UK-based pharmaceutical major GlaxoSmithKline has seen its profits increase 14% despite decreasing product sales, with profits of £1.525bn reported in the first quarter.
GlaxoSmithKline said that its major cost-cutting programme and asset disposals had helped to offsets sales of £6.585bn, equating to a 10% drop in comparison to the corresponding quarter of last year.
The company said that the 10% decrease reflected a £1bn reduction in sales, relating to pandemic products and the EU medicines regulator decision to withdraw diabetes medication Avandia from the shelves over heart fears.
GlaxoSmithKline has since made a number of cost-saving measures, cutting thousands of jobs worldwide, in an attempt to alleviate the impact of the decision.
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