Financial Report: GlaxoSmithKline 4Q

GlaxoSmithKline 4Q

4Q Revenues: $13.0 billion (+18%)

4Q Earnings: $2.7 billion (+80%)

FY Revenues: $44.3 billion (-2%)

FY Earnings: $8.8 billion (+1%)

Comments: Vaccine sales were up 85% to $2.4 billion with flu pre-pandemic sales accounting for $1.3 billion in the quarter. Seretide/Advair sales were $2.2 billion (+10%). Relenza sales were $408 million, up from $19 million in 4Q08. Valtrex sales were down 38% to $368 million. Seroxat/Paxil sales were $225 million (-10%). Avodart sales were $231 million (+19%). Avandia product sales were $310 million (-15%). R&D expenses in the quarter were $1.8 billion (+2%). The company announced an expansion of its restructuring efforts, and will phase out R&D in several therapeutic areas. No numbers were given, but early reports contend that as many as 4,000 R&D staff will be laid off from this new round of cuts.