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GSK wins as weak pound provides windfall

Wednesday, October 26, 2016 - 01:11

GlaxoSmithKline has beaten quarterly sales and profit expectations and said it expects even bigger gains in 2016. As Laura Frykberg reports, it's all thanks to a weak pound, which has continued to fall after Britain's vote in June to leave the European Union.

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Since Britain's Brexit vote sterling has slid to record lows. Affecting the profit of many companies in the UK. There's an ivory tower among them though. Drugmaker - GlaxoSmithKline - has done better than expected in quarterly sales. Sheltered by almost all of them coming from outside Britain. It's full year earnings are now likely to be up 21 percent, per share. (SOUNDBITE) (English) WILSON KING INVESTMENT MANAGEMENT, HEAD OF RESEARCH, RICHARD HUNTER, SAYING: "The weakness in sterling since the referendum result will very much have played into its hands. It does a lot of its business in the U.S. for example. And of course investors are also being paid to weight - there's a pretty hefty dividend yield associated with the likes of Glaxo." Demand for medicine also increased in the third quarter. As people had seasonal flu shots over the winter months. Next year - GSK aims to release a new shingles vaccine. Demand for that, is likely to be high too. In the UK it's estimated one in every four people have it in their lifetime.

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