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.