GSK notes rise in net profit during Q3

LONDON GlaxoSmithKline reported a jump in earnings due to the rollout of its swine flu vaccine, according to financial reports.

The drug maker posted a net profit of $2.35 billion for the quarter ended Sept. 30, compared with approximately $2.11 billion in the year-ago period, a gain which the company attributes to sales of its flu drug Relenza. The company also said revenue rose 15% to $11.08 billion.

Sales of Relenza reached $298.4 million over the quarter, the company said. The anitviral medication is competing with Roche's Tamiflu, which is being compounded by pharmacists across the United States due to the nation's flu vaccination shortage.

GSK CEO Andrew Witty announced orders worldwide for approximately 440 million doses of the company's H1N1 vaccine, which has received Europe approval.

"This is the quarter that shows a build in momentum at GlaxoSmithKline," said CEO Andrew Witty in a statement.