Drugs giant GSK profits soar on swine flu fears

AFP
Wednesday, Oct 28th, 2009

Drugs group GlaxoSmithKline, maker of swine flu vaccine Pandemrix, said Wednesday that net profits surged 30 percent in the third quarter, aided by the weak pound and emerging markets.

The group forecast “further improvement” and “significant sales” in the fourth quarter due to influenza products, as the world’s governments prepare for mass vaccination programmes to prevent further spread of swine flu.

GSK said in a results statement that net profit surged to 1.335 billion pounds in the three months to September, compared with the same portion of 2008.

“We are seeing direct evidence of success in our strategy to grow and diversify the business away from ‘white pill/western markets’,” said chief executive Andrew Witty in the earnings release.

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