H1N1 swine flu vaccine maker GlaxoSmithKline released its fourth quarter profits today. The company's profits are $2.6 billion. The boost comes from Swine Flu vaccine purchases.
The world’s second largest drug maker by revenue, GlaxoSmithKline, profits are up 66 percent, according to International Business Times.
In the last three months of 2009, the drug company netted $2.6 billion in profit, compared to more than $1 billion the year prior. The strong finish, according to ABC News, pushed full-year profits up 20 percent, or approximately $7 billion.
“I believe that GSK is now moving to a position where we can deliver our goal of long-term sustainable financial performance. 2009 saw GSK return to sales growth and I am confident of our prospects in 2010,” said Chief Executive Andrew Witty.
Total vaccine sales were up 30 percent for the year to 3.7 billion and Relenza, the company’s medicine for combating the flu, totaled less than $1 billion for 2009 which was drastically more than in 2008.
The Financial notes the company’s CEO believes 2010 swine flu vaccine sales will be about the same as 2009 numbers, with the majority of those sales coming in the first quarter of the year.
The company’s stock has declined 2.5 per cent over the last 12 months.