GlaxoSmithKline profits up on lower tax
Fin24 - Jul 26th 2012, 09:01
London - British drugmaker GlaxoSmithKline on Wednesday said its second quarter net profit rose 13.3% from a year earlier to £1.21bn.
GSK's earnings got a lift from lower tax payments, offsetting a 4.0% drop in revenues to £6.46bn in the three months to June.
Sales slid 8.0% in Europe and by 6.0% in the United States, reflecting a "challenging macro-economic environment, genericisation (of drugs) and discontinuation of certain products," Britain's biggest pharmaceuticals firm said.
"Our performance this quarter reflects the challenging macro-economic environment in which we are operating and the continued transition of our product portfolio," GSK chief executive Andrew Witty said in a results statement.
"Ultimately, the ability of companies in our sector to succeed in this environment and in the future will be determined by how successful they are in accessing growth markets and delivering valuable new product flow on a sustainable basis."
GSK's current quarter has meanwhile started with a bang, clinching the takeover of US research partner Human Genome Sciences Inc. after increasing its bid to $3.0bn.
At the same time, the company was hit by fines totalling $3.0bn by US authorities over charges it marketed drugs for unauthorised uses, held back safety data and cheated the government's Medicaid program.
EU eyes ban on SA citrus imports
19/11/2013 - 08:37
Johannesburg - The EU is preparing a ban on South African citrus imports that could take orange juice off Europe’s breakfast tables next summer and sour efforts in Brussels to broaden trade with Africa’s biggest economy.
Meatco and Witvlei bid for Norwegian meat quota, Namibia
22/10/2013 - 08:31
Meat processing companies, Meatco and Witvlei Meat, have once again bid for the lucrative beef export quota to Norway, which is set at 1600 tonnes per year and pays 72% more than exports to other parts of Europe. Earlier this month, the Meat Board of Namibia requested for bids for the Norway quota from local meat companies.
BOS Ice Tea launches in Belgium and Holland
18/10/2013 - 09:07
BOS Ice Tea has recently celebrated its third birthday in South Africa, and has taken the first steps into European markets, launching in Belgium and Holland earlier this month.
World markets react to US debt deal
18/10/2013 - 08:41
Johannesburg - Markets across the world on Thursday gave a lukewarm reaction towards the US debt deal, due to fears that the scenario will repeat itself early next year.
Delhaize Europe CEO resigns
09/10/2013 - 08:19
Brussels - The CEO of Delhaize Group's European division has resigned, effective Oct. 31, the Belgian supermarket operator said.