Glaxo SmithKline Quarterly Profit Up By 66% (GSK)
February 04, 2010 1:31 PM
GlaxoSmithKline’s (NYSE: GSK) profit increased by as much as 66% during the last quarter of 2009. This rise was because of sales of its H1N1 flu vaccines.
Glaxo’s earnings were $2.6 billion or $0.52 per share. The sales of its H1N1 influenza virus totaled $1.3 billion in the last quarter alone. The overall earnings for the year were $1.70 per share, which is up by 23% from last year.
The company is committed to its focus on cost reduction for this year while scaling back its research & development department. It plans to cut jobs as a part of its cost reduction strategy. Glaxo will shut down its research in various areas like depression and pain, and divert its attention to other areas of opportunity like Alzheimer’s, multiple sclerosis and Parkinson’s.
