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SB grows ahead of merger

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The Pharmaceutical Journal Vol 265 No 7107p156
July 29, 2000 Business

SB grows ahead of merger

Smithkline Beecham Plc reported an increase in sales and profits for the first six months of 2000 on July 25 ahead of its planned merger with Glaxo Wellcome Plc.
Sales rose by 9 per cent to £4.07bn while pre-tax profits increased by 14 per cent to £1.06bn. The figures exclude restructuring and merger costs of £185m for the second quarter of the year and the disposal of the company's clinical laboratories business.
Mr J. P. Garnier (chief executive, SB) said that sales were driven by the continued growth of Seroxat (paroxetine) and Augmentin (co-amoxiclav). Avandia (rosiglitazone), which was launched in the United Kingdom for the treatment of type II diabetes this week (see p153), had made world-wide sales of £114m in the second quarter of 2000. UK pharmaceutical sales were up 17 per cent in the second quarter against 1999.
Glaxo Wellcome Plc was due to announce its half-year results on July 27, after The Journal went to press.

GSK merger slips Glaxo Wellcome and Smithkline Beecham announced on July 25 that the completion date for their merger had been put back from August 21 to September 25. Gaining regulatory clearance for the merger in the United States was taking longer than anticipated, the companies said.

Citation: The Pharmaceutical Journal URI: 20002351

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