GlaxoSmithKline, Europe's biggest drugmaker, today reported a 17% rise in third quarter profits, bolstered by strong sales of drugs to treat asthma and diabetes.
The results underscore the safe haven status of pharmaceutical companies in the current uncertain economic environment. GSK also demonstrated its financial strength with plans for a £4 billion share buyback programme.
Pre-tax profits totalled £1.35 billion on sales up 13% at £4.99 billion. Earnings per share rose 20% to 15.8 pence sterling.
The British-based company said it was on track to meet its goal of 13% underlying earnings growth for the year as sales of medicines remain robust, despite the economic repercussions of last month's attacks in the US.
* GlaxoSmithKline said today it would mass-produce anthrax treatments if the need arose, adding that several of its drugs were effective remedies for the deadly bacteria.
Although only one treatment was specifically approved in North America to treat anthrax - the Ciprobay product of German group Bayer -- there were several other drugs available that effectively dealt with anthrax, Glaxo said.
