EARNINGS PREVIEW: Glaxo 2Q Pre-Restructuring Net Pft Seen -11%

19th Jul 2010 16:05

GlaxoSmithKline (GSK): 2Q Earnings Due: April 21 at 1100 GMT DJ Survey of 13 Analysts Average 2Q 2010 Net Profit Before Major Restructuring: GBP1.40B, -11% (GBP1.57B in 2Q 2009) Average 2Q Revenue: GBP6.98B, +3.4% (GBP6.75B) Note: Glaxo last week said it will record a charge of GBP1.57 billion in 2Q to cover legal costs. Evolution Securities says "excluding the legal provision, we forecast business performance EPS of 28.1p and post the legal provision of 1.5p" for 2Q. Says results will be helped by dollar strength but that accounting for transfer pricing, which lifted 1Q EPS by some 2p, may not recur and could reverse becoming a charge, which "represents a key source of uncertainty". ([email protected]) Contact us in London: +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 19, 2010 11:05 ET (15:05 GMT)