GlaxoSmithKline highlights underlying sales growth in 2011

GlaxoSmithKline has expressed satisfaction with its financial results for 2011, a period which saw the company generate annual sales of 27.39 billion pounds.

Although reported sales were slightly down compared to 2010, the firm's underlying sales grew by four percent in the last year, thanks to an improved performance in emerging markets, Japan and Asia-Pacific.

Chief executive officer Sir Andrew Witty accentuated the positive developments from the last 12 months, such as GlaxoSmithKline's increasing research and development investments, improved efficiency and enhanced returns for shareholders.

The firm expects its underlying sales growth to translate into bottom-line improvements in 2012, with three new products being approved in 2011 and six further compounds due to complete phase III development next year.

Sir Andrew said: "Three-and-a-half years ago, we set out to fundamentally change GlaxoSmithKline to create a more balanced business capable of addressing the market challenges we face … Our record in 2011 demonstrates that we are succeeding."

Earlier this month, the company pledged its support to a new international scheme led by the Bill and Melinda Gates Foundation to combat tropical diseases across the world.