GlaxoSmithKline, one of the Research Triangle’s largest employers, saw increased sales in the third quarter that beat analysts estimates in the thrid quarter despite declining profits. It reported sales of $9.4 billion in the quarter, up 11 percent over the same period last year, but profits declined to $2.6 billion, a 5 percent drop.
Sales of GSK’s asthma drug Advair, its best seller for years, declined 19 percent to $1.2 million. Its replacements, Breo Ellipta and Anoro Ellipta both saw 100 percent growth, but the company’s overall pharmaceutical sales fell 7 percent.
The company’s HIV drugs accounted for $951 million in sales, growing 65 percent. Vaccine sales also increased by 32 percent and consumer health products saw a 55 percent sales boost. The company noted that it has about 40 drugs and vaccines in its pipeline.
GSK employs approximately 4,350 people at its North American Headquarters in Research Triangle Park and at a manufacturing facility in Zebulon. The company slashed more than 1,000 local jobs during a corporate restructuring this year that phases out its cancer treatments and moved R&D operations to other sites.
In a conference call, GSK CEO Andrew Witty advised investors to revise their expectations going forward because growth rates were not going back to where they were three or four years ago. He added “There is a very strong reason to believe we will see an improvement as we go through Q4 and into next year.”
The company’s shares gained 4 percent to close at $43.53 Wednesday.
