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Financial Report: GlaxoSmithKline

Revenues decline 3% in the quarter, new change program accelerates

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By: Tim Wright

Editor-in-Chief, Contract Pharma

GlaxoSmithKline

4Q Revenues: $11.0 billion (-3%)

4Q Earnings: $3.7 billion (+5%)

FY Revenues: $42.7 billion (-3%)

FY Earnings: $13.5 billion (-3%)

Comments: Pharmaceutical sales were $7.6 billion in the quarter, down 1% and $29.1 billion for the year, down 2%. Vaccine sales were $1.4 billion in the quarter, up 10%, and $5.4 billion for the year, down 2%. Consumer Healthcare sales were flat at $2.0 billion in the quarter and $8.3 billion for the year. U.S. sales were $3.5 billion in the quarter (-4%) impacted by the loss of Vesicare sales following the conclusion of the co-promotion agreement 1Q12, and a further decline in Avandia sales. Oncology product sales were up 21% to $138.9 million in the quarter, with a $43.6 million Benlysta sales contribution, offset by a 6% reduction in Respiratory sales. Sales in Europe were $3.3 billion in the quarter, down 6% due to ongoing austerity measures. EMAP sales were $2.9 billion, up 14% with strong growth in Respiratory and CNS products, and Vaccines up 39% as a result of the delivery of shipments for Synflorix and Infanrix/Pediarix. Results reflect CER.

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