GlaxoSmithKline says Q3 net profits drop 18.5%

British drugmaker GlaxoSmithKline said Wednesday that third-quarter net profits fell 18.5 percent from a year earlier to £1.12 billion ($1.80 billion, 1.39 billion euros), hit by weak conditions in Europe.

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, GSK said in a results statement.

Revenues fell five percent to £6.527 billion in the reporting period, hit by a steeper 9.0-percent decline in Europe.

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

"As expected, reported sales performance this quarter of minus 5.0 percent was impacted by demanding prior-year comparisons, product disposals and continuing weakness in the European environment for pharmaceuticals and vaccines."

add to favorites email to friend print save as pdf

Related Stories

GlaxoSmithKline profits up on lower tax

Jul 25, 2012

British drugmaker GlaxoSmithKline on Wednesday said its second quarter net profit rose 13.3 percent from a year earlier to £1.25 billion ($1.94 billion, 1.59 billion euros).

GlaxoSmithKline says net profits drop 13% in Q1

Apr 25, 2012

British drugsmaker GlaxoSmithKline said Wednesday that its net profits dropped 13 percent to £1.325 billion (1.616 billion euros, $2.134 billion) in the first quarter from a year earlier.

GlaxoSmithKline posts rising Q3 profits

Oct 26, 2011

British drugmaker GlaxoSmithKline said Wednesday that third-quarter net profit rose seven percent, boosted by growth across its main pharmaceuticals, vaccines and consumer healthcare divisions.

Recommended for you

Schumacher's doctor sees progress after injury

5 hours ago

A French physician who treated Michael Schumacher for nearly six months after the Formula One champion struck his head in a ski accident says he is no longer in a coma and predicted a possible recovery within three years.

New MCAT shifts focus, will include humanities

Oct 20, 2014

(HealthDay)—The Medical College Admission Test (MCAT) has been revised, and the latest changes, including more humanities such as social sciences, are due to be implemented next April, according to a report ...

User comments