GlaxoSmithKline Reports Profit in Q4 (GSK)
GlaxoSmithKline Plc (ADR) (NYSE: GSK), the U.K.-based global healthcare group engaged in the creation and discovery, development, manufacture and marketing of pharmaceutical products, today, announced its fourth-quarter financial results. The company returned to a profit in its fourth quarter as it benefited from lower restructuring costs and reduced overheads.
For the quarter ended December 31, 2011, GlaxoSmithKline reported a profit of 1.25 billion pounds ($1.98 billion), compared with a loss of 633 million pounds reported for the same period in the previous year. The company’s fourth-quarter profit fell slightly short of Street estimates.
GlaxoSmithKline’s sales for the quarter fell 3% to 6.98 billion pounds. The company’s sales for the quarter also fell short of estimates.
For the full year 2011, GlaxoSmithKline reported net profit of 5.26 billion pounds, compared with 1.63 billion pounds reported for the full year 2010. The company’s revenue for 2011 dropped 3.5% to 27.4 billion pounds.
GlaxoSmithKline also said that it plans to extend its share repurchase program by 1 billion pounds to 2 billion pounds. The company spent 2.2 billion pounds on share repurchases in 2011.
Andrew Phillip Witty, CEO of GlaxoSmithKline, said that as the company goes into 2012, it is mindful of the potential pressures it faces given the current global political and economic environment. However, the company continues to expect to drive further shareholder returns as it seeks to grow sales across its broadly based business and improve operational leverage and financial efficiency to deliver strong cash generation.
GlaxoSmithKline ADRs are down in trading today. At last check, the ADRs were down 0.78% to $44.74 on volume of 1.89 million.
GlaxoSmithKline ADRs gained 14.34% in the last one year.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht. |
