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Home Industry News GSK reports second-quarter financials

GSK reports second-quarter financials

28th July 2008

GlaxoSmithKline (GSK) has announced its financial results for the second quarter of the 2008 fiscal year.

The company recorded a four per cent increase in turnover to 5,874 million pounds, while business performance operating margin increased by 2.2 per cent.

Earnings per share including restructuring charges increased by three per cent to 24.6p,

Total pharmaceutical turnover for the quarter fell by two per cent to 4.9 billion pounds, though this turnover increased by four per cent in Europe to 1.6 billion.

During the quarter, spending on research and development decreased by 0.2 per cent, with increased vaccines research expenses offset by the company’s operational excellence programme.

In total, pharmaceutical research and development expenditure was equal to 15.7 per cent of pharmaceutical turnover.

The company said it was on course to meet its financial guidance for the year.

Andrew Witty, chief executive officer of the company, said: “GSK is responding well to the challenges it is facing this year.”

He added that the robust underlying performance of the firm is helping to offset a decline in sales of Avandia (rosiglitazone maleate) and increased generic competition forecast in the US.

Last week, GSK outlined its new strategic priorities to its investors.

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