Drugs giant Glaxo sees pre-tax profits slide 17% to £1.63 billion

DRUGS giant GlaxoSmithKline posted a 17% fall in half-year profits yesterday as it continued to suffer from the impact of generic competition.

The blue-chip group, which said copycat versions of anti-depressant drugs Paxil and Wellbutrin had eroded sales, saw pre-tax profits fall to £1.63 billion in the second quarter in 2004.

But “outstanding” growth by newer products coming on stream was helping it to overcome competition elsewhere and meant turnover on a constant currency basis was up 2% at £5.06 billion.