RESEARCH TRIANGLE PARK – Sales of its new shingles vaccine are so strong that drug giant GlaxoSmithKline not only beat Watt Street expectations for the third quarter but led it to adjust sales estimates going forward.
“Shingrix continues to have a remarkable start and we have now administered nearly 7 million doses worldwide since launch,” said GSK’s CEO Emma Walmsey.
She also cited other new products as “encouraging” and they were “where we will continue to focus our resources,” Walmsley added, according to Reuters.
Sales for Shingrix were adjusted upward $128 million for this year to some $940 million.
Walmsley also cited cost-cutting initiatives as helping boost earnings.
According to financial services site Zacks, GSK’s earnings of 92 cents a share beat its consensus estimate of 86 cents.
“The company’s focus on cost control initiative has boosted margins,” Zacks reported.
Revenue came in at $10.55 billion, up 6 percent year-over-year and met Zacks’ estimate.
Looking ahead, GSK expects 8 to 10 percent growth in earnings for 2018.
Full results are available online.
GSK operates an R&D facility in RTP and a manufacturing plant in Zebulon,
