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Issued: 23rd October 2002, London
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Results Announcement For The Third Quarter 2002
GSK DELIVERS STRONG BUSINESS
PERFORMANCE WITH EPS GROWTH OF 15% CER
GlaxoSmithKline plc (GSK) today announces its results for the third quarter
ended 30th September 2002. The business performance results are summarised
below.
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BUSINESS PERFORMANCE* RESULTS
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Q3 2002
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Increase
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9 months 2002
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Increase
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£m
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CER %
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£%
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£m
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CER %
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£%
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Sales
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5,019
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6
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1
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15,544
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7
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5
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Trading profit
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1,555
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17
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10
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4,989
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19
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15
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Profit before tax
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1,388
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12
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3
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4,808
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12
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8
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Earnings per share
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16.7p
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15
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6
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57.6p
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15
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11
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Q3 2002 BUSINESS PERFORMANCE* HIGHLIGHTS - CER
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Pharmaceutical sales were up 6%.
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Growth in USA at 9%; Europe 2%; International 6%;
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Seretide/Advair
continues strong performance up 70% to £392 million.
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Strong trading profit growth of 17%; EPS growth of 15%.
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Weakness of the US dollar and other currencies significantly impacted
Q3 performance in sterling terms.
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Four major product launches planned in the USA before the end of 2002:
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Avandamet
for the treatment of type 2 diabetes;
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Augmentin XR for
the treatment of acute bacterial sinusitis and community-acquired pneumonia;
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Avodart
for the treatment of symptomatic benign prostatic hyperplasia;
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Pediarix vaccine
for the prevention of diphtheria, tetanus, pertussis, hepatitis B and
polio.
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New £4 billion share buy-back programme announced.
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Commenting on the performance for the quarter, J P Garnier, Chief Executive
Officer, said:
"Despite facing generic competition to Augmentin,
GSK had a good financial performance this quarter clearly demonstrating
the strength of our company as we continue to drive sales in our key franchises
and deliver new product approvals such as Avandamet and Augmentin
XR. We also continue to advance our strong, early-stage pipeline through
development with 123 projects now in the clinic, 10 more than this time
last year, and today have further strengthened our drug discovery efforts
by announcing two new licensing agreements."
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* Business performance, which is the primary measure
used by management, is presented after excluding merger items, integration
and restructuring costs and disposals of subsidiaries. Management believes
that exclusion of these non-recurring items provides a better comparison
of business performance for the periods presented. All financial commentaries
are on a business performance basis and growth rates are at constant exchange
rates (CER) unless otherwise stated.
Results for 2001 have been restated following the implementation of FRS
19 ‘Deferred tax’ in 2002. See "Taxation – total " on page 13.
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