GlaxoSmithKline plc (ADR) (NYSE:GSK) (LON:GSK) released the earnings results from its most recently completed quarter this morning, posting core earnings of 27.9 pence per share, excluding divestments. The company said its targeted financial efficiencies and cost reductions drove that result.

GlaxoSmithKline plc Shares Up After Earnings

Key metrics from GlaxoSmithKline’s earnings report

The British drug maker reported £5.6 billion in group turnover, which is a 3% decline, excluding divestments. GlaxoSmithKline said its research and development pipeline should grow its pharmaceuticals business, causing a “sustained flow” of new products in the next five to ten years.

GlaxoSmithKline reported a decline of 3% in its Pharmaceutical and Vaccine segment but noted a 12% growth rate in emerging markets, 6% growth in Japan, and 18% growth in ViiV Healthcare. Declines of 10% in the U.S. and 2% in Europe offset those gains, however.

The company saw a 3% decline in Consumer Healthcare sales, adding that it is in the process of recovering from interruptions in supply. GlaxoSmithKline now expects sales for the full year to be flat, although that’s subject to making continued progress in its plan to recover from its supply issues.

GlaxoSmithKline reaffirms previous guidance

The drug maker still projects core earnings per share for this year to be roughly flat with last year. GlaxoSmithKline also said that the three-part deal with Novartis AG (ADR) (NYSE:NVS) is still on track to be completed in the first half of next year. The company said it should “significantly” strengthen its Vaccines and Consumer Healthcare segment and will provide flexibility to create and deliver shareholder value. Also GlaxoSmithKline said the deal brings “New Balance for Group” in its core businesses.

The company maintained its quarterly dividend at 19 pence per share. For the full 2014 fiscal year, GlaxoSmithKline projects a dividend of 80 pence, plus 3%. For next year, the drug maker expects to maintain its dividend at the same level of this year and return an additional £4 billion to shareholders through a B-share scheme.

GlaxoSmithKline also announced this morning that it intends to explore an initial public offering “of a minority shareholding to enhance future strategic flexibility and visibility within the Group.”