, it would give me great comfort to look out the windows in RTP and see him cutting the grass on a tractor to ensure the "For Sale" sign outside the building is clearly visible to interested suitors.
Of course he is charitable. It's not his money that he is giving away..It's the company's money! It's the shareholders money! You see, when you are a person who has never really had to work because you were born into wealth and privilege, you have no frame of reference of what it is like to be middle-class. He went to private prep-schools growing up and just like barack obama, was prematurely placed into the highest level in his respective profession. what happens when you promote youth and privilege? You get ineptitude! Lack of life experience and wisdom. You get a stock price that had underperformed. Oh, but look at the stock price now say you. Brexit, a position AW was adamantly against, is largely responsible for the recent uptick. During AWs tenure, GSK could have bought another company in order to bolster its pipeline. Instead we have had two layoffs and a recent re-org. We swapped oncology products for a vaccine vaccine division with NO contracts and a volume based strategy. All the while he condemns the U.S. and tolerates our business as we drive the lions share of the company profits. When he leaves, we will be in better hands.
Dear upper management, Did you ever consider the fact that you didn't see a lift in repiratory sales, right after the national meeting, because you are looking at numbers around the Fourth of July week and vacations soon after that week? Not to mention that most CVMU reps were spending those first several weeks learning new routing, new customers, new managers, new partners, etc....? Not very uplifting when you sound so out of touch. Have a little patience please. It will happen!
