GlaxoSmithKline plc (GSK), the world's second largest pharma giant, achieved satisfactory financial performance during the first quarter ended March 2005 on account of strong sales growth in Europe and key growth drivers like Seretide/Advair and COPD. The company's total sales reached at £ 5,036 million in the first quarter of 2005 from £ 4855 million in the corresponding period of last year, registering a growth 3.7 per cent. Its net earnings moved up by 15.4 per cent to £ 1223 million from £ 1060 million. EPS improved to pense 21.1 from pense 18 in the similar period of last year.
Commenting on the performance, JP Garnier, CEO, said, " GSK is off to an excellent start in 225. We are now entering a new phase of growth for the company as the impact of generic competition diminishes and the underlying strength of our business shows through."
GSK's biggest selling product - Seretide/Advair for asthma and COPD - continues to grow very strongly with sales up 22 per cent to £690 million. Advair had an excellent performance in the USA with sales up 25 per cent to £380 million. Sales of the Avandia family of diabetes treatments (Avandia/Avandamet) rose 25 per cent to £287 million in the quarter. In the first quarter, Avandia received FDA approval for two new indications: use in triple combination with metformin and a sulfonylurea. Lamictal, GSK's epilepsy and bipolar disorder treatment, continues to perform very strongly with sales up 30 per cent to £195 million during the quarter.