(MENAFN- AFP) British drugmaker GlaxoSmithKline on Wednesday said 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 £8.089 billion ($12.3 billion, 11.0 billion euros) in the three months to the end of March, compared with £668 million in the same period a year earlier, GSK said in a results statement.
GSK took an exceptional gain of £9.262 billion before tax -- or £7.342 billion after tax -- on the Novartis transaction which completed in the first quarter.
GSK sold its oncology business to Novartis for $16 billion, while buying the Swiss group's vaccines division in return.
The pair also formed a joint venture for consumer health products.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.