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Glaxo Lifts 2012 Share Buyback Target As Sales Growth Returns

By Sten Stovall Of DOW JONES NEWSWIRES LONDON -(Dow Jones)- GlaxoSmithKline PLC (GSK) Wednesday returned to sales growth in the first quarter and raised its target for share buybacks, voicing confidence that its future will be driven by recent diversification, new products and expansion in emerging markets. Chief Executive Andrew Witty said the company's main businesses are performing well despite challenges from generic competition and continued pressure on prices in Europe, where sales fell 5%. "We remain confident in the long term growth prospects of this business and continue to invest behind our objective to grow ahead of the market," Witty said in a statement. Net profit in the three months to March 31 was GBP1.33 billion, down 13% compared with GBP1.53 billion a year earlier when the company booked gains from the sale of its stake in Quest Diagnostics. Analysts had forecast GBP1.32 billion. Sales for the quarter rose 0.8% to GBP6.64 billion, missing analysts' forecasts of GBP6.79 billion. The U.K.'s largest drug maker, which last year bought back around GBP2.2 billion worth of its shares, said it is raising its targeted buyback in 2012 to between GBP2 billion and GBP2.5 billion following the recent disposal of over-the-counter brands. At 1124 GMT, Glaxo shares in London were trading down 34 pence, or 2.3%, at 1423.50 pence, valuing the company at GBP71.76 billion. At the same time, the FTSE 100 index was up 0.2%. -By Sten Stovall, Dow Jones Newswires; +44 207 842 9292; sten.stovall@dowjones.com Order free Annual Report for GlaxoSmithKline Plc Visit http://djnweurope.ar.wilink.com/?ticker=GB0009252882 or call +44 (0)208 391 6028 Order free Annual Report for Human Genome Sciences, Inc. Visit http://djnweurope.ar.wilink.com/?ticker=US4449031081 or call +44 (0)208 391 6028

Stock News for Human Genome Sciences (HGSI)
DateTimeHeadline
08/03/201203:00:56GlaxoSmithKline Completes Acquisition of Human Genome Sciences
07/30/201209:06:49GlaxoSmithKline Gets 79% Tenders for Human Genome Sciences Offer
07/15/201219:10:13Glaxo Eyes Human Genome Sciences for $2.6 Billion
07/15/201215:49:18Sources Say GlaxoSmithKline in Talks to Acquire Human Genome...
07/11/201212:36:14Glaxo To File Experimental Diabetes Drug Albiglutide In Early...
07/10/201208:38:08Human Genome: FDA Sets Dec. 15 Action Date For Anthrax Treatment...
07/03/201217:08:09GlaxoSmithKline Readies Candidates to Replace Human Genome's...
06/29/201209:24:03Glaxo Keeps Pressure On Human Genome By Extending Offer To July...
06/29/201207:35:49GlaxoSmithKline Sets July 20 For Expiration Of Tender Offer To...
06/15/201210:42:11GSK Gets Renewed Invitation to Human Genome Sciences Strategic...
06/08/201209:10:55GlaxoSmithKline Extends HGS Offer To June 29
06/07/201211:43:24Glaxo Seen Likely to Extend Hostile Tender Offer for Human Genome
05/30/201211:58:59GlaxoSmithKline Is Said To Plan Effort To Replace Human Genome...
05/23/201209:12:46Glaxo Amends Offer To Address HGS Shareholder Rights Plan
05/17/201217:45:35ADR Report: Shares Lower As Euro-Zone Worries Loom
05/17/201213:54:16GlaxoSmithKline Offer To Acquire HGS Represents Full, Fair Value
05/17/201207:55:44Human Genome Adopts Poison Pill With 15% Trigger To Deter Glaxo
05/09/201209:33:24WSJ BLOG/Health: A.M. Vitals: GSK's Hostile Human Genome Bid;...
05/09/201205:02:12Glaxo Goes Direct To HGS Shareholders With Hostile Offer
05/09/201202:48:24GlaxoSmithKline To Launch $13/Share Tender Offer For To Buy HGS

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