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GSK earnings

This article was originally published in The Tan Sheet

Executive Summary

Consumer Healthcare sales grew 2% in 2005 to reach $5.46 bil. for the year, GlaxoSmithKline announces Feb. 8. OTC drug sales were up 1% to $2.4 bil. (£ = $1.74), with growth in analgesics up 5% and respiratory tract drugs up 6%. The consumer division's September sale of five U.S. prescription dermatologicals contributed to a 12% drop in sales for the unit. The firm is "absolutely confident" that its Consumer division can continue to increase operating margins, CEO J.P. Garnier stated during an earnings call. The comment was a response to a question about whether the division's operating margins, which have increased from 20% to 24% in recent years, are sustainable. "I think what's going to affect margin is the overall revenue growth of the consumer business in '06," Garnier stated. "But we do have a number of programs where actually we convert cost saving from manufacturing and SG&A into more promotion because promotion drives the sales line in this business." The firm is awaiting an FDA decision on the proposed OTC sale of Alli (orlistat 60 mg)...

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