GSK Q1 earnings surge on swine flue vaccine

29 Apr 2010

Global healthcare giant GlaxoSmithKline Plc (GSK) reported healthy results for the first quarter, backed by continued swine flue vaccine sales and also improved performance by respiratory, dermatology and healthcare products, especially in the emerging markets, Asia Pacific and Japan.

Earnings for the first quarter surged 16 per cent, or 30.7 pence a share, to £1.6 billion compared to £1.4 billion for the first quarter last year. Turnover increased to £7.4 billion, up 13 per cent over £6.8 billion in Q1 2009.

GSK chief executive officer Andrew Witty said: ''With continued sales growth in the first quarter, I believe GSK is demonstrating sustained business performance and that we are making good progress in delivering our strategy.''

Pharmaceutical sales generated £6.1 billion, 83 per cent of the total revenue with emerging markets and Asia Pacific/Japan reporting sales increases of 43 per cent and 45 per cent respectively.

Total vaccine sales were £1.4 billion, 50 per cent of which was on account of H1N1 vaccine for swine flu.

Revenues from new products were £412 million, up 65 per cent and including pandemic products such as, H1N1 vaccine and Relenza inhalation powder for the treatment of influenza, were £1.1 billion.