Consumer goods and pharmaceutical company, GlaxoSmithKline, saw its total sales grow in 2018 to £30.8 billion, an increase of 5%.
It’s consumer business reported £7.7 billion, a growth of up to 2%.
“GSK delivered improved operating performance in 2018 with Group sales growth, strong commercial execution of new product launches, especially Shingrix, continued cost discipline and better cash generation,” Emma Walmsley, CEO, said.
“It was also a significant year for the Group strategically, with the launch of a new R&D strategy focused on immunology, genetics and new technologies, together with a series of transactions that support our strategy and reshape of the Group’s portfolio.”
GSK has been restructuring its operations and spinning off or selling units, including its consumer health division, in order to focus on expanding its drug pipeline and developing vaccines.
It had a busy year doing so, with four major transactions announced during the year, including a new joint venture with Pfizer's consumer health division.
Soon after the Pfizer deal, GSK announced plans to split into two businesses, one for prescription drugs and vaccines, the other for over-the-counter products.
The group also sold its Indian Horlicks nutrition business to Unilever €3.3 billion as part of the major streamline of operations.
“We are also focused on completing the transactions to divest our Consumer Healthcare nutrition business to Unilever; and the formation of our new joint venture with Pfizer that will create a new, world-leading Consumer Healthcare company and which provides a unique opportunity to deliver substantial value for shareholders,” Walmsley said.
Looking ahead, the group expects earnings per share to fall between 5% to 9%, which it said reflects the expected impact of the consumer healthcare nutrition disposal and consumer JV with Pfizer.
© 2019 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.