GSK reports ‘encouraging’ first-quarter results

GlaxoSmithKline (GSK) has announced its unaudited financial results for the first quarter of the 2007 fiscal year, with the firm reporting a four per cent reduction in turnover to 5.6 million pounds compared to the first quarter of 2006.

The company recorded earnings per share of 27 pence for the quarter, an increase of two per cent compared to that reported for the previous year, while total profit before tax fell one per cent to 2.1 million pounds.

Despite competition from generics, the firm reported a three per cent rise in revenues from pharmaceuticals to 4.8 billion pounds, while company forecast progress on the launch of Tykerb, Coreg CR, Veramyst, Trexima and Cervarix during 2007.

JP Garnier, chief executive officer of GSK, said: “This good start to 2007 is very encouraging and further evidence that GSK’s broad portfolio, underpinned with effective cost control, will continue to deliver strong earnings performance at constant exchange rates.”

He added that the company has seen ten products approved, launched or filed with regulatory bodies since the start of the year, with these compounds and others in late-stage clinical development will drive further growth at the firm.

In February 2007, GSK announced its financial results for the 2006 fiscal year, with the company reporting a 19 per cent increase in profits before tax.