Financial Reports: GlaxoSmithKline

GlaxoSmithKline 4Q13

4Q Revenues: £6.9 billion (+2%)

4Q Earnings: £2.5 billion (+205%)

FY Revenues: £26.5 billion (flat)

FY Earnings: £5.6 billion (+20%)

Comments: Sales of Pharmaceuticals and Vaccines (P&V) rose 6% in 4Q to £5.7 billion, and were up 1% for FY to £21.3 billion. Consumer Healthcare sales were flat at £1.2 billion for 4Q and up 2% to £5.3 billion for FY. Respiratory revenues were up 7% (CER) to £2.0 billion in 4Q and up 4% to £7.5 billion in FY, driven by increases in Seretide/Advair sales (+4% to £5.3 billion in FY). CNS sales fell 8% in FY to £1.5 billion, as Paxil faced generic competition in Japan and Europe and Requip and Lamictal XR faced generics in the U.S. Oncology sales grew 22% in FY to £969 million and 24% in 4Q to £266 million, led by Votrient, Promacta and Arzerra, as well as new products in metastatic melanoma: Tafinlar and Mekinist. Sales of Benlysta in 4Q were up 28% to £46 million.

All results in GBP. Exchange rate is 1.63 GBP to $1.