GlaxoSmithKline expects earnings to fall by a mid-to high-single-digit percentage this year due to Covid disruptions and investments in new drug pipelines, according to Reuters. The world’s biggest vaccine maker by sales also holds its plans to split into two businesses.
- GSK’s turnover for the fourth quarter of 2020 fell 2% to 8.74 billion pounds or $11.9 billion while adjusted earnings was 23.3 pence per share, both slightly higher than forecasted.
- Instead of developing its own Covid vaccine, GSK has focused on supplying its vaccine booster to other drugmakers.
- The company has faced two major setbacks in vaccine development as its project with Sanofi was delayed, while China’s Clover ended its deal with GSK on Monday.
- Last year, GSK launched a two-year programme to split into two after the merger of its over-the-counter products business into a venture with Pfizer.
GlaxoSmithKline stock is currently declining. GSK: NYSE is down 4.63% on premarket.
