Bumper profits posted by pharmaceuticals giant

Pharmaceutical giant GlaxoSmithKline today reported bumper profits of £6.2bn (€10.1bn) for the last year, boosted by sales of its newly launched asthma drug Advair.

The group - the product of the mega-merger between Glaxo Wellcome and Smithkline Beecham - said profits rose 12% in the year to December 31, while sales rose 11% to £20.5bn (€33.6bn).

Its Advair asthma drug, launched in April last year, generated sales of £850 million.

Chief executive Dr Jean-Pierre Garnier said the group was in an ‘‘exceptionally strong position’’.

‘‘The robust growth seen from many of our key franchises clearly demonstrates the breadth and strength of GSK’s product portfolio.

‘‘New products, propelled by the phenomenal success of Advair, contributed £3.7bn (€6bn) in sales last year and are driving the business strongly forward - GSK is one of the fastest growing pharmaceutical companies in the US market.’’

He added: ‘‘It is important to reflect on the success of the new company in terms of the sales line - we have had a very dynamic revenue growth in pharmaceuticals, with sales up 12%.’’

He added the group had seen very strong growth everywhere in world, particularly in the US but also in Europe.