GlaxoSmithKline meets expectations in second quarter
27 July 2011 00:00 in Pharmaceutical Company Financials
GlaxoSmithKline has been able to achieve a satisfactory performance in the second quarter of 2011.
The firm has announced a turnover figure of 6.7 billion pounds for the three-month period, reflecting underlying group sales growth of five percent year on year, with its performance in emerging markets noted as being particularly strong.
During the quarter, the company was able to secure regulatory approval for drugs such as Benlysta, Votrient and Rotarix, while reporting positive phase III results for new offerings Promacta and Relovair.
Its restructuring programme is also continuing apace, with a further 300 million pounds worth of savings having been unlocked, bringing its total cost reductions to 2.5 billion pounds by 2012.
Andrew Witty, chief executive officer of GlaxoSmithKline, said: "We have had a strong second quarter, with continued underlying sales growth, new product delivery, pipeline visibility and cash generation."
Earlier this month, the company announced that it will be allying with the World Anti-Doping Agency to identify developmental compounds that could be used as illegal performance enhancers by athletes.
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