Drugmaker GSK says first quarter revenue dropped 2 percent

FAN Editor

Pharmaceutical and consumer goods maker GlaxoSmithKline says first-quarter revenue dropped 2 percent as a stronger pound offset encouraging sales of a new shingles treatment.

The company said in a statement Wednesday that revenue rose to 7.22 billion pounds ($10.1 billion) from 7.38 billion pounds in the same period last year. Net income fell 48 percent to 549 million pounds as GSK took a 495 million pound charge related to the revaluation of the consumer healthcare business after it agreed to acquire full ownership of the joint venture.

Continue Reading Below

Sales of the shingles treatment Shingrix totaled 110 million pounds in its first full quarter on the market.

CEO Emma Walmsley says GSK’s main priority is to strengthen the pharmaceuticals business and the pipeline of drugs under development.

Free America Network Articles

Leave a Reply

Next Post

Graphic animation reveals how school shooter carried out massacre

COCONUT CREEK, Fla. — Faulty classroom design and failures in the police radio and 911 systems contributed to the chaos and deaths during the recent Florida high school massacre, a commission investigating the shooting was told at its first meeting Tuesday. Broward Sheriff’s Office Detective Zachary Scott told the Marjory […]