According to the news provider, the pharmaceutical company still reported that its quarterly profits were boosted by the strong sales numbers of newer products and the firm's expansion in emerging markets.In total, GlaxoSmithKline's net profit for the first quarter was up 14 percent, the news source said.
"These first quarter results are in line with the expectation that I set out in February that GSK will make significant progress during 2011 to improve sales performance, enhance cash generation and deliver new product approvals and pipeline visibility," CEO Andrew Witty said in a statement.
The news source reports that while a number of drug companies are suffering with older medications losing their patent protections, GlaxoSmithKline appears to be in better position than its competitors.
Such profit increases and a bright outlook should be welcome news for GSK sales representatives in Illinois, who were recently ruled eligible to receive overtime pay.