GlaxoSmithKline posts stronger Q3 earnings and sales
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Wed, 22 Oct 2008 11:47
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London - British pharmaceuticals concern GlaxoSmithKline reported Wednesday that it managed to boost profits and sales in the third quarter despite the challenge posed by generic drugs. GlaxoSmithKline said it earned 25.2 pence per share in the quarter, up from 23.7 pence in the corresponding period last year. Sales gained 7 per cent to 5.88 billion pounds. The company said the weaker pound sterling had helped boost sales, in turn lessening the effects of the challenge posed by cheaper generic drugs. The earnings and sales figures both surpassed analysts' projections, which had forecast earnings of 23.59 pence per share and turnover of 5.69 billion pounds. Adversely affecting GlaxoSmithKline's business in the quarter was a 23 per cent plunge in sales, to 191 million pounds, of the company's diabetes medication Avandia. But the company managed to boost sales of the respiratory durg Seretide/Advair.
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