Financial Report: GlaxoSmithKline 1Q

GlaxoSmithKline 1Q

1Q Revenues: $11.3 billion (+13%)

1Q Earnings: $2.0 billion (+19%)

Comments: Growth in the quarter was driven by pandemic flu vaccine sales. Total vaccine sales were $2.1 billion, including $1.1 billion of H1N1 vaccine sales. Pharmaceutical sales were up 14% to $9.4 billion. Sales of Seretide/Advair rose 9% to $2.0 billion. Flovent sales were $301.0 million (+5%). Avamys/Veramyst sales increased 52% to $71.0 million. Other strong performers included Tykerb (+62% to $81.3 million), Avodart (+20% to $213.2 million), Lovaza (+9% to $164.1 million) and Arixtra (+25% to $107.4 million). Sales of Valtrex were down 46% to $270.0 million, due to generic competition. Sales of Wellbutrin dropped 67% to $30.7 million, reflecting the sale of Wellbutrin XL in the U.S. to Biovail. Restructuring charges were $462.0 million in the quarter.