Some of GlaxoSmithKline’s customers might wheeze, but there was no hint of constrictions to the corporate airways yesterday, as the world’s second largest drugs company announced a 35% rise in first quarter profits, after its asthma drug, Advair, has proved a big hit.
In all the company posted net income of £1.5bn. With a strong pipeline, and with its Tamiflue rival drug for Avarian flu, Relenza, the company seems to be sitting pretty.
Meanwhile, the UK’s number 2, AstraZeneca, saw a 37% rise in quarterly profits to US$1.43bn. It was a stunning performance by the company, but some analysts are fretting that its future line up is too weak.
Astra’s sales were lifted by the big three: Nexium, Seroquel, and Crestor. Crestor especially saw a dramatic rise in sales after tests last month appeared to show that the drug really does reduce the levels of plaque in arteries; no other drug has been shown to do that.
Sources
AstraZeneca raises guidance after strong quarterCNBC
Healthy drugmakers smash profit forecasts
Scotsman
GlaxoSmithKline sees 25pct profit rise BusinessWeek
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