Glaxo Wellcome Warns Of 5% Currency Impact

A n adverse currency hit of 5% is anticipated at Glaxo Wellcome for 1997as a whole, the firm indicated in London, UK, at its annual general meeting last week.

The firm's outgoing chairman, Sir Colin Corness, said at the meeting that sales in the first four months of the year were L2.7 billion ($4.4 million), up 10% in constant exchange rate terms. When expressed in sterling, turnover is unchanged.

He said: "the expected decline in Zantac (ranitidine) continues, with sales in the period to April 30th 7% lower in constant exchange rate terms than the same period last year. On the same basis, sales of all other group products increased 15%."