UK's largest pharmaceutical company GlaxoSmithKline PLC (LSE:GSK) released interim management report for Q2 and the first half of 2009.
Turnover for Q2 2009 amounted to £6,747 million, a year on year increase of £873 from the equivalent period of 2008.
The company hiked dividends by 8% to 14p (from 13p in Q2 2008), reflecting the increase in net cash inflow, which climbed 10% to £3,499 million in H1 2009. The total amount of dividends paid to shareholders was £1,586 million. Earnings per share improved to 28.3p from 24.6p in Q2 2008.
GSK has said it has received orders for 195 million swine flu vaccines, which is expected to further boost its revenue. The company said in the statement it expected to boost the annual production capacity of swine flu treatment Relenza to 190 million treatment courses, more than three times the current capacity of 60 million.
GSK, a leading supplier of pandemic products to the US government with deals worth £250 million in place, said it has been expecting more orders to come as it is in negotiations with over 50 other governments about possible supplies.
Vaccines sales were up in all regions, marking an overall growth of 14% to £756 million. These were mostly driven by the sales of the company’s new vaccines Rotarix and Cervarix.
New products made for £377 million in Q2 sales, up from £265 million in Q1.
GSK named strengthening its emerging markets business as a strategic priority, along with accelerating costs savings programme and maximizing the value of GSK’s core portfolio. GSK said it was looking to capitalize on the improving outlook for 2009.
The strong results reported by the company were expected, as GSK’s stock did not move by much today adding just 0.3%.
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