ARTICLE | Financial News

GSK reports earnings

October 29, 2004 7:00 AM UTC

Post-market on Thursday, GlaxoSmithKline (LSE:GSK; GSK) reported third quarter EPS of 18.7p, up 5% quarter over quarter. The company reported third quarter net profit of L1.6 billion. Pharmaceutical revenues were L4.2 billion, down 1% from L4.6 billion last year, as generic competition for GSK's depression drugs Paxil and Wellbutrin were offset by strong sales of Avandia and Avandamet for diabetes and Advair for asthma and chronic obstructive pulmonary disease (COPD). All figures use constant exchange rates.

Third quarter sales of Paxil IR were down 65% quarter over quarter to L144 million, and sales of Wellbutrin IR and SR were down 79% to L45 million. Sales of GSK's newer formulations fared better: Paxil CR sales grew 4% to L102 million, and Wellbutrin XL sales grew more than 100% to L128 million. ...