posted fourth-quarter earnings today that rose sharply from a year ago, marking the first time the company has reported combined results since the merger of
closed on Dec. 27.
For the fourth quarter ended Dec. 31, GlaxoSmithKline earned $2.7 billion, or 88 cents per American depositary share, up from $1.3 billion, or 41 cents per ADR, in the year-ago period.
The company posted fourth-quarter revenue of $7.38 billion, down from $7.55 billion in the same quarter one year ago.
According to reports, the pharmaceutical company also plans to expand its program of offering lower-priced HIV and AIDS drugs in developing countries. GlaxoSmithKline plans to offer the drugs directly to nonprofit organizations, and continue selling them through governments, at a discount of more than 90%.
In October, Glaxo Wellcome reached an
agreement with Senegal to sell the country its anti-AIDS drugs at a discounted rate. The pact was one of the first in an initiative by five major pharmaceutical companies to offer drugs to poor, AIDS-embattled African countries at reduced prices.
GlaxoSmithKline gained $2.24, or 4.2%, to $55.50 in recent
New York Stock Exchange