GlaxoSmithKline plc has announced a growth in sales of 12 per cent over the year, according to figures released today.
The pharmaceutical giant, created by the merger of Glaxo Wellcome and Smithkline Beecham last year said, overall, profits totalled Stg£6.2bn (€10.1bn) for the last year, helped by the launch of its new asthma drug Advair which regtistered sales of Stg850million.
In a statement issued earlier today, the company said there had been strong growth in all regions (USA 16 per cent; Europe 7 per cent; Rest of World 10 per cent with a corresponding growth in key therapy areas. Last year’s merger also resulted in cost savings of over Stg750 million
Commenting on the performance for the year, Dr Jean-Pierre Garnier, Chief Executive Officer, said: "The robust growth seen from many of our key franchises clearly demonstrates the breadth and strength of GSK’s product portfolio.
"New products, propelled by the phenomenal success of Advair, contributed £3.7 billion in sales last year and are driving the business strongly forward - GSK is one of the fastest growing pharmaceutical companies in the US market.
"Our confidence in the future is shown by the earnings guidance we have given today."
The company is expecting growth this year of between 10 and 20 per cent, and predicts further growth in 2003 of over 20 per cent.