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GlaxoSmithKline Profit Surges
Third-quarter earnings at GlaxoSmithKline (GSK Quote) roughly doubled to $1.2 billion, as strong sales of its depression drugs offset the impact of generic competition on its antibiotic Augmentin.
The company earned $1.2 billion, or 42 cents an American depositary share, on revenue of $7.74 billion, compared with earnings of $536 million, or 18 cents an ADS, on revenue of $7.19 billion last year. Pharmaceutical sales rose 6% to $6.5 billion, with U.S. sales up 9% to $3.5 billion.
Analysts had been forecasting earnings of 51 cents an ADS. The shares were down more than 6% to $38.71 in morning trading. ...
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