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GlaxoSmithKline, the drug company producing the bulk of Britain's swine flu vaccine, today said third-quarter pre-tax profit soared 23% to £1.91 billion as the firm cashed in from a boost in emerging markets and H1N1 drugs.
Chief executive Andrew Witty said sales of Glaxo's swine flu vaccine Pandemrix would hit £1 billion in the current quarter. It has already sold 440 million doses worldwide. Revenue at Glaxo's vaccine business as a whole rose 8% in the year to date, hitting nearly £2.2 billion, more than 10% of its total turnover. The world's number two pharma firm also raked in £182 million from sales of Relenza, a swine flu treatment which reduces the severity of the disease, in the nine months to October.
It said the figure “reflected continued orders from governments for pandemic stockpiling”.
Witty said more than 150,000 people had been immunised with the Pandemrix vaccine around the world. It is still being tested in clinical trials, with 2000 people being monitored for effects.
He said he expected further growth in the fourth quarter of this year “including significant sales generated from influenza products” as the second wave of swine flu develops.
Glaxo's revenue from emerging markets grew by a quarter but US sales slipped 12% as generic rivals grabbed market share. Witty said the results showed the firm's success at diversifying from a “dependency on white pills and western markets”.
GSK's consumer arm, which sells products including Lucozade, Horlicks and Ribena, also grew, with third-quarter sales up 8% to £1.2 billion. Another big seller was over-the-counter weight loss drug alli, which saw quarterly sales more than double to £49 million.
The shares fell 11½p to 1245½p.
