BusinessCorporate FinanceGlaxoSmithKline reports drop in pre-tax profit

GlaxoSmithKline reports drop in pre-tax profit

Pharmaceutical giant GlaxoSmithKline reported a drop in pre-tax profit to £6.12bn for 2004 year end results yesterday, as it also unveiled adjusted results under international financial reporting standards.

Link: IFRS update – a management briefing

Higher provisions for legal matters included a charge of £141m at the end of 2004, reflecting a change in the company’s accounting method of provisions for potential claims against GSK.

Earnings per share dropped slightly to 75 pence on sales down 5% to £20.36bn

JP Garnier, chief executive officer, was however upbeat for the future: ‘These results confirm the success with which GSK has navigated a difficult year, absorbing over £1.5bn of lost sales to generics and still managing to grow the business. The continuing success of our key products means we can now look forward to a good performance in 2005.’

Related Articles

Grant Thornton recruits new corporate finance partner

Accounting Firms Grant Thornton recruits new corporate finance partner

9m Emma Smith, Managing Editor
Total fraud value at £2bn five-year high, finds BDO

Accounting Firms Total fraud value at £2bn five-year high, finds BDO

9m Stephanie Wix, Writer
MHA MacIntyre Hudson appoints corporate finance director

Accounting Firms MHA MacIntyre Hudson appoints corporate finance director

9m Stephanie Wix, Writer
Tax avoidance crackdown sees 80% jump in additional HMRC revenue

Accounting Firms Tax avoidance crackdown sees 80% jump in additional HMRC revenue

10m Stephanie Wix, Writer
Making Tax Digital: the "unexpected item in the bagging area"

Accounting Standards Making Tax Digital: the "unexpected item in the bagging area"

10m Stephanie Wix, Writer
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

9m Stephanie Wix, Writer
KPMG announces senior partner promotion in Newcastle

Accounting Firms KPMG announces senior partner promotion in Newcastle

9m Stephanie Wix, Writer
Independent city firm reports 70% growth

Accounting Firms Independent city firm reports 70% growth

9m Stephanie Wix, Writer