GlaxoSmithKline (LON:GSK) reported a 19 percent jump in profits for the quarter, driven in part by the pound’s weakness.
The UK-based drug-maker reported a lift in sales, which hit £7.4 billion in the three months to March 31, up from £6.2 billion a year previously and higher than market forecasts for the company. Moreover, adjusted operating profit for the period rose 30 percent to £1.98 billion, alongside the 19 percent jump in revenue.
GSK makes the majority of its revenue in other currencies, and as consequence have benefited from the devaluation of the pound sterling in recent months.
This marks a successful start for Chief Executive Emma Walmsley, who took over from Sir Andrew Witty earlier this month.
Walmsley has been involved with the company since she moved from French cosmetic giant L’Oreal (EPA:OR) back in 2010. In a statement, she praised the company’s “positive start to the year”.
“Our clear focus is on commercial execution and preparation for near-term launches in respiratory, HIV and vaccines,” She added.
The company noted that three divisions witnessed growth across the period. These included pharmaceuticals, vaccines and consumer healthcare sectors of the business.
Nevertheless, the company remained relatively cautious with respect to future economic outlook for the year. However, the company said it was”not able to give guidance for total results as we cannot reliably forecast certain material elements”.
GSK did however confirm its previous guidance that said that if no rival version of its successful Advair asthma drug is introduced to the US market, then its earnings would continue to see boosts of up to 7 percent for the remainder of the year. However, should one enter the market, earnings could take a negative turn potentially flat-lining.
The pharmaceutical group confirmed it will pay a 19p dividend for quarter, and expects a 80p payout for full-year 2017 overall.
Shares in GlaxoSmithKline are currently down 1.53 percent as of 14.04PM (GMT).