GSK Pharma profits up by 19%
GlaxoSmithKline Pharmaceuticals Limited has announced its financial results for the second quarter ended 30th June, 2008. The Company has posted a Profit Before Tax growth of 19% compared to the previous quarter, while Net Sales have grown by 11%, on a comparable basis.
Commenting on the strong performance during the quarter, Dr. Hasit B. Joshipura, Managing Director, said gSeveral products in the priority range and the vaccines portfolio registered a double digit growth. Gross margin improvement and tight expense control have contributed to the growth in profits.
During the quarter, the Company launched its breast cancer drug, Tykerb. In line with its strategy, as laid out at the beginning of the year, of in- licensing products in specific high growth therapeutic areas, the Company entered into an in-licensing agreement for the injectible anti-fungal agent, Micafungin, with the Japan based Astellas Pharma Inc. and has also signed a co-promotion agreement with Daiichi Sankyo India Pharma Limited for the antihypertensive drug Olmesartan Medoxomil and its combination products.
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