GSK reports 2Q14 results, lowers 2014 guidance
GlaxoSmithKline plc (LSE:GSK; NYSE:GSK) reported 2Q14 financial results on Wednesday that missed consensus EPS and sales estimates; the pharma also lowered its 2014 guidance. The pharma's 2Q14 core EPS dropped 12% to 19.1p and missed the Street's 21.35p estimate, while sales in the quarter were off 4% to L5.6 billion ($9.5 billion), missing the Street's L5.8 billion ($9.9 billion) estimate. Pharmaceutical sales were down 6% to L3.8 billion ($6.4 billion) compared to 2Q13.
Pharmaceutical and vaccines sales growth in emerging markets was adversely affected by about four percentage points, the pharma said, due to the ongoing investigation in China regarding allegations of bribery and tax crimes. Total sales in China were down 25% in the quarter to L129 million ($219.6 million) (see BioCentury Extra, July 11, 2013). ...