Emerging markets drive Glaxo sales growth

28th Oct 2009 12:04

Strong sales in emerging markets helped drug giant GlaxoSmithKline offset US weakness to post a rise in revenues in the third quarter.Pre-tax profits in the three months to September 30 totalled £2.065m, from £1.913m over the same period the previous year as turnover climbed to £6.758m from £5.882m.Glaxo said it was seeing direct evidence of the success of its strategy of diversifying away from dependency on 'white pill/western markets.' It said sales in emerging markets climbed by 25% and now represent 14% of pharmaceutical turnover, compared to 12% this time last year.Pharmaceutical turnover climbed by 2% while consumer healthcare revenues were up by 8%.Within pharmaceuticals, a 12% decline in US turnover was offset by 3% growth in Europe, 25% in emerging markets and 19% in Japan. Consumer healthcare saw sales growth of 9% in Europe, 3% in the US and 11% in the rest of the world.