GlaxoSmithKline reports strong performance in first quarter of 2017

GlaxoSmithKline has announced its financial results for the first quarter of 2017, during which it delivered a three-month sales total of 7.4 billion pounds.

This represents a year-on-year increase of 19 percent, or five percent at constant exchange rates. The company was able to achieve growth across all three of its primary divisions of pharmaceuticals, vaccines and consumer healthcare.

During the quarter, the firm experienced an improved operating margin, reflecting leverage from sales growth, focus on costs and benefits of restructuring, while its net cash flow was also up.

New product sales were up to 1.4 billion pounds – a 72 percent year-on-year increase – and remain on track to deliver six billion pounds in sales by 2018. The firm also reported positive clinical trial data for therapies such as Nucala and Shingrix.

Emma Walmsley, the new chief executive officer of GlaxoSmithKline, said: "This is a positive start for the year, with sales growth in all three of our businesses and an improvement in
the group's operating margin."

Ms Walmsley took the reins at GlaxoSmithKline at the start of this month, following the retirement of her predecessor Sir Andrew Witty.

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