GSK overcomes Augmentin woes, posts strong sales and earnings in 1st quarter
Europe's leading drugmaker, GlaxoSmithKline, has reported results aheadof expectations for the first quarter of 2003, as the firm benefited from cost-cutting measures and managed to absorb much of the impact of generic competition for its top-selling antibiotic Augmentin (amoxicillin and clavulanate potassium).
Turnover totaled L5.22 billion ($8.29 billion), an increase of 2% over the like, year-earlier period, while pretax profits leapt 11% to L1.77 billion. Earnings per share rose 15% to 21.8 pence.
Total pharmaceutical sales grew 9% to $4.5 billion, powered by the performance of GSK's respiratory drug Advair (salmeterol plus fluticasone). The drug is now the firm's top seller and rang up sales worth L514 million, an increase of 48%. Turnover from GSK's respiratory franchise rose 19% to L1.09 billion in total.
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