GSK Q1 performance ‘meets expectations’

GlaxoSmithKline has issued its financial results for the first quarter (Q1) of the year, meeting expectations with an increased turnover of 5.68 billion pounds and operating profits 2.04 billion pounds, it has been announced.

However, pharmaceutical turnover was down by four per cent compared with the first quarter of last year, hitting 4.8 billion pounds.

The company said this was because the growth generated by its new pharmaceutical products had been offset by increased competition from generic drugs in the United States and declining sales of its Avandia treatment.

Nevertheless, GSK also reported “sustained product flow” for the period, with regulatory approvals and positive opinions being received for a number of its drugs in both the US and the European Union.

Overall, the company added, it has 157 projects in clinical development, 75 per cent of which incorporate new molecules or vaccines.

Commenting on the results, GSK chief executive JP Garnier said: “Our performance this quarter was in line with our expectations.

“We are also making good progress in strengthening our product portfolio, with approvals and regulatory progress on four key products already this year.”

GSK currently employs around 100,000 people in 100 countries.