British 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
