GlaxoSmithKline 3Q Revenue Rises 4%

By Denise RolandFeaturesDow Jones Newswires

GlaxoSmithKline PLC said earnings and revenue rose in the third quarter, thanks to growing sales for the company's prescription drugs and consumer healthcare products, and a positive currency effect.

U.K.-based Glaxo said revenue rose 4% to £7.84 billion ($10.39 billion) in the three months to September 30, in line with analyst expectations.

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Net profit increased 50% to £1.21 billion, due to lower costs related to Glaxo's $20 billion asset-swap deal with Novartis.

Adjusted operating profit, a measure which strips out one-time items, increased 7% to £2.47 billion, beating analyst expectations of £2.42 billion. Stripping out currency effects, revenue increased 2% and adjusted operating profit rose 5%.

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October 25, 2017 07:41 ET (11:41 GMT)