Smithkline Beecham Earnings Top Expectations

Smithkline Beecham (SBH Quote) posted what should be its last set of earnings before it merges with Glaxo Wellcome(GLX Quote). The British pharmaceutical giant beat analysts' expectations due to strong sales of drugs Paxil/Seroxat, Augmentin and Avandia in the U.S., but also announced problems with one of its key drugs under development.

The company earned $875 million, or 54 cents a share, excluding exceptional items, up from $743 million, or 44 cents a share, in the previous year's third quarter. Three analysts polled by First Call/Thomson Financial had estimated 50 cents a share.

...