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GlaxoSmithKline lifts dividend as sales rise
Wednesday, 25th April 2012
GlaxoSmithKline has increased its first quarter dividend by 6% to 17p per share after sales rose by 2% to £6,640m at constant exchange rates.Core operating profits were up 3% at £2,071m and core earnings per share rose 7% to 27.3p - both at constant exchange rates.
Chief executive Sir Andrew Witty said: "This quarter marked continued progress for the Group as we returned to reported sales growth, delivered additional R&D pipeline output and maintained our focus on returns to shareholders through dividend growth and share repurchases.
"Despite continued economic pressure and political instability in many markets and several demanding comparators with Q1 last year, total sales rose 2%.
"This performance reflects the resilience of our business and the investments we have made to increase the breadth and mix of the group.
"The US pharmaceuticals and vaccines business grew 9% this quarter.
"Growth benefited from incremental revenue related to the conclusion of our co-promotion agreement for Vesicare together with growth in Advair and an encouraging performance from new products, particularly in oncology.
"European markets remained challenging and despite good progress on new launches in a number of therapeutic areas, particularly cardiovascular/urogenital and oncology, the continued implementation of government austerity measures left 'pharmaceuticals and vaccines' sales down 6%."
At 2:26pm: (LON:GSK) GlaxoSmithKline share price was -40.75p at 1416.75p
Story provided by StockMarketWire.com
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