GlaxoSmithKline says Q1 profit up 18.5 pct

LONDON: GlaxoSmithKline, the world's second-largest drug maker by revenue, on Wednesday reported a nearly 19 percent rise in first quarter profit, led by strong sales growth in Asia Pacific and emerging markets.

The pharmaceutical company said net profit for the first three months of the year was 1.34 billion pounds ($2.4 billion), up from 1.13 billion pounds in the first quarter last year.

Revenue rose 9 percent to 7.4 billion pounds. The company said underlying sales _ excluding the impact of pandemic products including Relenza and H1N1 vaccine _ rose by 4 percent.

Sales in the United States were down 1 percent, reflecting continuing pressure from generic drug competition. The company said sales were up 45 percent in Asia Pacific, 43 percent in emerging markets and 16 percent in Europe.