GSK expects swine flu drugs to boost 2009 sales growth
GlaxoSmithKline's strategy of diversifying the business away from a dependency on "white pill/western markets" appears to be paying dividends. Less than 30% of sales in the third quarter to 30 September were generated from these markets, compared with 38% in the second quarter of 2008.
GlaxoSmithKline's strategy of diversifying the business away from a dependency on "white pill/western markets" appears to be paying dividends. Less than 30% of sales in the third quarter to 30 September were generated from these markets, compared with 38% in the second quarter of 2008.
The third quarter's total sales increased by 3%, reflecting strong growth in emerging markets (up 25%), Japan (up 19%) and consumer healthcare (up 8%), which offset falling US sales (-12%) as a result of the expiry of patented medicines.
GSK reported a pre-tax profit of £2.07bn in the third quarter, up 23%, as sales rose by 3% to £6.76bn.
Further growth is expected in the fourth quarter from "significant sales" of influenza products, including Pandemrix, the company's pandemic H1N1 vaccine, which was approved in Europe in September.
Sales of Relenza, the anti-viral drug used as a treatment for swine flu, were £182m in the third quarter and more than doubled to £464m in the first nine months of the year. GSK hopes to have produced around 190 million doses by the end of the year.
Other strong performers were Avodart (+14% to £131m), Lovaza (+27% to £111m) and Tykerb (+54% to £46m).