GlaxoSmithKline did better than it expected in the third quarter, showing increases in sales and revenue, despite a drop in net profit.
While profit was down $2.1 billion compared to a year ago, revenue was up 7 percent to $9.6 billion. Per share earnings also went up 6 percent to 41 cents a share.
GSK CEO, Andrew Witty (photo), attributes the positive results to the "considerable transition" occurring in its portfolio, but fluctuation of the British Pound also appeared to play a role. Stronger Advair sales helped during the quarter, as well.
The company has held on fairly well in these tough economic times, but is expecting sales to drop for some of its key products, including Avandia for diabetes, the depression med Wellbutrin and its heart medication, Coreg. Avandia is likely to suffer most, due to a newer FDA black box label warning.
The company will be exploring small-to-medium acquisition opportunities, as well as opportunities to diversify, moving forward.