GSK reports earnings, gives Paxil update

GlaxoSmithKline (LSE:GSK; GSK) reported first quarter 2005 EPS of 21p, up 19% from 18p in the same period in 2004 (using constant exchange rates). Pharmaceutical revenues were up 4% to L4.3 billion.

First quarter sales of Paxil IR and Wellbutrin IR and SR continued to be hit by generic competition. Paxil IR sales were down 36% to L122 million, and sales of Wellbutrin IR and SR were down 76% to L32 million. Wellbutrin XL sales grew 56% to L131 million. Paxil CR sales were down 57% to L41 million following seizure of the compound by FDA in March. Sales of diabetes products Avandia/ Avandamet rose 25% to L287 million. Sales of Seretide/ Advair for asthma were up 22% to L690 million. ...