BRIAN WHITE | SHORE CAPITAL
The results were behind our and consensus estimates at the top line but ahead of estimates at the core earnings per share line – although this was flattered by the previously announced OTC Nexium agreement with Pfizer. It’s hard not to see core EPS estimates trickling up, we are at $6.20.
ALISTAIR CAMPBELL | BERENBERG
All in all, this was a good set of results given the generic headwinds the company faces. The company reiterated full-year core earnings per share guidance of $6.00-6.30 despite the cessation of the share buyback programme. We reiterate our ‘hold’ recommendation.
IAN HILLIKER | JEFFERIES
While core earnings per share (EPS) beat expectations by five per cent, this appears to be due to one-off profits from the sale of Nexium OTC rights. Also, revenues missed by one per cent; but we maintain our ‘hold’ guidance expecting EPS of $6.10.