GlaxoSmithKline

Ticker GSK

Today's data summary

Market closed
% change
+0.11%
Price Pence
1584.40
Change
+1.80
As of 11:50 16 Jun 2019
Market cap. Pound sterling
79,029.25 million
As of 11:50 16 Jun 2019

Latest updates

Business to meet Trump during UK visit

Emma Walmsley, chief executive of GSK
PA

Sky News is reporting that a whole host of businesses will have a meeting with Donald Trump during the US President's trip to Britain next week.

Barclays, GlaxoSmithKline, BAE Systems and Reckitt Benckiser are among those who will sit down for a chin-wag with Mr Trump next Tuesday.

Emma Walmsley, boss of GSK (pictured) and Barclays chief executive Jes Staley will attend the meeting, according to Sky News.

GSK - give it time

GSK logo
Getty Images

GlaxoSmithKline's first quarter results were published earlier.

Nicholas Hyett, Equity Analyst at Hargreaves Lansdown says the company should be given the benefit of the doubt - at least for now.

“Product sales coming in ahead of market expectations is certainly welcome news for GSK, especially given the headwind presented by generic competition to the group’s blockbuster asthma treatments in the US. It’s testament to the strong performance of Glaxo’s vaccines and new respiratory treatments – both of which have delivered good growth in the key US market.

"However, GSK has again struggled to turn profits into cash, an area where it’s a serial offender,", he said, with net debt increasing significantly year-on-year.

"Still investors should probably give GSK the benefit of the doubt, at least for now. The labs are busy, and recent product launches have performed well," he said.

The shares up 0.4% at 1,579.5p.

'Strong start' for GSK

GSK office
Getty Images

GlaxoSmithKline has published results for the first quarter.

The pharmaceutical company reported sales of £7.7bn and 10% rise in operating profit to £1.4bn.

"We have made a strong start to 2019, which is an important year of execution for GSK, with growth in sales, operating margins and earnings per share in Q1, in line with our expectations," Emma Walmsley, chief executive said.

"Strengthening our pipeline remains our number one priority and we reported positive data for several potential new medicines in HIV and oncology during the quarter," she said.

The company is combining its consumer healthcare businesses with Pfizer's.

Date set for Ulverston GSK job losses

The first of almost 200 workers to be made redundant at the GlaxoSmithKline plant in Ulverston will finish in June, the company says.

Glaxo plant
BBC

Between 40 and 50 people have now been told they will go, with 187 in total due to leave by December 2020.

The redundancies follow a decision by the multinational pharmaceutical firm to to produce only tablet forms of its antibiotics at the plant and not liquids.

About 150 workers will remain.

'Pleased'

glaxologo
Getty Images

GlaxoSmithKline has issued a statement to the stock market after the Serious Fraud Office's announcement, saying it is "pleased that the SFO have closed their investigation and concluded that no further action is required".

More from the SFO

The SFO has announced it is closing investigations into Rolls-Royce and GlaxosmithKline.

Lisa Osofsky, director of the Serious Fraud Office said: “After an extensive and careful examination I have concluded that there is either insufficient evidence to provide a realistic prospect of conviction or it is not in the public interest to bring a prosecution in these cases.

“In the Rolls-Royce case, the SFO investigation led to the company taking responsibility for corrupt conduct spanning three decades, seven jurisdictions and three businesses, for which it paid a fine of £497.25m."

BreakingSFO announces cases closing

The director of the Serious Fraud Office has announced the closure of the Rolls-Royce and GlaxoSmithKline cases.

MP calls meeting for update on Glaxo jobs campaign

A group that's trying to limit the impact of job losses at the GlaxoSmithKline plant in Ulverston is meeting today.

GSK plant
BBC

Last October, the company said 191 staff were at risk of redundancy after it decided not to sell the site, after abandoning plans for a new factory there.

The independent MP for Barrow and Furness, John Woodcock, says he wants people to know about the progress which has been made to support staff whose jobs are under threat.

Sir Philip Hampton to stand down as GSK chair

Sir Philip Hampton
PA

Sir Philip Hampton has told the board of pharma giant GSK that he is to step down as non-executive chairman.

"Following the announcement of our deal with Pfizer and the intended separation of the new consumer business, I believe this is the right moment to step down and allow a new chair to oversee this process through to its conclusion over the next few years," he said.

The board says it has started the process to find a successor.