1Q Revenues: £5.6 billion (-10%)
1Q Earnings: £1.5 billion (-18%)
Comments: Pharmaceutical sales were £3.8 billion, down 4% and Vaccines sales were £658 million, up 3% with growth in Europe (+3%), Emerging Markets (+2%), Japan (+13%), offset by a 10% decline in the U.S., impacted by continued Advair declines (-20%) and quarterly volatility in wholesaler/retailer stocking patterns. HIV sales were up 4%, driven by uptake of recently launched integrase inhibitor, Tivicay. Oncology product sales were up 31% to £108 million, driven by Votrient and Promacta, and the recent launches of Tafinlar and Mekinist. Consumer Healthcare revenue was flat at £1.1 million. In the quarter, the company announced a $20 billion three-part deal with Novartis involving its Consumer Healthcare, Vaccines and Oncology businesses.