Americans now say they approve of free trade by 64%-27%, a margin of better than two to one. That's up from 57%-37% early in Trump's presidency, and 51%-41% near the end of...Politicsread more
Trump said Cook made a "good case" that it would be difficult for Apple to pay tariffs, when Samsung does not face the same hurdle because much of its manufacturing is in...Technologyread more
Kudlow pointed to strong retail sales and low unemployment as signs that the U.S. economy remained strong.Marketsread more
The yield on the benchmark 10-year Treasury note briefly fell below the 2-year rate on Wednesday, a phenomenon in the bond market known as yield curve inversion, which is...Marketsread more
The MacBook Pro recall and its subsequent ban from flights underscores the increasing brand risk from problems with lithium-ion batteries.Technologyread more
Despite aggressive strides, Waymo needs one thing before their self-driving cars become a seriously useful transportation system: people. We talked to the ones closest to it.Technologyread more
Experts say the timing of Amazon executives' contributions to Rep. David Cicilline likely reflect the company's heightened urgency over growing regulatory scrutiny.Technologyread more
CNBC combed through Wall Street research to see which stocks are still a buy after their earnings reports.Marketsread more
Coinbase security chief Philip Martin explains, "Possession of a key is possession of your currency. What that means is that you can't revoke a cryptocurrency key, if that key...Technologyread more
Fraud investigator Harry Markopolos' accusations extended beyond GE's management to actuaries, auditors and analysts who he claims overlooked billions in liabilities.Marketsread more
The Supreme Court could strike down the constitutionality of the Consumer Financial Protection Bureau, an agency Elizabeth Warren has likened to her child and which Justice...2020 Electionsread more
weigh@ (Adds details on respiratory drugs performance)
* Vaccines unit sales surge 20 percent, led by Shingrix
* Shingrix sales to be "significantly" more than 1 bln stg
* Respiratory drug sales below forecasts, weigh on shares
May 1 (Reuters) - GlaxoSmithKline forecast on Wednesday that 2019 sales of its shingles vaccine would be more than 1 billion pounds ($1.3 billion) but the British drugmaker's shares slipped on concerns about its pharmaceutical business and free cash flow.
Shingrix, the shingles vaccine launched in 2017, is an important source of growth for Chief Executive Emma Walmsley, as she strives to improve GSK's commercial performance after streamlining its operations and spinning off or selling units.
"Shingrix has delivered another fantastic performance in the quarter," Walmsley said on a media call.
The company said it expected sales of the vaccine to be "significantly" more than 1 billion pounds in 2019.
The strength in its vaccines unit, whose sales rose 20 percent in the quarter to the end of March, comes at a time when some of GSK's major drugs face generic competition.
Walmsley, who took over as CEO of GSK in 2017, has been looking to re-energise the drugmaker's pharmaceutical business, its biggest unit, buying U.S. cancer specialist Tesaro for $5.1 billion and giving it a presence in the oncology market.
"They are really refocusing into oncology and that's going to take some time - to make that transition - so I think its going to be a difficult time for the pharma business," said John Rountree, a partner at Novasecta Ltd, a biopharma consulting firm, adding that the vaccine business is growing.
GSK shares closed down 0.9 percent at 1,559.8 pence on Wednesday, with traders pointing to the company's respiratory drug sales, which came in at 631 million pounds, below analysts estimate of 651 million pounds.
Also, weighing on the stock was a 50 percent drop in free cash flow to 165 million pounds in the quarter, partly due to the impact of generic competition for its asthma treatment, Advair.
"GSK has again struggled to turn profits into cash," said Nicholas Hyett, equity analyst at Hargreaves Lansdown.
Net debt at GSK, which reiterated its 2019 forecast of a decline in adjusted earnings of 5 to 9 percent, hit 27.1 billion pounds at the end of the quarter from 21.6 billion pounds at the end of 2018, as the drugmaker completed its purchase of Tesaro.
"Investors should probably give GSK the benefit of the doubt, at least for now," Hyett said.
Sales of Shingrix, which prevents shingles, a viral infection of the skin that causes painful rashes, were 357 million pounds in the three-month period, up 61.5 percent from the fourth quarter.
Analysts had expected quarterly sales of 249 million pounds and are forecasting 2019 sales of 1.17 billion pounds.
Shingrix sales were largely driven by the United States, which benefited from market growth in new patient populations covered by immunisation recommendations as well as growth in Canada and the drug's recent launch in Germany. (For an interactive graphic on Shingrix sales, click here https://fingfx.thomsonreuters.com/gfx/editorcharts/GSK-RESULTS/0H001PBSW63Q/inde x . h t m l )
But sales of Advair fell 15 percent to 486 million pounds, due to competition from a generic version.
GSK's turnover rose to 7.66 billion pounds in the quarter, from 7.22 billion pounds a year earlier, and above a company-provided consensus https://www.gsk.com/en-gb/investors/analyst-consensus/analyst-consensus of analysts' forecasts of 7.56 billion pounds.
Adjusted operating profit was 30.1 pence per share in the quarter, versus expectations of 26.1 pence per share.
($1 = 0.7653 pounds)
(Reporting by Pushkala Aripaka, Noor Zainab Hussain and Ankur Banerjee in Bengaluru Editing by Alexander Smith and Edmund Blair)