fyi, Glaxo's Sykes says they expect to submit amprenavir by end of 1998.
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Glaxo<GLXO.L>says made "satisfactory" start to '98
LONDON, May 18 (Reuters) - British pharmaceutical group Glaxo Wellcome Plc <GLXO.L> said on Monday that group sales in sterling terms dropped seven percent in the first four months of this year to 2.56 billion pounds ($4.1 billion) and were down one percent in constant exchange rates.
However, the group, in a statement to the annual shareholders' meeting, called the start to the year "satisfactory" and said it was on course to meet the sales and earnings expectations outlined in the 1997 annual report.
09:32 05-18-98
"Sales growth continues to be strong in the respiratory, HIV and central nervous system therapy areas, largely offsetting the continuing decline in sales of Zantac and Zovirax," chairman Richard Sykes said in the statement.
Sykes said trading profit continued to be hit by the drop in Zantac and Zovirax sales but gave no details. He noted that the year-on-year impact of the sales drop would have "largely passed" as the group enters the second half of this year.
Sykes said the strong pound continues to affect the group's reported results, adding that 1998 earnings would be cut by five percent relative to 1997 if exchange rates remained at current levels.
Sykes said Glaxo hoped to obtain first approval for Zeffix -- a new treatment for hepatitis B -- this year and regulatory submissions were planned for amprenavir and abacavir, both used to treat HIV.
($ = 0.618 British Pounds)
11:35 05-18-98
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