GSK sees significant growth in first half pharma sales
GlaxoSmithKline (GSK) has seen pharmaceutical sales increase by 9% to more than US$6.7bn (€6.9bn), driven by 15% growth in US sales to reach $3.7bn (€3.8bn) in the second quarter of the year. Total pharmaceutical sales in the first half of 2002 were $13.8bn (€14.1bn) compared with $12.8bn (€13.1bn) for the same period last year. The underlying growth rate for the US business is broadly consistent with reported sales growth, although some products were affected by wholesaler stocking patterns.
European sales were up 1% to $1.7bn (€1.7bn), benefiting from growth in France, Spain and Eastern Europe. These performances were offset by declines in Italy and Germany, reflecting the impact of government reforms in those countries. Rest of the World markets grew 5% to $1.3bn (€1.3bn) with strong performances in Asia Pacific and the Middle East, partially offset by difficult market conditions in Mexico.
GSK has seen strong growth in key therapy areas led by CNS (+21%), respiratory products (+15%), and anti-virals (+12%). New product sales of $1.9bn (€1.9bn) - up 34% - now represent 27% of pharmaceutical sales.
Dr Jean-Pierre Garnier, ceo, said: 'In this challenging period for the pharmaceutical industry, GSK has produced excellent financial results generating trading profit growth of 22%, EPS growth of 13% (CER), and a solid performance from our key therapeutic areas. Our strategy of progressing our substantial early clinical pipeline through development is on track and we are excited about preparing for a number of important product launches such as vardenafil, Augmentin XR, Avandamet and Wellbutrin XL.'