Glaxo Smith Kline, the UK-based drug maker that is one of the Triangle’s largest employers, reported fourth quarter results Wednesday that missed analysts estimates but strong sales across its three business segments.
The company reported Q4 sales of $9.7 billion, up 20.7 percent from the same period last year. Operating profit was $749 million, down from $1.1 billion in 2015. It reported earnings of 48 cents a share, which missed Zach’s consensus estimates of 57 cents a share. Nevertheless, the Raleigh News and Observer and some other outlets said the company beat Wall Street estimates.
GSK employs approximately 3,400 people in the Triangle, including 2,600 in Research Triangle Park. Its Advair asthma inhaler is made at its Zebulon plant, which employs 800.
The company’s future earnings may be affected if a generic competitor to Advair hits the market this year. GSK’s patent on Advair’s Diskus inhaler tech expired in August.
The company is devoting resources to developing the next generation of asthma inhalers and HIV treatments.
At a conference call, CEO Andrew Witty, who is retiring, said the company is ready for the post Advair world.
The company said it expects to increase the number of its Ellipta asthma inhalers at the Zebulon plant. Two HIV drugs are also manufactured at the Zebulon site, Tivicay and Triumeq, which contributed more than $1 billion in Q4 sales. The Ellipta inhalers racked up $269 million in sales.
