Pharmaceutical major GlaxoSmithKline plc (GSK) has reported a 12 per cent rise in annual profit said it is expanding its restructuring programme to save another £500m by 2012, without specifying cuts.
Pre-tax profits for 2009 came in at £8.73 billion ($13.81 billion), compared with £7.78 billion in 2008.
Total group turnover for the year grew 3 per cent to £28.37 billion, with pharmaceuticals up 2 per cent to £23.71 billion and Consumer Healthcare up 7 per cent to £4.65 billion.
Its fourth-quarter profit jump £.63 billion from £million in the same period last year, aided by higher sales of influenza and H1N1 products.
Excluding major restructuring, profit attributable to shareholders for the quarter increased to £.80 billion from last year's £.36 billion. Pre-tax profit rose to £.25 billion from £.40 billion in the prior year
Total group turnover in the fourth quarter grew 13 per cent on a constant exchange rate to £.09 billion from £.91 billion in the previous year.