Drug makers post healthy profits

Manufacturing News, Source : TheManufacturer.com
Published : 28 Jul 2005 16:38
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Strong demand for medicines has significantly increased profits at pharmaceutical giants GlaxoSmithKline and AstraZeneca.

First-half profits at AstraZeneca rose by 52 per cent while Glaxo posted a 12 per cent rise in half-year profits.

Glaxo sales growth suffered a sales drop this year when Glaxo's anti-depressant Paxil and diabetes drug Avandamet were pulled from the US market because of quality problems at a factory in Puerto Rico. These problems have now been resolved and the drugs are back on the market.

Half-year pre-tax profits rose to £3.37 billion. Second quarter pre-tax profits rose to £1.66 billion on the back of a six per cent rise in sales to £5.25 billion.

At Anglo-Swedish giant AstraZeneca half-year pre-tax profits rose to $3.23 billion (£1.85 billion) from $2.13 billion for the same period a year ago.

Tight cost controls and strong sales of its schizophrenia drug Seroquel and anti-ulcer drug Nexium were behind the hefty profits increase, the company said.

 

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