- GlaxoSmithKline recorded £7.4 billion of sales in the first quarter, an 18 per cent drop from the same period in 2020.

Turnover was impacted due to Covid-19 disruption but the company's management insists the long-term strategy remains on course.

During the quarter, turnover from pharmaceuticals products dropped 12 per cent to £3.9 billion.

Turnover from vaccines was also impacted, reflecting government privatisation initiatives. Turnover of £1.2 billion was generated, which was down 32 per cent from the previous year.

Despite earnings per share slumping by 32 per cent to 21.5p, total group operating margins were 22.8 per cent.

This allowed the pharmaceutical giant to generated net cash flow of £331 million from its operations, versus a outflow of £3 million.

Management has insisted the company is on track to split into a new GSK and standalone consumer healthcare company in 2022.

As such a dividend of 19p has been declared for the quarter.

CEO Emma Walmsley said: 'Our first quarter results are in line with our expectations and reflect the anticipated impacts of COVID-19.

'We continue to expect a significant improvement in performance over the remainder of the year and reconfirm our guidance for 2021 and 2022 outlook. Separation plans are also well underway and we look forward to sharing our strategy and growth outlook for new GSK with investors in June.'

At 1:36pm: [LON:GSK] Glaxosmithkline PLC share price was 0p at 1437p

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