GlaxoSmithKline, Bristol-Myers Squibb see second quarter growth
GlaxoSmithKline reported positive second quarter results based on strong sales growth of its Seretide/Advair drug for asthma and its Avandia/Avandamet drug for diabetes.
"Our key products, led by Seretide/Advair continue to drive sales growth across all regions," said chief executive Jean-Paul Garnier.
The company posted a 7 percent rise in profits during the second quarter and also launched to new products in the U.S.– Boniva for osteoporosis and Requip for restless legs syndrome.
On Wednesday, Bristol-Myers Squibb said its second-quarter net income leaped 91 percent because of a lower tax rate and sales grew by 1.5 percent.
The company earned $1 billion, up from $527 million a year earlier. Bristol-Myers set aside $294 million more than necessary to pay taxes this year. The company also took a litigation charge of $455 million a year ago.
Revenue from its diabetes drug Glucovance dropped 74 percent to $12 million and sales of cancer drug Paraplatin sales dropped 86 percent to $33 million. Sales of AIDS drug Reyataz more than doubled to $183 million, while revenue from anti-psychotic Abilify jumped 97 percent to $240 million. Sales of anticoagulant Plavix, which is co-marketed with Sanofi-Aventis rose 26 percent to $968 million.