GlaxoSmithKline, the world's biggest drugs group, today reported robust profit growth in 2000, fuelled by strong demand for drugs to treat asthma, HIV/AIDS and depression.
Pre-tax profit before exceptionals rose 11 per cent to euro 8.4 billion. Total sales rose nine per cent to euro 19.06 billion, and earnings per share were 14 per cent higher at 61.0 pence.
But investors are concerned about a lack of late-stage development products in the pipeline to replace today's top sellers - which could cause growth to slow sharply after 2003.
Glaxo last week licensed an anti-depressant being developed by Germany's Merck and analysts are looking for news of other similar deals.