GlaxoSmithKline says Q3 net profits drop 18.5%

November 1, 2012

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."

Explore further: GlaxoSmithKline profits up on lower tax

Related Stories

GlaxoSmithKline profits up on lower tax

July 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

April 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 says annual profits triple to £5.26 bln

February 7, 2012
British drugmaker GlaxoSmithKline said Tuesday that net profits more than tripled in 2011 compared with the previous year, as large efficiency savings offset falling revenues.

GlaxoSmithKline reports return to profit in second quarter

July 26, 2011
British drugmaker GlaxoSmithKline posted net profit of more than £1.1 billion in the second quarter on Tuesday following a loss during the equivalent three-month period in 2010.

GlaxoSmithKline posts rising Q3 profits

October 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

Pickled in 'cognac', Chopin's heart gives up its secrets

November 26, 2017
The heart of Frederic Chopin, among the world's most cherished musical virtuosos, may finally have given up the cause of his untimely death.

Sugar industry withheld evidence of sucrose's health effects nearly 50 years ago

November 21, 2017
A U.S. sugar industry trade group appears to have pulled the plug on a study that was producing animal evidence linking sucrose to disease nearly 50 years ago, researchers argue in a paper publishing on November 21 in the ...

Female researchers pay more attention to sex and gender in medicine

November 7, 2017
When women participate in a medical research paper, that research is more likely to take into account the differences between the way men and women react to diseases and treatments, according to a new study by Stanford researchers.

Drug therapy from lethal bacteria could reduce kidney transplant rejection

August 3, 2017
An experimental treatment derived from a potentially deadly microorganism may provide lifesaving help for kidney transplant patients, according to an international study led by investigators at Cedars-Sinai.

Exploring the potential of human echolocation

June 25, 2017
People who are visually impaired will often use a cane to feel out their surroundings. With training and practice, people can learn to use the pitch, loudness and timbre of echoes from the cane or other sounds to navigate ...

Team eradicates hepatitis C in 10 patients following lifesaving transplants from infected donors

April 30, 2017
Ten patients at Penn Medicine have been cured of the Hepatitis C virus (HCV) following lifesaving kidney transplants from deceased donors who were infected with the disease. The findings point to new strategies for increasing ...

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.