29 Oct 2009

Developing markets help raise profit for drug company

11:43 am on 29 October 2009

Drugs maker Glaxo Smith Kline has posted a big jump in quarterly profit - making £1.91 billion ($US3.1 billion) - 23% up on a year earlier. Turnover was up 15% to £6.76 billion.

A big part of the increase was a rise of 23% in sales in developing markets.

Glaxo said it was looking for further investment opportunities in those markets.

Last month it signed an agreement to launch Lucozade across China.

However, the BBC reports sales in the United States fell by 12% due to increased competition from generic drugs. Glaxo said 2010 would, therefore, be a "challenging" year in the US.