US sales boost GlaxoSmithKline's 2006 results, with global pharma up 9%

GlaxoSmithKline, the world's second largest pharmaceutical group, posted solid fourth-quarter and full-year 2006 results, showing that pretax profit increased 6% (+22% at constant exchange rates) to L1.71 billion ($3.35 billion) for the three months, with earnings per share of 21.0 pence, and L7.80 billion, up 16% (+19% at CER), or 95.5 pence a share for the year.

Group sales were driven by a strong performance for pharmaceuticals in the USA, with total turnover rising 1% (9% at CER) to L5.96 billion for the quarter and 7% (+9% at CER) to L23.22 billion for the year. 2006 full-year US revenues were up 16% to L10.4 billion, while in Europe these grew just 1% to L5.5 billion. Elsewhere, sales were up 6% to L4.2 billion, with Japan 8% higher at L860.0 million.

Presenting the figures in London, chief executive Jean-Pierre Garnier said the firm is going into 2007 in a very strong position, due to its research successes, and forecast EPS growth of 8%-10% in CER terms, driven by continued increases for key products and improvements in margins.