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rdf:type	schema:NewsArticle
schema:articleBody	British drugmaker GlaxoSmithKline announced Wednesday that first-quarter net profit tumbled by almost a third, hit by weak demand as a result of the Covid pandemic. Profit after tax sank to £1.1 billion ($1.5 billion, 1.3 billion euros) in the three months to the end of March, GSK said in a results statement. That compared with net profit of about £1.6 billion in the same period of 2020. Group sales dived 18 percent to £7.4 billion in the reporting period, with vaccines down one third at £1.2 billion. GSK, which unlike British based rival AstraZeneca has not developed a jab against Covid-19, suffered as virus lockdowns sparked tumbling demand for its products such as other vaccines and antibiotics. "Our first quarter results are in line with our expectations and reflect the anticipated impacts of Covid-19," said Chief Executive Emma Walmsley. "We continue to expect a significant improvement in performance over the remainder of the year." GSK added that it was nevertheless encouraged by the speedy rollout of Covid-19 vaccines in Britain and the United States, and remained upbeat over the demand outlook for its shingles vaccine Shingrix. "We are encouraged by the rate at which Covid-19 vaccinations are being deployed in many countries, particularly the US and UK, which provides support for healthcare systems returning to normal," it said. "As a consequence we remain confident in the underlying demand for our vaccine products, and we expect strong recovery and contribution to growth, notably from Shingrix, in the second half of the year." In late afternoon Wednesday deals, GSK's share price was almost flat at 1,337.69 pence on London's rising FTSE 100 index. "A year ago, wholesalers were pulling orders forward to stock up ahead of looming lockdowns," noted Steve Clayton, fund manager at Hargreaves Lansdown. "Social distancing has kept colds and flu at bay whilst GPs have concentrated on Covid vaccinations, rather than other treatments. "The reduction in profits has led to a weak quarter for cash generation at GSK." GSK will meanwhile reveal its future growth strategy on June 23, amid reports that US activist investor Elliott Management has taken a stake in the drugmaker. jbo/rfj/rl
schema:headline	Glaxo says pandemic weighs on quarterly profit
schema:mentions	FTSE 100 Index Antibiotic GlaxoSmithKline Management Pound sterling Jab Social distancing AstraZeneca Influenza London Pandemic Virus Coronavirus disease United Kingdom Vaccine United States Coronavirus disease 2019 Zoster vaccine Emma Walmsley Elliott Management Corporation Activist shareholder Hargreaves Lansdown Jodrell Bank Observatory Microsoft Outlook
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-04-28 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	65 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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