GSK to get 1 bn pound boost in 2010 due to swine flu medicine
London: GlaxoSmithKline is likely to get 1 billion pound revenue boost in 2010, as governments stockpile swine flu medicines designed to combat a possible pandemic, media report says.
"Cash tills are ringing at GlaxoSmithKline thanks to soaring demand for its swine flu vaccine Pandemrix and Relenza, which treats the symptoms of the illness that has led to hundreds of deaths around the world," the Observer reported adding the revenue could be over 1 billion pound in 2010.
GSK has 22 government contracts since last summer. Besides, due to higher demand, the company which makes the vaccine in Dresden and Quebec is outsourcing production to third-party manufacturers, the report said.
GSK`s chief executive Andrew Witty told the Observer that "the company has worked hard to come up with a vaccine and "it would be foolish to deny that events like these aren`t good for business".
In the UK, there are plans to vaccinate the entire population if necessary, and the government has given the go-ahead for vulnerable people, such as pregnant women, frontline health workers and young children, to be inoculated.
GSK has been planning for a pandemic for three-and-a-half years and has spent more than 1 billion pound to ensure its factories could crank up production at short notice.
"We don`t know how big this deal is going to be, but no one can say we aren`t ready," Witty told the Observer.
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