British pharmaceuticals giant GlaxoSmithKline said its pre-tax profits fell by 8% in the third quarter of 2004, hit by competition from generic drugs and the weakness of the dollar.
Pre-tax profits on a statutory basis fell to £1.52 billion sterling in the three months to September from £1.66 billion in the same period of 2003. Revenue also fell by 8% to £5.02 billion but was unchanged after stripping out the effect of currency fluctuations.
Excluding the impact in 2003 of merger items, integration and restructuring costs and disposals of businesses, pre-tax profits fell by 10%.
The group's turnover from pharmaceutical products has been negatively affected by the impact of generic competition on anti-depression drugs Paxil and Wellbutrin in the US.
Excluding sales of these two products, turnover grew 8% globally and 12% in the US. GSK re-affirmed its 2004 earnings per share guidance of at least in line with its performance in 2003.
