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Financial Report: GlaxoSmithKline

Vaccines sales drop 19% in 2011

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By: Tim Wright

Editor-in-Chief, Contract Pharma

GlaxoSmithKline

4Q Revenues: $10.8 billion (-2%)

4Q Earnings: $2.0 billion (loss of $979.0 million 4Q10)

FY Revenues: $42.3 billion (-3%)

FY Earnings: $8.4 billion (earnings were $2.9 billion FY10)

Comments: Pharmaceutical sales were flat at $7.6 billion in the quarter and down 1% to $28.9 billion for the year. Vaccines sales were $1.3 billion in the quarter (-18%) and $5.4 billion for the year (-19%). Sales of pandemic related products, Avandia and Valtrex fell from $3.5 billion in 2010 to $783.5 million in 2011. Consumer Healthcare sales were $2.0 billion in the quarter up 3% and $8.0 billion for the year up 5%. Results include major restructuring initiatives. Reported charges were $309.1 million in the quarter and $911.7 million for the year. The full year impact on sales of European austerity price cuts and U.S. healthcare reform was approximately $486.8 million.

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