GlaxoSmithKline posts strong sales and earnings growth for first-quarter
GlaxoSmithKline has announced a strong set of results for first-quarter2001, the first actual comparative quarter since the merger of Glaxo Wellcome and SmithKline Beecham, which show sales climbing 9% at constant exchange rates to L4.76 billion ($6.86 billion) and pretax profits up 11% to L1.39 billion or L0.16 per share (+13%). The firm noted that, in sterling terms, pretax earnings were up 19%.
GSK pointed out that the acquisition of Block Drug, which was completed this January (Marketletter January 22), contributed L144 million of sales in consumer health care, and merger savings are in line with expectations of at least L400 million in 2001. The company also said that it is on track to meet its full-year 2001 business performance earnings per share growth target of around 13%.
Good hopes for growth in South America and Asia, but not in Europe
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