GlaxoSmithKline profits rise 14%

GlaxoSmithKline has reported a 14% rise in pre-tax profits to £6.7bn (€9.88bn) despite a 40% fall in sales of bestselling anti-depressant Paxil.

Its chief executive JP Garnier warned 2004 would be a year of transition for GSK, as it absorbed the impact of cheap generic competition for Paxil and Wellbutrin, its other top-selling antidepressant.

Paxil has now lost its patent protection.

The pharmaceuticals group cut spending on sales, administration and research and development to boost trading profit by 15%.

Turnover that rose 1% £18.2bn (€26.85bn).

Shares in GSK fell 60p (€0.88) to £11.13 (€16.42) in London this morning as the figures were below anaylists expectations.