GlaxoSmithKline highlights positive momentum in first quarter of 2016

GlaxoSmithKline has announced its financial results for the first quarter of 2016, during which it delivered a group sales total of 6.2 billion pounds.

This represents an eight percent year-on-year increase at constant exchange rates on a reported basis, or six percent pro-forma. This was driven by the strong sales of its newer products.

HIV medicines like Tivicay and Triumeq, as well as the respiratory therapies Relvar/Breo, Anoro, Incruse and Nucala, and the meningitis vaccines Menveo and Bexsero, helped to increase its new product sales to 821 million pounds – up from 269 million in Q1 2015.

This momentum, in addition to its cost control and restructuring/integration efforts, helped to drive improved operating leverage and margin delivery across all three of its key business areas.

Its core earnings per share percentage growth is now expected to be between ten and 12 percent at constant exchange rates.

Sir Andrew Witty, chief executive officer of GlaxoSmithKline, said: "This strong first-quarter performance demonstrates the momentum we have across the group, driven by growth in sales of our new products, effective cost control and execution of our restructuring and integration plans."