GSK's 1st-qtr profit falls 13.5% on US generic competition
UK drug major GlaxoSmithKline's first-quarter 2009 profit fell 13.5% year-on-year to GBP1.13 billion ($1.64 billion), due to one-off R&D writedowns and generic competition in the USA.
The London-based firm, which is the world's second-largest drugmaker, said revenues rose 19% to $6.77 billion as drug sales declined 6% to GBP5.6 billion. Income from the USA fell 22% to GBP2.3 billion due to competition from cheaper, non-branded versions of its drugs.
In Europe, where GSK is the largest R&D-based drugmaker, sales were up 7% to GBP1.8 billion, 12% higher to GBP639.0 million in the Asia-Pacific/Japan region and up 18% to GBP661.0 million in emerging markets. The firm is actively seeking to unlock the potential of these regions, which it forecasts will account for 40% of growth in the worldwide drug sector by 2020.
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