GlaxoSmithKline Q3 net profit rises 30% to £1.37bn

28 October 2009 17:03  [Source: ICIS news]

LONDON (ICIS news)--GlaxoSmithKline (GSK) increased its third-quarter net profit by 30% year on year to £1.37bn ($2.25bn, €1.50bn) due partly to an increase in sales in emerging markets and Japan, the UK-based pharmaceuticals company said on Wednesday.

Turnover rose 15% to £6.75bn and was up 3% at constant exchange rates, although it was affected by a 12% fall in US pharmaceutical sales due to adverse generic competition, GSK said.

“We are seeing direct evidence of success in our strategy to grow and diversify the business away from a dependency on 'white pill/western markets',” GSK CEO Andrew Witty said.

He added that the third-quarter performance reinforced the company's expectations of an improved second half of 2009.

“In the fourth quarter, I expect further improvement, including significant sales generated from our influenza products,” Witty said.

(£1 = $1.64/£1 = €1.10)

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By: Lucy Craymer
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