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Drugs giant delivers soaring results

cross, pharmacyBritish drugmaker GlaxoSmithKline says its net profit rocketed in the first quarter on a vast exceptional gain following a deal with Swiss peer Novartis.

Earnings after tax surged to STG8.089 billion (A$15.46 billion) in the three months to the end of March, compared with STG668 million in the same period a year earlier, GSK said in a results statement on Wednesday.

GSK took an exceptional gain of STG9.262 billion before tax – or STG7.342 billion after tax – on the Novartis transaction which completed in the first quarter.

GSK sold its oncology business to Novartis for US$16 billion, while buying the Swiss group’s vaccines division in return.

The pair also formed a joint venture for consumer health products.

AFP

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