|
SmithKline profit a tonic
|
 |
October 20, 1998: 9:54 a.m. ET
Drug maker posts 3Q earnings at the top of analysts' forecast range
|
LONDON (CNNfn) - Pharmaceuticals maker SmithKline Beecham reported third-quarter earnings at the top end of analysts' expectations Tuesday.
The Anglo-U.S. company posted quarterly earnings before tax of £403 million ($665 million), a 7 percent increase on the comparable figure last year.
Analysts had predicted profits of £390 million to £405 million.
Shortly after the earnings were released SKB stock was trading at 675 pence in London, up 2.4 percent.
In the nine months ended Sept. 30, SmithKline reported pre-tax profit of £1.205 billion, up 6 percent.
SKB Chief Executive Jan Leschly said the company is confident of meeting its full-year earnings-per-share goal.
Earlier this year, SmithKline announced its aim of producing low double-digit earnings growth.
Anti-depressant drug Seroxat/Paxil is selling well and has received additional approval in the UK for treating social anxiety disorder.
SmithKline provided no details on further strategic moves, following the collapse of proposed mergers with American Home Products (AHP) and Glaxo Wellcome.
"The Glaxo deal is dead, at least as far as SmithKline is concerned," said Williams de Broe analyst Peter Cartwright.
|
|
|
|
|
|
SmithKline Beecham
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
