GlaxoSmithKline plc (ADR) (NYSE:GSK) (LON:GSK) released the results from its first quarter this morning, reporting core earnings of 21 pence per share. Analysts had been expecting the drug maker to report earnings of around 20 pence per share for the first quarter.

GlaxoSmithKline GSK

Breaking down GlaxoSmithKline’s results

GlaxoSmithKline plc (ADR) (NYSE:GSK) (LON:GSK) reported growth in all major regions except the U.S. for its Pharmaceutical and Vaccines segments. Sales for the company’s HIV segment rose 4%, driven by the recent launch of the drug Tivicay. Sales in Consumer Healthcare were flat with growth in the Rest of the World, offsetting the negative impact in the U.S. and Europe due to temporary supply disruptions in certain products.

GlaxoSmithKline updates research and development

The drug maker reported continued progress to “renew and diversify” its respiratory category. The company reports that Breo Medicare Part D coverage will pass 70% on May 1 and Anoro has been launched in the U.S. European regulators gave a positive opinion on it. The company also has six more respiratory treatments in late stage development and plans to file two new patent applications by the end of the year.

Regulators in the U.S. and Europe approved type 2 diabetes drugs Taneum and Eperzam. GlaxoSmithKline plc (ADR) (NYSE:GSK) (LON:GSK) reported 40 new drugs currently in either phase 2 or 3 of development.

GlaxoSmithKline guides for 2014

The company reiterated its previous full year guidance for between 4% and 8% growth in earnings per share. The company expects sales to continue growing and raised its dividend 6% to 19 pence. GlaxoSmithKline plc (ADR) (NYSE:GSK) (LON:GSK) plans to buy back between £1 billion and £2 billion worth of shares this year.

The drug maker also mentioned the three-part transaction involving AG (ADR) (NYSE:NVS), saying it is “intended to strengthen sustainability of [the] Group sales base and improve long term earnings outlook.” GlaxoSmithKline plc (ADR) (NYSE:GSK) (LON:GSK) expects to complete the deal by the first half of 2015. It must receive approval from shareholders and regulators in order for the deal to close.