GlaxoSmithKline Profits Drop 18.5%

European sales dropped 9%.

 Hit by weak conditions in Europe, GlaxoSmithKline (IW1000/102) said Wednesday that third-quarter net profits fell 18.5% from a year earlier to £1.12 billion US ($1.80 billion).

Earnings after taxation in the group's third quarter, or three months to the end of September, compared with £1.378 billion in the same part of the previous year.

Revenues fell 5% to £6.527 billion in the reporting period, hit by a steeper 9% decline in Europe.

"We continue to make progress on our strategy, particularly through increasing our sales exposure to growth businesses, notably emerging markets, and delivering a step-change in output from research and development,"  said GSK chief executive Andrew Witty.

"As expected, reported sales performance this quarter of minus 5% was impacted by demanding prior-year comparisons, product disposals and continuing weakness in the European environment for pharmaceuticals and vaccines."

Copyright Agence France-Presse, 2012

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