LONDON (AP) — GlaxoSmithKline PLC says it has returned to profit in the fourth quarter as restructuring costs and overheads declined.
For the three months ending Dec. 31, GSK on Tuesday reported a net profit of 1.25 billion pounds ($1.98 billion) compared with a loss of 633 million pounds a year earlier.
Revenue was down 3 percent at 6.98 billion pounds.
For the full year, net profit more than trebled, from 1.63 billion pounds in 2010 to 5.26 billion pounds last year. Revenue was down 3.5 percent to 27.4 billion pounds.
Sales and administration costs were slashed by a third to 8.8 billion pounds. Restructuring costs of 150 million pounds were roughly half the previous year's figures.
GSK shares were down 1.8 percent at 1,394 pence following the report's release.