Ticker GSK

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As of 17:02 05 Jul 2020
Market cap. Pound sterling
81,570.80 million
As of 17:02 05 Jul 2020

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GSK rejects using Ulverston plant to make Covid vaccine

Neil Smith

South Cumbria journalist, BBC Cumbria

The MP for Barrow and Furness has called unsuccessfully on GlaxoSmithKline to use redundant space at its Ulverston site to help to produce a vaccine against coronavirus.

The global drugs giant says this is "not possible" at Ulverston, where more than 180 job losses are planned.

GSK plant at Ulverston

Conservative Simon Fell will be with GSK managers this afternoon for his first meeting of the Taskforce to mitigate the loss of a planned biopharm plant.

The MP says GSK "owes" Ulverston, but the company says the plant there is playing a "critical role" in making antibiotics, and making vaccines is "different and complex".

GSK raises earnings outlook

GSK building
Getty Images

Pharma giant GlaxoSmithKline has raised its earnings outlook after a lower tax bill.

The company's third quarter revenue was £9.39bn, against an expected £9.04bn.

The drug maker said it now expects no change in its adjusted earnings per share compared to last year, after previously saying it expected them to fall by between 3% and 5%.

"This quarter we have continued to strengthen our pipeline and have advanced assets in respiratory, HIV and, notably, oncology, where we are on track to file three innovative medicines by year end, following positive pivotal trial data," said boss Emma Walmsley.

GSK enterprise fund pays out first grant to help firm grow

A local technology firm is expanding, thanks to the first grant from a fund, set up to limit the impact of about 200 job losses at the Glaxo factory in Ulverston.

GlaxoSmithKline provided a £500,000 fund when it announced it was more than halving the workforce at the Ulverston plant.

Computer firm Millerwaite is being given the funding to to help it sell business support software around the world.

Owen Collar, Millerwaite

It's going to turbo-charge the development of the software, we're going to add six people, we need the people to push the software forward, we want to go global with the software."

Owen Collar

GSK flogs vaccines to rival for £822m

Getty Images

GlaxoSmithKline, the pharmaceutical giant, says it will sell two travel vaccines to a rival for €955m (£822m) as it plans to invest more in cancer treatments.

It sold Rabipur, which is a vaccine against rabies and Encepur, which is to prevent of tick-borne encephalitis, to Bavarian Nordic.

GSK bought the treatments from Novartis in 2015.

GlaxoSmithKline tops the FTSE 100 risers

GlaxoSmithKline shares are leading the FTSE 100 risers, up 2% at £17.60 after it reported that its therapy for a form of ovarian cancer reduced the risk of disease progression or death by 38% in a late-stage study.

Whitbread is the biggest faller so far on Monday, down 1.5% at £43.97.

The FTSE 100 is flat at 7,426.77.

The FTSE 250 is marginally lower at 19,952.43.

Glaxo profit drop to be less than expected

Getty Images

GlaxoSmithKline said it expected its fall in full-year profit to be less than previously thought after it beat profit expectations for the second quarter due to demand for its fast-growing Shingles vaccine.

It also appointed HSBC deputy chairman Jonathan Symonds to succeed Sir Philip Hampton as non-executive chairman.

Mr Symonds is a former chief financial officer of Novartis and AstraZeneca.