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Glaxo beats estimates as sales of new products rise

Oct 26 2016 14:01
Ketaki Gokhale

London - GlaxoSmithKline, the UK’s biggest drug maker, reported third-quarter profit that beat analysts’ estimates as sales of its new HIV treatments and respiratory treatments accelerated, helped by the decline of the pound.

Earnings per share excluding certain costs rose 39% to 32 pence from a year earlier, the London-based company said in a statement on Wednesday. That beat the 29.4-pence average of 12 analyst estimates compiled by Bloomberg.

Glaxo is studying new regimens to advance its HIV franchise, which has been buoyed by the success of the Tivicay medicine.

At the same time, the company is also focused on stoking sales of its new generation of inhalers, as its top-selling asthma treatment Advair faces the threat of generic competition in the US next year.

The drug maker, which earns about a third of its sales in the US, has benefited from a record plunge in the British pound that has boosted its repatriated earnings.

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