Drugs giant GSK profits soar on swine flu fears

LONDON — Drugs group GlaxoSmithKline, maker of swine flu vaccine Pandemrix, said Wednesday that net profits surged 30 percent in the third quarter, aided by the weak pound and emerging markets.

The group forecast "further improvement" and "significant sales" in the fourth quarter due to influenza products, as the world's governments prepare for mass vaccination programmes to prevent further spread of swine flu.

GSK said in a results statement that net profit surged to 1.335 billion pounds in the three months to September, compared with the same portion of 2008.

"We are seeing direct evidence of success in our strategy to grow and diversify the business away from 'white pill/western markets'," said chief executive Andrew Witty in the earnings release.

Emerging market sales grew 25 percent in the third quarter and Japanese sales soared 19 percent. Sales of consumer healthcare products meanwhile increased by eight percent.

On the downside, US sales sank 12 percent owing to intense competition from makers of generic drugs.

"Our third quarter performance reinforces our expectations of an improved performance for GSK in the second half of 2009," added Witty.

"In the fourth quarter, I expect further improvement including significant sales generated from our influenza products."

Revenues meanwhile increased by 15 percent to 6.76 billion pounds in the reporting period. Stripping out the effect of exchange rates, however, revenues grew by three percent.

GSK currently has orders for 440 million doses of its swine flu vaccine, Pandemrix, ahead of the northern hemisphere's winter that could bring a second wave of the virus.

Earlier this month, the European Commission cleared Pandemrix and another vaccine, Focetria, for distribution in Europe. Focetria is produced by Swiss firm Novartis.

In late afternoon deals on Wednesday, GSK shares dipped 1.03 percent to 1,243.50 pence on London's FTSE 100 index of leading companies, which was down 2.35 percent at 5,078.75 points.

Copyright © 2009 AFP. All rights reserved

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