Big pharma: GSK beats forecasts, but Novartis lags
STORY: There were varied fortunes Wednesday (February 1) for two of the big names in pharmaceuticals.
GSK said it beat forecasts in the fourth quarter.
The UK giant reported sales of just over $9.1 billion, comfortably above expectations.
It’s benefited from a strong performance by blockbuster shingles drug Shingrix.
That alone generated sales of close to $1 billion.
The numbers come after years of underperformance relative to rivals.
It will also be seen as an endorsement of the company’s move last year to spin off its consumer products arm.
However, some analysts question the firm’s future prospects, pointing to a lack of promising new drugs.
GSK shares were trading broadly flat by early afternoon.
Swiss peer Novartis saw a relatively flat quarter.
Operating income came in largely unchanged, and below expectations, at $16.7 billion.
Now it says income should grow by a “mid single digit” percentage rate this year.
It’s pressing ahead with plans to cut costs and spin off its generic medicines unit, Sandoz.
Novartis shares were down over 2.5% by early afternoon.
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