Earnings Update- GLAXOSMITH: Q1 2019.

Revenue Growth Kick-starts in Double Digit: In Q1:2019 GLAXOSMITH maintained its previous year’s sturdy performance, growing revenue by 18.97% to NGN5.01bn (vs. NGN4.21bn in Q1:2018). The pharmaceutical business line recorded gains of 26.98% which translates to NGN3.50bn. The consumer health business line also gained momentum although mildly, improving revenue by 3.87% to NGN1.52bn. The firm’s position as one of the industry leaders, coupled with its international alliance and its premium pricing model acted as buffers to withstand pressures such as the mounting competition from other major players. Considering the impressive Q1 top-line performance, we have reviewed our 2019FY revenue growth projection to 15.37% amounting to NGN20.67bn on the back of increased sales volume and improved product penetration. Kindly find attached the full report.

Revenue Growth Kick-starts in Double Digit: In Q1:2019 GLAXOSMITH maintained its
previous year’s sturdy performance, growing revenue by 18.97% to NGN5.01bn (vs.
NGN4.21bn in Q1:2018). The pharmaceutical business line recorded gains of 26.98% which
translates to NGN3.50bn. The consumer health business line also gained momentum
although mildly, improving revenue by 3.87% to NGN1.52bn. The firm’s position as one of
the industry leaders, coupled with its international alliance and its premium pricing model
acted as buffers to withstand pressures such as the mounting competition from other major
players. Considering the impressive Q1 top-line performance, we have reviewed our 2019FY
revenue growth projection to 15.37% amounting to NGN20.67bn on the back of increased
sales volume and improved product penetration. Kindly find attached the full report.