April 29, 2020 / 11:15 AM / a month ago

GSK first-quarter profit beats on steady demand for Shingrix

April 29 (Reuters) - GlaxoSmithKline’s first-quarter profit beat analysts’ expectations on Wednesday and the British drugmaker maintained its forecast for 2020 as demand for its blockbuster shingles vaccine grew.

Turnover rose 19% to 9.09 billion pounds ($11.26 billion) in the three months ended March 31 from a year earlier, while adjusted earnings were 37.7 pence per share.

Analysts on average expected first-quarter adjusted earnings of 31.5 pence per share and sales of 8.75 billion pounds, according to a company-compiled consensus here of 13 analysts.

Rival AstraZeneca also kept its 2020 forecast and beat quarterly expectations earlier in the day as it got a boost from stockpiling during the coronavirus pandemic.

($1 = 0.8070 pounds)

Reporting by Pushkala Aripaka, Ankur Banerjee in Bengaluru and Ludwig Burger in Frankfurt Editing by Supriya Kurane

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