GlaxoSmithKline Reports Full Year Results 2011
The underlying pharmaceuticals growth came from new products, partly offset by generic competition to older products in the US and Europe and the increased impact of European austerity measures.
UK drugmaker GlaxoSmithKline reported a 3% fall in turnover in 2011 to ￡27.4bn, but operating profit rose 65% to ￡8.4bn.
2011 sales growth on an underlying basis was broadly based: pharmaceuticals were up 2%; vaccines increased by 11%; and consumer healthcare products rose by 5%.
The underlying pharmaceuticals growth came from new products, partly offset by generic competition to older products in the US and Europe and the increased impact of European austerity measures. The full year incremental impact on sales of European price cuts and US Healthcare Reform was approximately ￡315m.
The growth in underlying vaccines sales was mainly owing to strong performances from cancer drug Cer
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