Glaxo Profit Beats Estimates, Vaccine Sales Decline |
| Bloomberg - Oct 28, 2009 |
GlaxoSmithKline Plc said third- quarter profit rose 30 percent after currency gains and orders for the Relenza flu drug boosted revenue. Vaccine sales declined because of a “phasing” of shipments including swine flu shots.
Net income increased to 1.34 billion pounds ($2.18 billion) from 1.03 billion pounds a year earlier, London-based Glaxo said in a statement today. Earnings excluding some items rose to 28.5 a share from 25.2 pence, beating the 28.1-pence mean estimate from 18 analysts surveyed by Bloomberg.
The pound weakened against the dollar, increasing the value of Glaxo’s U.S. sales. Revenue advanced 15 percent to 6.76 billion pounds, beating the 6.75 billion-pound mean estimate of 19 analysts. Sales of Relenza more than doubled to 182 million pounds as governments expanded their stockpiles of flu-fighting treatments amid a pandemic that has killed more than 5,000 worldwide since April. Vaccine revenue fell 2 percent.
Read Full Article from Bloomberg
- Posted: 2009-10-28 14:35:06
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